Assenagon Asset Management S.A. Sells 31,747 Shares of Tri Pointe Homes Inc. $TPH

Key Points

• Assenagon Asset Management S.A. reduced its stake in Tri Pointe Homes Inc. by 2.8%, now holding 1,082,611 shares valued at approximately $34.6 million.
• Tri Pointe Homes' recent earnings report showed a surprising EPS of $0.77, exceeding expectations, although revenue declined by 22.3% year-over-year.
• The company announced a $50 million stock buyback plan, signaling management's belief that the stock is undervalued.

Assenagon Asset Management S.A. cut its stake in Tri Pointe Homes Inc. (NYSE:TPH - Free Report) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,082,611 shares of the construction company's stock after selling 31,747 shares during the period. Assenagon Asset Management S.A. owned about 1.19% of Tri Pointe Homes worth $34,589,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Exchange Traded Concepts LLC grew its position in Tri Pointe Homes by 6.1% during the 2nd quarter. Exchange Traded Concepts LLC now owns 34,026 shares of the construction company's stock worth $1,087,000 after acquiring an additional 1,954 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Tri Pointe Homes by 324.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 33,462 shares of the construction company's stock valued at $1,104,000 after buying an additional 25,582 shares during the last quarter. Pallas Capital Advisors LLC bought a new position in Tri Pointe Homes in the 2nd quarter valued at $505,000. Voya Investment Management LLC boosted its position in Tri Pointe Homes by 2.0% in the 1st quarter. Voya Investment Management LLC now owns 220,511 shares of the construction company's stock valued at $7,039,000 after buying an additional 4,307 shares during the last quarter. Finally, Inspire Investing LLC boosted its position in Tri Pointe Homes by 4.8% in the 1st quarter. Inspire Investing LLC now owns 12,652 shares of the construction company's stock valued at $404,000 after buying an additional 575 shares during the last quarter. 97.01% of the stock is currently owned by institutional investors.

Tri Pointe Homes Stock Down 1.7%

Shares of NYSE:TPH traded down $0.58 during midday trading on Monday, reaching $33.58. The company had a trading volume of 1,182,777 shares, compared to its average volume of 962,319. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Tri Pointe Homes Inc. has a 1-year low of $27.90 and a 1-year high of $46.91. The business's 50 day moving average price is $34.20 and its 200 day moving average price is $32.22. The stock has a market cap of $3.04 billion, a PE ratio of 8.54, a P/E/G ratio of 0.92 and a beta of 1.27.

Tri Pointe Homes (NYSE:TPH - Get Free Report) last issued its earnings results on Thursday, July 24th. The construction company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. Tri Pointe Homes had a return on equity of 11.33% and a net margin of 9.22%.The company had revenue of $884.01 million during the quarter, compared to the consensus estimate of $810.77 million. During the same period in the previous year, the company posted $1.25 EPS. The firm's revenue for the quarter was down 22.3% compared to the same quarter last year. Research analysts forecast that Tri Pointe Homes Inc. will post 3.58 EPS for the current fiscal year.

Tri Pointe Homes declared that its board has approved a stock repurchase plan on Thursday, July 24th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have commented on the company. Wolfe Research lowered Tri Pointe Homes from an "outperform" rating to a "peer perform" rating in a research report on Sunday, July 27th. Evercore ISI cut their price target on Tri Pointe Homes from $39.00 to $38.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Wedbush reissued an "outperform" rating and issued a $43.00 price target on shares of Tri Pointe Homes in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded Tri Pointe Homes from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.25.

Tri Pointe Homes Company Profile

Tri Pointe Homes, Inc engages in the design, construction, and sale of single-family attached and detached homes in the United States. The company operates through a portfolio of six regional home building brands comprising Maracay in Arizona; Pardee Homes in California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in Texas; TRI Pointe Homes in California, Colorado, and the Carolinas; and Winchester Homes in Maryland and Northern Virginia.