California Public Employees Retirement System Cuts Position in NVR, Inc. (NVR)
California Public Employees Retirement System decreased its holdings in NVR, Inc. (NYSE:NVR) by 9.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 9,051 shares of the construction company’s stock after selling 890 shares during the period. California Public Employees Retirement System owned approximately 0.25% of NVR worth $26,885,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of NVR. Moneta Group Investment Advisors LLC purchased a new position in NVR in the first quarter valued at approximately $109,000. Flagship Harbor Advisors LLC purchased a new position in NVR in the second quarter valued at approximately $109,000. IBM Retirement Fund purchased a new position in NVR in the first quarter valued at approximately $202,000. Kovack Advisors Inc. purchased a new position in NVR in the first quarter valued at approximately $207,000. Finally, Verition Fund Management LLC purchased a new position in NVR in the first quarter valued at approximately $221,000. Hedge funds and other institutional investors own 78.05% of the company’s stock.
NVR opened at $2,543.25 on Friday. The company has a market cap of $9.28 billion, a PE ratio of 17.97, a PEG ratio of 0.90 and a beta of 0.48. NVR, Inc. has a 52-week low of $2,520.10 and a 52-week high of $3,700.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.40 and a current ratio of 3.67.
NVR announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 1st that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
NVR has been the topic of several research reports. Zacks Investment Research lowered shares of NVR from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. MKM Partners dropped their price objective on shares of NVR to $3,100.00 and set a “neutral” rating on the stock in a research note on Friday, August 3rd. ValuEngine lowered shares of NVR from a “hold” rating to a “sell” rating in a research note on Monday, July 30th. Finally, JPMorgan Chase & Co. reiterated a “$2,892.50” rating and set a $3,100.00 price objective (down previously from $3,450.00) on shares of NVR in a research note on Monday, July 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $3,341.50.
In related news, Director Eddie Arthur Grier sold 108 shares of NVR stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $2,722.12, for a total value of $293,988.96. Following the completion of the sale, the director now owns 193 shares in the company, valued at $525,369.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeffrey D. Martchek sold 1,000 shares of NVR stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $2,727.09, for a total transaction of $2,727,090.00. Following the completion of the sale, the insider now owns 5,198 shares of the company’s stock, valued at approximately $14,175,413.82. The disclosure for this sale can be found here. Insiders have sold 2,108 shares of company stock worth $5,734,359 in the last quarter. Insiders own 11.30% of the company’s stock.
NVR Company Profile
NVR, Inc operates as a homebuilder in the United States. The company operates through four segments: Mid Atlantic, North East, Mid East, and South East. It primarily constructs and sells single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes names.
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