KB Home (KBH) Position Increased by Texas Permanent School Fund
Texas Permanent School Fund boosted its stake in shares of KB Home (NYSE:KBH) by 0.8% during the second quarter, Holdings Channel reports. The firm owned 60,669 shares of the construction company’s stock after buying an additional 459 shares during the period. Texas Permanent School Fund’s holdings in KB Home were worth $1,454,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Karp Capital Management Corp purchased a new stake in shares of KB Home during the first quarter valued at about $3,958,000. CIBC World Markets Inc. increased its stake in shares of KB Home by 1.9% in the first quarter. CIBC World Markets Inc. now owns 181,287 shares of the construction company’s stock valued at $3,604,000 after buying an additional 3,302 shares during the period. James Investment Research Inc. purchased a new stake in shares of KB Home during the second quarter valued at about $1,484,000. Norges Bank purchased a new stake in shares of KB Home during the fourth quarter valued at about $11,457,000. Finally, Prudential Financial Inc. increased its stake in shares of KB Home by 632.1% in the first quarter. Prudential Financial Inc. now owns 367,064 shares of the construction company’s stock valued at $7,297,000 after buying an additional 316,926 shares during the period. Institutional investors and hedge funds own 99.16% of the company’s stock.
Shares of KB Home (KBH) opened at 23.15 on Wednesday. KB Home has a 52-week low of $14.06 and a 52-week high of $24.37. The firm has a market capitalization of $1.98 billion, a P/E ratio of 17.84 and a beta of 1.62. The stock has a 50 day moving average of $23.42 and a 200-day moving average of $20.62.
KB Home (NYSE:KBH) last announced its quarterly earnings results on Tuesday, June 27th. The construction company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.07. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $929.85 million. KB Home had a net margin of 3.13% and a return on equity of 7.11%. KB Home’s revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.17 EPS. Equities analysts expect that KB Home will post $1.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Thursday, August 3rd will be paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Tuesday, August 1st. KB Home’s payout ratio is currently 7.69%.
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Several equities research analysts recently issued reports on KBH shares. Deutsche Bank AG raised their target price on shares of KB Home from $20.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, June 30th. Wedbush cut their target price on shares of KB Home from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, June 15th. Credit Suisse Group started coverage on shares of KB Home in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $23.00 target price for the company. Barclays PLC reiterated a “sell” rating and issued a $17.00 target price on shares of KB Home in a research note on Friday, June 30th. Finally, MKM Partners upgraded shares of KB Home to a “hold” rating and raised their target price for the company from $20.00 to $24.00 in a research note on Tuesday, June 27th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $19.63.
In other KB Home news, CFO Jeff Kaminski sold 163,017 shares of the stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $23.40, for a total value of $3,814,597.80. Following the sale, the chief financial officer now directly owns 178,251 shares in the company, valued at approximately $4,171,073.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey T. Mezger sold 400,000 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $22.81, for a total transaction of $9,124,000.00. Following the completion of the sale, the insider now owns 682,996 shares in the company, valued at $15,579,138.76. The disclosure for this sale can be found here. Insiders have sold a total of 620,422 shares of company stock worth $14,269,820 over the last 90 days. 8.60% of the stock is currently owned by corporate insiders.
About KB Home
KB HOME is a homebuilding company. The Company is engaged in selling and building a range of new homes designed primarily for first-time, move-up and active adult homebuyers, including attached and detached single-family residential homes. It operates through five segments, which consist of four homebuilding segments and one financial services segment.
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