Sumitomo Mitsui Asset Management Company LTD Cuts Position in Toll Brothers Inc. (TOL)
Sumitomo Mitsui Asset Management Company LTD cut its position in shares of Toll Brothers Inc. (NYSE:TOL) by 19.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,317 shares of the construction company’s stock after selling 2,427 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Toll Brothers were worth $407,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. James Investment Research Inc. purchased a new stake in Toll Brothers during the second quarter valued at about $1,375,000. Emerald Advisers Inc. PA raised its position in shares of Toll Brothers by 0.8% in the first quarter. Emerald Advisers Inc. PA now owns 266,598 shares of the construction company’s stock valued at $9,627,000 after buying an additional 2,044 shares in the last quarter. ZWJ Investment Counsel Inc. bought a new position in shares of Toll Brothers during the first quarter valued at $300,000. Korea Investment CORP bought a new position in shares of Toll Brothers during the first quarter valued at $5,839,000. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Toll Brothers by 19.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 86,257 shares of the construction company’s stock valued at $3,115,000 after buying an additional 13,900 shares in the last quarter. 80.44% of the stock is currently owned by institutional investors and hedge funds.
Toll Brothers Inc. (NYSE TOL) opened at 38.73 on Friday. The stock has a 50 day moving average of $39.47 and a 200 day moving average of $36.63. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 15.97 and a beta of 1.52. Toll Brothers Inc. has a 12-month low of $26.65 and a 12-month high of $41.07.
Toll Brothers (NYSE:TOL) last posted its earnings results on Tuesday, May 23rd. The construction company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.10. Toll Brothers had a net margin of 7.67% and a return on equity of 9.71%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. Equities research analysts anticipate that Toll Brothers Inc. will post $3.15 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend was Wednesday, July 12th. Toll Brothers’s payout ratio is 13.17%.
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Several brokerages have weighed in on TOL. Zacks Investment Research raised shares of Toll Brothers from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday. BidaskClub lowered shares of Toll Brothers from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Royal Bank Of Canada raised their price objective on shares of Toll Brothers from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. Mizuho reissued a “buy” rating on shares of Toll Brothers in a report on Tuesday, July 11th. Finally, Barclays PLC lowered shares of Toll Brothers from an “equal weight” rating to an “underweight” rating and set a $37.00 price objective for the company. in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $39.67.
In other Toll Brothers news, CFO Martin P. Connor sold 2,000 shares of the stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $40.45, for a total transaction of $80,900.00. Following the sale, the chief financial officer now owns 34,836 shares of the company’s stock, valued at approximately $1,409,116.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert I. Toll sold 1,967 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $38.00, for a total transaction of $74,746.00. Following the sale, the insider now directly owns 7,420,317 shares in the company, valued at approximately $281,972,046. The disclosure for this sale can be found here. In the last three months, insiders have sold 405,500 shares of company stock worth $15,531,221. Insiders own 8.78% of the company’s stock.
Toll Brothers Company Profile
Toll Brothers, Inc is engaged in designing, building, marketing, selling and arranging financing for detached and attached homes in luxury residential communities. The Company operates through two segments: Traditional Home Building and Toll Brothers City Living (City Living). Within the Traditional Home Building segment, it operates in five geographic segments in the United States: the North, consisting of Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York; the Mid-Atlantic, consisting of Delaware, Maryland, Pennsylvania and Virginia; the South, consisting of Florida, North Carolina and Texas; the West, consisting of Arizona, Colorado, Nevada and Washington, and California.
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