Gabelli Funds LLC Cuts Position in M.D.C. Holdings, Inc. (NYSE:MDC)

Posted by Defense World Staff on Jun 11th, 2023

Gabelli Funds LLC lessened its holdings in M.D.C. Holdings, Inc. (NYSE:MDC – Get Rating) by 6.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,500 shares of the construction company’s stock after selling 6,000 shares during the period. Gabelli Funds LLC owned about 0.12% of M.D.C. worth $2,828,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. CIBC Asset Management Inc purchased a new position in shares of M.D.C. in the 4th quarter valued at about $218,000. Advisors Capital Management LLC increased its stake in shares of M.D.C. by 125.3% in the 4th quarter. Advisors Capital Management LLC now owns 484,751 shares of the construction company’s stock valued at $15,318,000 after purchasing an additional 269,592 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of M.D.C. by 671.1% in the 4th quarter. Renaissance Technologies LLC now owns 275,420 shares of the construction company’s stock valued at $8,703,000 after purchasing an additional 239,700 shares in the last quarter. Factorial Partners LLC increased its stake in shares of M.D.C. by 92.9% in the 4th quarter. Factorial Partners LLC now owns 32,800 shares of the construction company’s stock valued at $1,036,000 after purchasing an additional 15,800 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of M.D.C. by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 1,042,310 shares of the construction company’s stock valued at $32,936,000 after purchasing an additional 40,336 shares in the last quarter. Hedge funds and other institutional investors own 82.21% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MDC shares. StockNews.com initiated coverage on M.D.C. in a research note on Thursday, May 18th. They issued a “hold” rating for the company. JPMorgan Chase & Co. lowered their price objective on M.D.C. from $30.50 to $27.50 and set an “underweight” rating on the stock in a report on Monday, March 6th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, M.D.C. currently has an average rating of “Hold” and a consensus price target of $27.50.

M.D.C. Trading Up 0.1 %

MDC stock opened at $44.19 on Friday. The company has a current ratio of 9.12, a quick ratio of 3.43 and a debt-to-equity ratio of 0.52. M.D.C. Holdings, Inc. has a 12-month low of $27.04 and a 12-month high of $44.72. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 6.57 and a beta of 1.37. The business’s 50-day moving average is $40.49 and its 200 day moving average is $37.18.

M.D.C. (NYSE:MDC – Get Rating) last issued its earnings results on Tuesday, May 2nd. The construction company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.64. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $887.13 million. M.D.C. had a return on equity of 16.34% and a net margin of 8.99%. The business’s revenue for the quarter was down 17.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.02 EPS. On average, sell-side analysts anticipate that M.D.C. Holdings, Inc. will post 3.39 EPS for the current fiscal year.

M.D.C. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 24th. Stockholders of record on Wednesday, May 10th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.53%. The ex-dividend date of this dividend was Tuesday, May 9th. M.D.C.’s dividend payout ratio is currently 29.72%.

Insider Transactions at M.D.C.

In other news, Director Raymond T. Baker sold 29,160 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $41.24, for a total transaction of $1,202,558.40. Following the transaction, the director now directly owns 48,526 shares in the company, valued at approximately $2,001,212.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Raymond T. Baker sold 29,160 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $41.24, for a total transaction of $1,202,558.40. Following the transaction, the director now directly owns 48,526 shares in the company, valued at approximately $2,001,212.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Robert Nathaniel Martin sold 13,226 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $41.55, for a total value of $549,540.30. Following the transaction, the chief financial officer now owns 299,962 shares in the company, valued at $12,463,421.10. The disclosure for this sale can be found here. Insiders have sold a total of 324,760 shares of company stock worth $13,456,501 in the last ninety days. Insiders own 23.30% of the company’s stock.

M.D.C. Company Profile

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M.DC Holdings, Inc, through its subsidiaries, engages in the homebuilding and financial service businesses. Its homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name.