Century Communities price target raised to $46 from $38 at B. Riley FBR » 08:2407/2907/29/20
B. Riley FBR analyst Alex…
B. Riley FBR analyst Alex Rygiel raised the firm's price target on Century Communities to $46 from $38 and reiterates a Buy rating on the shares. The company's Q2 results were significantly ahead expectations driven by record deliveries and new orders despite the COVID-related disruptions in April, Rygiel tells investors in a research note. The analyst believes the quarter "provides clear evidence" that Century's focus on more affordable entry level homes across its markets is paying off. Century Communities is one of the best positioned homebuilders for profitable growth, says Rygiel.
Century Communities price target raised to $39 from $31 at Wedbush » 07:5107/2907/29/20
Wedbush analyst Jay…
Wedbush analyst Jay McCanless raised the firm's price target on Century Communities to $39 from $31 following quarterly results, while keeping a Neutral rating on the shares. The analyst notes that Century's reinstated fiscal year 2020 guidance was ahead of his prior assumptions and ahead of consensus estimates. McCanless also expects year-over-year EPS growth in 2021 and 2022.
M.D.C. Holdings upgraded to Outperform from In Line at Evercore ISI » 05:1307/2907/29/20
Evercore ISI analyst…
Evercore ISI analyst Stephen Kim upgraded M.D.C. Holdings to Outperform from In Line with a $61 price target.
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Century Communities sees 2020 home sales revenues $2.7B-$3.0B » 16:1207/2807/28/20
The company said,…
The company said, "Given the strength of our second quarter results and continued sales momentum, we are providing full year guidance of deliveries in the range of 8,800 to 9,500 homes and home sales revenues in the range of $2.7 billion to $3.0 billion. Achieving the high or low ends of our ranges will largely be determined by near-term economic conditions and our results may be impacted by factors such as national unemployment and potential, future waves of the Coronavirus."
Century Communities reports Q2 adjusted EPS $1.21, consensus 69c » 16:1107/2807/28/20
Reports Q2 revenue…
Reports Q2 revenue $776.4M, consensus $572.69M. The company said, "We delivered a record second quarter including the highest sales, closings and absorptions in the company's history while further expanding our profitability despite the ongoing challenges of the COVID-19 health crisis. Our impressive results are strong evidence of a robust homebuilding environment, supported by tight resale inventory and historically-low mortgage rates, and increased demand for our affordable, new homes. Based on the strength of our year-to-date results, we remain confident that positive, industry and company specific tailwinds will continue to fuel sales growth across our diverse, geographic footprint. With our record double-digit sales and closings in the second quarter, we continued to execute on our strategic goal of capturing an ever increasing share of entry-level homebuyer demand. We accomplished this task while reducing our net homebuilder debt to net capital ratio to 37.5% from 46.6% at the end of the first quarter, a 910 basis point improvement. We ended the quarter with a healthy backlog of 2,778 homes valued at $963 million dollars, a 23% year-over-year increase, as we continue to create long-term value for all our stakeholders."
M.D.C. Holdings reports Q2 EPS $1.31, consensus 83c » 06:0407/2807/28/20
Reports Q2 revenue…
Reports Q2 revenue $886.8M, consensus $808.09M. Larry Mizel, MDC's Chairman and CEO, stated, "MDC experienced a remarkable turnaround in the second quarter of 2020, as order activity rebounded sharply from the initial weeks of the pandemic. Unit net orders for the quarter rose 5% year-over-year and increased 53% for the month of June, with our sales efforts gaining momentum as the quarter progressed. We also generated strong revenue growth and margin expansion in the quarter, resulting in net income of $84.4 million, or $1.31 per diluted share." Mr. Mizel continued, "Our results this quarter reflect the favorable industry dynamics in place today, including a low interest rate environment, a lack of available supply and a highly motivated buyer. They also reflect our continued shift in focus to the more affordable segments of the market and the benefits of our build-to-order strategy, which caters to the wants and needs of a large segment of the buying population. We believe that providing homebuyers with flexibility and choice at an affordable price is a winning strategy for our company. Given the favorable market conditions we are experiencing, we now believe that we may achieve as many as 8,000 home deliveries for the 2020 full year, which would be a 15% increase from the prior year." Mr. Mizel concluded, "While there are still many uncertainties regarding the pandemic's impact on our industry and the broader economy, MDC is well positioned for the future given our seasoned leadership team, our strategic focus and our balance sheet strength. I want to thank all of our team members who have done such an excellent job adapting to this new reality and who have been vigilant in providing a safe environment for our employees, suppliers and customers."
|Over a week ago|
Century Communities price target raised to $38 from $30 at B. Riley FBR » 09:2107/2107/21/20
B. Riley FBR analyst Alex…
B. Riley FBR analyst Alex Rygiel raised the firm's price target on Century Communities to $38 from $30 and keeps a Buy rating on the shares. The analyst increased price targets for homebuilders to incorporate higher multiples on 2021 estimates given the "improving outlook and investor sentiment following initial COVID-related shutdowns and disruptions." COVID could provide a "long-term tailwind" for the housing industry as buyer trends shift towards single family homes in more suburban areas, but this could be "somewhat interrupted" in the near to intermediate term due to high levels of unemployment and other potential economic disruptions, Rygiel tells investors in a research note.
JPMorgan lays out long, short homebuilder ideas ahead of Q2 results » 09:0107/1407/14/20
PHM, MTH, MDC, LGIH
JPMorgan analyst Michael…
JPMorgan analyst Michael Rehaut's long/short ideas this earnings season for the homebuilders feature PulteGroup (PHM) and Meritage Homes (MTH) as longs and M.D.C. Holdings (MDC) and LGI Homes (LGIH) as short ideas. Based on his outlook for "solid upside" to order growth estimates, with particularly strong results in June and July, the analyst expects the builders overall to outperform this earnings season.
|Over a month ago|
M.D.C. Holdings downgraded to In Line from Outperform at Evercore ISI » 05:3306/0506/05/20
Evercore ISI analyst…
Evercore ISI analyst Stephen Kim downgraded M.D.C. Holdings to In Line from Outperform with a $37 price target.