Tri Pointe Homes (NYSE:TPH – Free Report) had its target price cut by Evercore ISI from $54.00 to $42.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the construction company’s stock.
Other equities analysts also recently issued research reports about the stock. Oppenheimer reduced their price objective on shares of Tri Pointe Homes from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Royal Bank of Canada lowered shares of Tri Pointe Homes from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $41.00 to $37.00 in a research report on Wednesday. StockNews.com lowered shares of Tri Pointe Homes from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Wedbush reaffirmed a “neutral” rating and set a $38.00 price target (down previously from $44.00) on shares of Tri Pointe Homes in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Tri Pointe Homes currently has an average rating of “Hold” and an average target price of $40.60.
View Our Latest Analysis on TPH
Tri Pointe Homes Stock Down 1.6 %
Tri Pointe Homes (NYSE:TPH – Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.07. Tri Pointe Homes had a net margin of 10.36% and a return on equity of 14.34%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. On average, research analysts expect that Tri Pointe Homes will post 4.8 earnings per share for the current fiscal year.
Tri Pointe Homes announced that its board has initiated a stock buyback program on Wednesday, December 18th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the construction company to buy up to 7.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling
In related news, COO Thomas J. Mitchell sold 77,384 shares of Tri Pointe Homes stock in a transaction on Monday, December 16th. The shares were sold at an average price of $39.15, for a total transaction of $3,029,583.60. Following the sale, the chief operating officer now owns 708,159 shares of the company’s stock, valued at $27,724,424.85. The trade was a 9.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.00% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in TPH. CWM LLC grew its holdings in Tri Pointe Homes by 39.3% during the 3rd quarter. CWM LLC now owns 3,092 shares of the construction company’s stock worth $140,000 after acquiring an additional 872 shares in the last quarter. Creative Planning boosted its holdings in shares of Tri Pointe Homes by 39.3% in the 3rd quarter. Creative Planning now owns 18,813 shares of the construction company’s stock valued at $852,000 after buying an additional 5,310 shares during the period. Blue Trust Inc. boosted its holdings in shares of Tri Pointe Homes by 33.5% in the 3rd quarter. Blue Trust Inc. now owns 2,368 shares of the construction company’s stock valued at $107,000 after buying an additional 594 shares during the period. Raymond James & Associates boosted its holdings in shares of Tri Pointe Homes by 19.2% in the 3rd quarter. Raymond James & Associates now owns 208,566 shares of the construction company’s stock valued at $9,450,000 after buying an additional 33,629 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Tri Pointe Homes in the 3rd quarter valued at about $259,000. 97.01% of the stock is owned by institutional investors and hedge funds.
About Tri Pointe Homes
Tri Pointe Homes, Inc engages in the design, construction, and sale of single-family attached and detached homes in the United States. The company operates through a portfolio of six regional home building brands comprising Maracay in Arizona; Pardee Homes in California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in Texas; TRI Pointe Homes in California, Colorado, and the Carolinas; and Winchester Homes in Maryland and Northern Virginia.
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