Cresset Asset Management LLC Cuts Holdings in Toll Brothers Inc. $TOL

Key Points

• Cresset Asset Management LLC reduced its holdings in Toll Brothers Inc. by 31.9% in the first quarter, leading to a stake valued at approximately $1.32 million.
• Institutional investors now own 91.76% of Toll Brothers' stock, indicating a strong interest from major financial players.
• Toll Brothers reported earnings of $3.73 per share in its latest quarterly results, beating expectations and showing an annual revenue increase of 8.0%.

Cresset Asset Management LLC trimmed its position in shares of Toll Brothers Inc. (NYSE:TOL - Free Report) by 31.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,540 shares of the construction company's stock after selling 5,866 shares during the period. Cresset Asset Management LLC's holdings in Toll Brothers were worth $1,324,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Greenhaven Associates Inc. grew its holdings in Toll Brothers by 0.5% during the first quarter. Greenhaven Associates Inc. now owns 5,562,582 shares of the construction company's stock valued at $587,353,000 after purchasing an additional 26,079 shares during the period. Dimensional Fund Advisors LP grew its holdings in Toll Brothers by 21.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,159,289 shares of the construction company's stock valued at $227,988,000 after purchasing an additional 375,372 shares during the period. AQR Capital Management LLC grew its holdings in Toll Brothers by 24.6% during the fourth quarter. AQR Capital Management LLC now owns 1,216,625 shares of the construction company's stock valued at $153,234,000 after purchasing an additional 239,917 shares during the period. Balyasny Asset Management L.P. grew its holdings in Toll Brothers by 24,475.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,114,728 shares of the construction company's stock valued at $140,400,000 after purchasing an additional 1,110,192 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of Toll Brothers by 149.5% in the first quarter. Victory Capital Management Inc. now owns 974,587 shares of the construction company's stock worth $102,907,000 after acquiring an additional 583,940 shares during the period. 91.76% of the stock is owned by institutional investors.

Insider Activity at Toll Brothers

In other Toll Brothers news, Director Stephen F. East sold 2,500 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $115.33, for a total transaction of $288,325.00. Following the completion of the sale, the director directly owned 12,787 shares in the company, valued at approximately $1,474,724.71. The trade was a 16.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christine Garvey sold 770 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $119.82, for a total transaction of $92,261.40. Following the sale, the director owned 11,590 shares of the company's stock, valued at approximately $1,388,713.80. This represents a 6.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,601 shares of company stock valued at $1,726,874 in the last quarter. 1.54% of the stock is currently owned by corporate insiders.

Toll Brothers Trading Up 5.8%

TOL traded up $7.6370 during midday trading on Friday, reaching $139.2170. 2,902,576 shares of the company's stock traded hands, compared to its average volume of 1,534,636. The firm has a fifty day moving average of $120.67 and a two-hundred day moving average of $111.30. The stock has a market capitalization of $13.67 billion, a price-to-earnings ratio of 10.23, a P/E/G ratio of 0.91 and a beta of 1.33. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.38 and a quick ratio of 0.44. Toll Brothers Inc. has a 52 week low of $86.67 and a 52 week high of $169.52.

Toll Brothers (NYSE:TOL - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The construction company reported $3.73 EPS for the quarter, beating analysts' consensus estimates of $3.59 by $0.14. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.86 billion. Toll Brothers had a return on equity of 17.42% and a net margin of 12.64%.Toll Brothers's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.60 EPS. On average, equities analysts anticipate that Toll Brothers Inc. will post 13.83 earnings per share for the current fiscal year.

Toll Brothers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, July 11th. This represents a $1.00 dividend on an annualized basis and a yield of 0.7%. Toll Brothers's payout ratio is currently 7.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TOL shares. Seaport Res Ptn raised Toll Brothers from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 23rd. Bank of America raised their price target on Toll Brothers from $132.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. Oppenheimer dropped their price objective on Toll Brothers from $165.00 to $155.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. Wells Fargo & Company lifted their price objective on Toll Brothers from $140.00 to $150.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, Evercore ISI reissued an "outperform" rating and set a $169.00 price objective (up previously from $167.00) on shares of Toll Brothers in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $143.54.

Toll Brothers Profile

Toll Brothers, Inc, together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. It designs, builds, markets, and sells condominiums through Toll Brothers City Living. The company also develops a range of single-story living and first-floor primary bedroom suite home designs, as well as communities with recreational amenities, such as golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers; and develops, operates, and rents apartments.