Millrose Properties (NYSE:MRP) Hits New 12-Month Low – Should You Sell?

Shares of Millrose Properties, Inc. (NYSE:MRP) hit a new 52-week low on Monday. The company traded as low as $26.28 and last traded at $26.38, with a volume of 1666169 shares. The stock had previously closed at $27.19.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Millrose Properties from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 16th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $37.67.

Millrose Properties Trading Up 0.5%

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.05 and a quick ratio of 0.05. The firm has a fifty day simple moving average of $29.41 and a 200-day simple moving average of $29.03. The firm has a market cap of $4.08 billion, a P/E ratio of 9.22 and a beta of 0.41.

Millrose Properties (NYSE:MRP) last issued its earnings results on Tuesday, August 4th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.01. Millrose Properties had a return on equity of 8.13% and a net margin of 62.60%.The company had revenue of $196.85 million for the quarter.

Millrose Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, October 5th will be issued a $0.79 dividend. The ex-dividend date is Monday, October 5th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 11.9%. This is a boost from Millrose Properties’s previous quarterly dividend of $0.77. Millrose Properties’s dividend payout ratio (DPR) is currently 107.32%.

Insider Activity

In related news, Director Matthew Gorson purchased 3,000 shares of the business’s stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $28.80 per share, for a total transaction of $86,400.00. Following the purchase, the director owned 38,750 shares of the company’s stock, valued at approximately $1,116,000. This trade represents a 8.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Carlos Migoya acquired 1,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $29.18 per share, with a total value of $29,180.00. Following the completion of the acquisition, the director directly owned 30,075 shares in the company, valued at approximately $877,588.50. This represents a 3.44% increase in their position. The SEC filing for this purchase provides additional information. 0.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Millrose Properties

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Millrose Properties in the 4th quarter worth $101,800,000. Bank of New York Mellon Corp bought a new stake in Millrose Properties in the 2nd quarter worth about $54,348,000. Moore Capital Management LP grew its position in Millrose Properties by 275.0% in the 4th quarter. Moore Capital Management LP now owns 1,018,533 shares of the company’s stock worth $30,424,000 after purchasing an additional 746,923 shares in the last quarter. ExodusPoint Capital Management LP increased its stake in Millrose Properties by 1,006.1% in the 4th quarter. ExodusPoint Capital Management LP now owns 819,797 shares of the company’s stock valued at $24,487,000 after buying an additional 745,684 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Millrose Properties by 29.1% in the 4th quarter. Geode Capital Management LLC now owns 2,909,575 shares of the company’s stock worth $86,928,000 after buying an additional 655,706 shares during the last quarter.

Millrose Properties Company Profile

Millrose Properties, Inc (NYSE: MRP) is a real estate company focused on providing land-banking solutions to residential homebuilders. The company acquires and develops residential land and finished lots, which it then makes available to homebuilders through long-term arrangements. This model is designed to help builders secure future community sites while reducing the amount of capital tied up in land acquisition and development.

Millrose primarily targets residential growth markets, including communities in the U.S.