Massachusetts Financial Services Co. MA Increases Position in Smith Douglas Homes Corp. (NYSE:SDHC)

Massachusetts Financial Services Co. MA lifted its stake in shares of Smith Douglas Homes Corp. (NYSE:SDHC - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 486,509 shares of the company's stock after purchasing an additional 50,713 shares during the period. Massachusetts Financial Services Co. MA owned 0.95% of Smith Douglas Homes worth $9,497,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SDHC. M&T Bank Corp grew its position in shares of Smith Douglas Homes by 8.4% during the 1st quarter. M&T Bank Corp now owns 11,001 shares of the company's stock valued at $215,000 after purchasing an additional 848 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Smith Douglas Homes during the 4th quarter valued at $218,000. Bank of New York Mellon Corp purchased a new position in shares of Smith Douglas Homes during the 4th quarter valued at $328,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Smith Douglas Homes during the 4th quarter valued at $456,000. Finally, Jane Street Group LLC grew its position in shares of Smith Douglas Homes by 69.9% during the 4th quarter. Jane Street Group LLC now owns 23,837 shares of the company's stock valued at $611,000 after purchasing an additional 9,805 shares in the last quarter.

Smith Douglas Homes Stock Performance

Shares of NYSE SDHC traded up $0.91 during midday trading on Wednesday, hitting $22.57. 64,121 shares of the company traded hands, compared to its average volume of 93,769. Smith Douglas Homes Corp. has a 12-month low of $16.28 and a 12-month high of $39.50. The stock has a 50-day moving average price of $19.15 and a 200 day moving average price of $20.55. The firm has a market cap of $1.16 billion, a P/E ratio of 13.05, a P/E/G ratio of 11.35 and a beta of 1.06.

Smith Douglas Homes declared that its board has authorized a stock buyback program on Wednesday, May 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Smith Douglas Homes

In other news, Director Jeffrey T. Jackson bought 6,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $18.49 per share, for a total transaction of $110,940.00. Following the completion of the purchase, the director owned 25,682 shares in the company, valued at approximately $474,860.18. This represents a 30.48% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Neill B. Faucett bought 7,000 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was purchased at an average price of $17.36 per share, for a total transaction of $121,520.00. Following the purchase, the director owned 14,505 shares of the company's stock, valued at approximately $251,806.80. This represents a 93.27% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 40,652 shares of company stock worth $748,964 in the last ninety days. 82.71% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Smith Douglas Homes from $24.00 to $18.50 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Royal Bank Of Canada set a $16.00 price objective on shares of Smith Douglas Homes and gave the stock a "sector perform" rating in a report on Tuesday, May 20th. Wedbush reissued a "neutral" rating and issued a $18.00 price target on shares of Smith Douglas Homes in a research note on Wednesday, May 14th. Finally, Wells Fargo & Company lowered their price objective on shares of Smith Douglas Homes from $21.00 to $20.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $18.90.

Smith Douglas Homes Company Profile

Smith Douglas Homes Corp., together with its subsidiaries, engages in the design, construction, and sale of single-family homes in the southeastern United States. It also provides closing, escrow, and title insurance services. The company sells its products to entry-level and empty-nest homebuyers. Smith Douglas Homes Corp.