Millennium Management LLC Reduces Stake in Tri Pointe Homes Inc. $TPH

Key Points

• Millennium Management LLC reduced its stake in Tri Pointe Homes Inc. by 32.6% in Q1, owning approximately 0.81% of the company's shares after selling over 356,000 shares.
• Tri Pointe Homes reported a quarterly EPS of $0.77, exceeding estimates of $0.66, while also announcing a $50 million stock buyback program to repurchase up to 1.6% of its shares.
• Hedge funds collectively own 97.01% of Tri Pointe Homes' stock, with various institutions increasing their holdings significantly in the last quarter.

Millennium Management LLC reduced its stake in Tri Pointe Homes Inc. (NYSE:TPH - Free Report) by 32.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 737,075 shares of the construction company's stock after selling 356,748 shares during the quarter. Millennium Management LLC owned approximately 0.81% of Tri Pointe Homes worth $23,527,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its holdings in Tri Pointe Homes by 56.5% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,096 shares of the construction company's stock worth $67,000 after purchasing an additional 757 shares during the period. CWM LLC raised its holdings in Tri Pointe Homes by 67.8% in the 1st quarter. CWM LLC now owns 3,797 shares of the construction company's stock worth $121,000 after purchasing an additional 1,534 shares during the period. Covestor Ltd raised its holdings in Tri Pointe Homes by 327.8% in the 1st quarter. Covestor Ltd now owns 3,884 shares of the construction company's stock worth $124,000 after purchasing an additional 2,976 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in Tri Pointe Homes in the 1st quarter worth $202,000. Finally, PharVision Advisers LLC bought a new position in Tri Pointe Homes in the 4th quarter worth $242,000. 97.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Tri Pointe Homes Price Performance

Shares of Tri Pointe Homes stock traded up $0.21 during trading on Thursday, reaching $35.14. 817,994 shares of the stock traded hands, compared to its average volume of 836,756. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 8.94, a P/E/G ratio of 0.94 and a beta of 1.27. The business has a fifty day simple moving average of $34.21 and a two-hundred day simple moving average of $32.19. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.79. Tri Pointe Homes Inc. has a 52-week low of $27.90 and a 52-week high of $46.91.

Tri Pointe Homes (NYSE:TPH - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The construction company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.11. The firm had revenue of $884.01 million during the quarter, compared to analyst estimates of $810.77 million. Tri Pointe Homes had a return on equity of 11.33% and a net margin of 9.22%.The business's quarterly revenue was down 22.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. Sell-side analysts expect that Tri Pointe Homes Inc. will post 3.58 EPS for the current year.

Tri Pointe Homes declared that its Board of Directors has authorized a share buyback plan on Thursday, July 24th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.