|Over a month ago|
M.D.C. Holdings sees Q3 home deliveries 2,200-2,500 » 06:1407/2807/28/22
Sees Q3 average selling…
Sees Q3 average selling price $580,000-$590,000.
M.D.C. Holdings reports Q2 EPS $2.59, consensus $2.50 » 06:1307/2807/28/22
Reports Q2 revenue…
Reports Q2 revenue $1.45B, consensus $1.43B. Home sale revenues increased 6% to $1.45B from $1.37B. Average selling price of deliveries were up 14% to $572,000. Unit deliveries were down 7% to 2,536. "MDC delivered another quarter of strong profitability in the second quarter of 2022, generating earnings of $2.59 per diluted share, which represented a 23% increase over the second quarter of 2021," said MDC's executive chairman, Larry Mizel. "Our teams did an excellent job of executing during the quarter as we met or exceeded our stated guidance for deliveries, average sales price and home sales gross margin during what has become a more challenging operating environment. We also ended the quarter with a sold backlog value of over $4.44 billion, which was 8% higher on a year-over-year basis."
M.D.C. Holdings price target lowered to $38 from $40.50 at JPMorgan » 07:5807/1207/12/22
JPMorgan analyst Michael…
JPMorgan analyst Michael Rehaut lowered the firm's price target on M.D.C. Holdings to $38 from $40.50 and keeps a Neutral rating on the shares. The analyst remains "cautious and less constructive" on the homebuilding group into the Q2 earnings season, as he expects sector headwinds to persist and says fundamentals "have only just begun to soften." This should result in "bad news" continuing to be "bad news" for the stocks this earnings season, or at minimum should not represent a positive catalyst, Rehaut tells investors in a research note. To reflect softening sales pace trends and increased incentives, the analyst lowered our second half of 2022 estimates for spec builders as well as 2023 estimates across the board.
M.D.C. Holdings files $5.0B mixed securities shelf » 16:2807/0607/06/22
As announced earlier…
As announced earlier today, the company announced a $5B mixed shelf. M.D.C. intends to "use the net proceeds from the sale of the securities offered under this prospectus and the prospectus supplement for general corporate purposes."
|Over a quarter ago|
M.D.C. Holdings downgraded to Underweight from Equal Weight at Wells Fargo » 05:2906/1706/17/22
Wells Fargo analyst Deepa…
Wells Fargo analyst Deepa Raghavan downgraded M.D.C. Holdings to Underweight from Equal Weight with a $27 price target. The analyst says fundamental U.S. housing data is set to get worse and feed into negative investor sentiment. The housing market slowdown was more evident at the value end of the chain and is slowly broadening, with the softness hitting quicker than many anticipated due to the unprecedented rise in interest rates, Raghavan tells investors in a research note.
M.D.C. Holdings sees FY22 home deliveries 10,500-11,000 06:0504/2804/28/22
M.D.C. Holdings sees Q2 home deliveries 2,400-2,600 » 06:0504/2804/28/22
Sees Q2 average selling…
Sees Q2 average selling price for Q2 unit deliveries $560,000-$570,000.
M.D.C. Holdings reports Q1 EPS $2.02, consensus $1.91 » 06:0304/2804/28/22
Reports Q1 revenue…
Reports Q1 revenue $1.24B, consensus $1.21B. Reports average selling price of deliveries up 16% to $556,000. "MDC delivered strong results in the first quarter of 2022 both in terms of profitability and order activity," said MDC's' executive chairman, Larry Mizel. "We generated earnings of $2.02 per diluted share for the quarter, representing a 34% improvement over the first quarter of 2021. This significant increase to our bottom-line results was largely driven by a 19% year-over-year rise in home sale revenues and a 380-basis point improvement in our home sale gross margin to 25.7%. Our teams did an excellent job delivering homes in a timely manner this quarter in what continues to be a challenging supply chain environment, as we came in near the high-end of our stated guidance with total new home deliveries of 2,233 units."
M.D.C. Holdings subsidiary to acquire homebuilding assets of The Jones Company » 06:0204/2204/22/22
M.D.C. Holdings announced…
M.D.C. Holdings announced that its subsidiary, Richmond American Homes of Tennessee, has entered into an asset purchase agreement to acquire substantially all of the homebuilding assets of The Jones Company of Tennessee. Jones closed over 370 homes in fiscal year 2021 in the Nashville area with an average sales price of $564,000, generating revenues of $209M. MDC expects the transaction to close near the end of the second quarter of 2022, and it is expected to add approximately 10 selling communities, 1,700 controlled lots and 150 units in backlog to the operations of Richmond American. Consummation of the transaction is subject to the approval of the MDC board of directors and customary conditions.
Mortgage rates spike to 5% amid post-pandemic price pressures, NY Times says » 16:5604/1404/14/22
DHI, HOV, KBH, LEN, MDC, PHM, TOL, BZH, CAA, RLGY, Z, RMAX, RDFN
Home buyers in this post…
Home buyers in this post pandemic world of inflated prices and supply chain disruptions are now facing the specter of mortgage rates at 5%, "for the first time in over a decade," wrote Conor Dougherty for the NY Times. U.S sponsored mortgage company, Freddie Mac, reported that rates on a 30-year fixed-rate mortgage "climbed from about 3 percent to 5 percent, the fastest jump since the 1980s," noted the NYT story. "On Thursday, Redfin said its index of home buyer demand had declined 3% over the past month," said the NYT. Publicly traded companies that may be impacted include: include Beazer Homes (BZH), CalAtlantic (CAA), D.R. Horton (DHI), Hovnanian (HOV), KB Home (KBH), Lennar (LEN), M.D.C. Holdings (MDC), PulteGroup (PHM) , Toll Brothers (TOL), Realogy (RLGY), Zillow (Z), RE/MAX Holdings (RMAX) and Redfin (RDFN). Reference Link