Beta Wealth Group Inc. Boosts Stake in D.R. Horton, Inc. (NYSE:DHI)

Key Points

• Beta Wealth Group Inc. significantly increased its stake in D.R. Horton by 1,400%, acquiring an additional 30,801 shares to reach a total of 33,001 shares valued at approximately $4.2 million.
• D.R. Horton reported a quarterly EPS of $3.36, surpassing estimates, with total revenue reaching $9.23 billion, although this marked a 7.4% decline compared to the same quarter last year.
• The company announced a quarterly dividend of $0.40 per share, representing a 1.1% dividend yield and a payout ratio of 12.83%.

Beta Wealth Group Inc. increased its stake in shares of D.R. Horton, Inc. (NYSE:DHI - Free Report) by 1,400.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,001 shares of the construction company's stock after acquiring an additional 30,801 shares during the period. D.R. Horton comprises approximately 1.5% of Beta Wealth Group Inc.'s investment portfolio, making the stock its 23rd largest holding. Beta Wealth Group Inc.'s holdings in D.R. Horton were worth $4,196,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of D.R. Horton by 652.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,981,609 shares of the construction company's stock valued at $252,477,000 after purchasing an additional 1,718,094 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of D.R. Horton by 4,630.6% in the 1st quarter. Pacer Advisors Inc. now owns 1,691,056 shares of the construction company's stock valued at $214,984,000 after purchasing an additional 1,655,309 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of D.R. Horton by 19,102.6% in the 1st quarter. GAMMA Investing LLC now owns 916,734 shares of the construction company's stock valued at $116,544,000 after purchasing an additional 911,960 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of D.R. Horton by 1,838.0% in the 4th quarter. Two Sigma Investments LP now owns 877,644 shares of the construction company's stock valued at $122,712,000 after purchasing an additional 832,358 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of D.R. Horton by 676.4% in the 4th quarter. Renaissance Technologies LLC now owns 756,538 shares of the construction company's stock valued at $105,779,000 after purchasing an additional 659,100 shares in the last quarter. Institutional investors own 90.63% of the company's stock.

Analyst Upgrades and Downgrades

DHI has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on D.R. Horton from $132.00 to $111.00 and set an "underweight" rating on the stock in a report on Monday, April 21st. Wedbush upped their price target on D.R. Horton from $155.00 to $170.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. The Goldman Sachs Group dropped their price target on D.R. Horton from $173.00 to $150.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Royal Bank Of Canada set a $117.00 price target on D.R. Horton and gave the stock an "underperform" rating in a research note on Wednesday, July 23rd. Finally, BTIG Research lowered their price objective on D.R. Horton from $171.00 to $150.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Their comments are based on a broader research note on Homebuilders ahead of the industry’s start of the earnings season. The firm is projecting a 7% decline in U.S. new home sales and a 27% average decline in earnings due to lower consumer confidence as a result of heightened uncertainty about the future in terms of both income/job security and cost of living along with still-relatively high interest rates. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $153.23.

D.R. Horton Stock Performance

NYSE:DHI traded up $1.74 during trading hours on Tuesday, reaching $155.02. The stock had a trading volume of 777,057 shares, compared to its average volume of 3,792,614. The stock has a market cap of $46.21 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 3.19 and a beta of 1.34. D.R. Horton, Inc. has a 12-month low of $110.44 and a 12-month high of $199.85. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 7.06. The stock has a 50 day simple moving average of $131.20 and a 200 day simple moving average of $129.25.

D.R. Horton (NYSE:DHI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.36 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.46. D.R. Horton had a return on equity of 15.74% and a net margin of 11.46%. The company had revenue of $9.23 billion during the quarter, compared to analysts' expectations of $8.80 billion. During the same period in the previous year, the business earned $4.10 earnings per share. The firm's quarterly revenue was down 7.4% compared to the same quarter last year. On average, research analysts forecast that D.R. Horton, Inc. will post 13.04 EPS for the current fiscal year.

D.R. Horton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, August 7th will be given a $0.40 dividend. The ex-dividend date is Thursday, August 7th. This represents a $1.60 annualized dividend and a yield of 1.0%. D.R. Horton's dividend payout ratio (DPR) is currently 12.83%.

Insider Buying and Selling

In other D.R. Horton news, Director Michael R. Buchanan sold 2,150 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $127.70, for a total transaction of $274,555.00. Following the completion of the sale, the director owned 2,193 shares in the company, valued at $280,046.10. This represents a 49.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.54% of the company's stock.

About D.R. Horton

D.R. Horton, Inc operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 118 markets across 33 states under the names of D.R.