Norges Bank Buys Shares of 42,713 NVR, Inc. $NVR

Key Points

• Norges Bank disclosed a new fourth-quarter stake in NVR, buying 42,713 shares worth about $311.5 million and ending with 1.50% ownership of the company.
• Wall Street sentiment is cautious: analysts currently rate NVR as a Hold overall, with an average price target of $7,649.33 after several firms cut targets.
• NVR reported a weak quarterly result, missing EPS and revenue estimates as revenue fell 21.7% year over year, even as the company continues its $750 million share buyback program.

Norges Bank bought a new stake in NVR, Inc. (NYSE:NVR - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 42,713 shares of the construction company's stock, valued at approximately $311,496,000. Norges Bank owned 1.50% of NVR at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in NVR. Murphy Middleton Hinkle & Parker Inc. purchased a new position in shares of NVR in the fourth quarter valued at $11,610,000. Alberta Investment Management Corp purchased a new position in NVR during the third quarter worth about $4,017,000. American Century Companies Inc. boosted its holdings in shares of NVR by 17.0% in the 3rd quarter. American Century Companies Inc. now owns 6,370 shares of the construction company's stock worth $51,181,000 after purchasing an additional 925 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of NVR by 669.5% in the 4th quarter. SG Americas Securities LLC now owns 4,232 shares of the construction company's stock worth $30,863,000 after purchasing an additional 3,682 shares in the last quarter. Finally, Marshfield Associates boosted its holdings in shares of NVR by 4.7% in the 3rd quarter. Marshfield Associates now owns 25,042 shares of the construction company's stock worth $201,204,000 after purchasing an additional 1,130 shares in the last quarter. 83.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NVR shares. Bank of America dropped their target price on NVR from $8,600.00 to $8,225.00 and set a "buy" rating for the company in a report on Monday, April 20th. BTIG Research restated a "buy" rating and set a $8,096.00 target price on shares of NVR in a report on Wednesday, April 22nd. Truist Financial dropped their target price on NVR from $7,100.00 to $6,600.00 and set a "hold" rating for the company in a report on Thursday, April 23rd. Seaport Research Partners restated a "sell" rating and set a $5,664.00 target price on shares of NVR in a report on Tuesday, April 7th. Finally, UBS Group dropped their target price on NVR from $8,100.00 to $7,700.00 and set a "neutral" rating for the company in a report on Thursday, April 23rd. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, NVR presently has an average rating of "Hold" and an average price target of $7,649.33.

Insider Activity at NVR

In other NVR news, Director Michael J. Devito bought 11 shares of NVR stock in a transaction on Friday, April 24th. The stock was acquired at an average price of $6,699.50 per share, with a total value of $73,694.50. Following the acquisition, the director owned 25 shares in the company, valued at approximately $167,487.50. This trade represents a 78.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.60% of the company's stock.

NVR Stock Up 0.5%

NVR stock opened at $6,133.39 on Tuesday. NVR, Inc. has a twelve month low of $5,501.01 and a twelve month high of $8,618.28. The company has a quick ratio of 2.67, a current ratio of 5.19 and a debt-to-equity ratio of 0.26. The firm has a market cap of $16.55 billion, a PE ratio of 14.95, a price-to-earnings-growth ratio of 4.50 and a beta of 0.95. The business has a 50 day moving average of $6,357.29 and a 200 day moving average of $7,038.37.

NVR (NYSE:NVR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The construction company reported $67.76 earnings per share for the quarter, missing analysts' consensus estimates of $79.97 by ($12.21). NVR had a net margin of 12.93% and a return on equity of 32.66%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period last year, the business earned $94.83 EPS. The firm's quarterly revenue was down 21.7% on a year-over-year basis. On average, research analysts forecast that NVR, Inc. will post 375.15 EPS for the current fiscal year.

NVR declared that its board has initiated a share buyback program on Wednesday, February 11th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

About NVR

NVR, Inc is a U.S.-based homebuilding and mortgage banking company that designs, constructs and sells single-family detached homes, townhomes and condominiums. The company operates primarily through its homebuilding business and a mortgage banking subsidiary, providing financing and related closing services to its homebuyers. NVR's homebuilding activities include land development, community planning, model home sales and construction management aimed at a range of buyer demographics.

Its homes are marketed under recognizable regional brands, including Ryan Homes and NVHomes, along with other market-specific trade names, and are offered across multiple geographic markets in the United States.

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