Provident Investment Management Inc. Grows Position in D.R. Horton, Inc. (NYSE:DHI)

Provident Investment Management Inc. boosted its stake in D.R. Horton, Inc. (NYSE:DHI) by 1.4% in the second quarter, Holdings Channel.com reports. The firm owned 324,320 shares of the construction company’s stock after acquiring an additional 4,562 shares during the quarter. D.R. Horton comprises about 4.2% of Provident Investment Management Inc.’s portfolio, making the stock its 12th largest position. Provident Investment Management Inc.’s holdings in D.R. Horton were worth $45,706,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DHI. Concurrent Investment Advisors LLC acquired a new position in shares of D.R. Horton during the first quarter worth $1,249,000. Vinva Investment Management Ltd lifted its position in shares of D.R. Horton by 59.3% during the fourth quarter. Vinva Investment Management Ltd now owns 81,125 shares of the construction company’s stock worth $12,537,000 after purchasing an additional 30,186 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of D.R. Horton by 85.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 35,167 shares of the construction company’s stock worth $5,787,000 after purchasing an additional 16,252 shares in the last quarter. Alaska Permanent Fund Corp lifted its position in shares of D.R. Horton by 312.0% during the first quarter. Alaska Permanent Fund Corp now owns 11,755 shares of the construction company’s stock worth $1,934,000 after purchasing an additional 8,902 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of D.R. Horton by 24.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 32,754 shares of the construction company’s stock worth $4,978,000 after purchasing an additional 6,429 shares in the last quarter. 90.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on DHI shares. StockNews.com downgraded shares of D.R. Horton from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Royal Bank of Canada upped their target price on D.R. Horton from $141.00 to $154.00 and gave the company an “underperform” rating in a report on Friday, July 19th. Barclays boosted their price target on shares of D.R. Horton from $168.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Evercore ISI increased their price objective on shares of D.R. Horton from $191.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Finally, JMP Securities increased their price objective on shares of D.R. Horton from $170.00 to $210.00 and gave the stock a “market outperform” rating in a report on Friday, July 19th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $182.07.

D.R. Horton Stock Performance

NYSE:DHI opened at $187.52 on Tuesday. D.R. Horton, Inc. has a twelve month low of $100.08 and a twelve month high of $193.63. The company has a current ratio of 7.22, a quick ratio of 1.30 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $171.27 and a 200-day moving average of $156.72. The firm has a market cap of $61.10 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 0.86 and a beta of 1.73.

D.R. Horton (NYSE:DHI) last posted its quarterly earnings data on Thursday, July 18th. The construction company reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.75 by $0.35. D.R. Horton had a net margin of 13.36% and a return on equity of 20.72%. The company had revenue of $9.97 billion during the quarter, compared to analyst estimates of $9.61 billion. During the same quarter last year, the firm posted $3.90 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts forecast that D.R. Horton, Inc. will post 14.03 earnings per share for the current fiscal year.

D.R. Horton declared that its Board of Directors has approved a stock repurchase program on Thursday, July 18th that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the construction company to purchase up to 6.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

D.R. Horton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 8th. Shareholders of record on Thursday, August 1st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.64%. The ex-dividend date was Thursday, August 1st. D.R. Horton’s payout ratio is 8.17%.

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.