Summit Global Investments Has $2.73 Million Position in D.R. Horton, Inc. (NYSE:DHI)

Summit Global Investments cut its holdings in D.R. Horton, Inc. (NYSE:DHI - Free Report) by 77.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,311 shares of the construction company's stock after selling 48,324 shares during the period. Summit Global Investments' holdings in D.R. Horton were worth $2,730,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norden Group LLC bought a new position in shares of D.R. Horton during the first quarter valued at approximately $449,000. Manchester Capital Management LLC grew its stake in D.R. Horton by 631.9% in the 1st quarter. Manchester Capital Management LLC now owns 849 shares of the construction company's stock worth $140,000 after acquiring an additional 733 shares in the last quarter. Advisory Services Network LLC increased its position in shares of D.R. Horton by 35.2% during the first quarter. Advisory Services Network LLC now owns 24,725 shares of the construction company's stock worth $4,069,000 after acquiring an additional 6,435 shares during the period. Quantbot Technologies LP bought a new stake in shares of D.R. Horton during the first quarter valued at approximately $2,009,000. Finally, Forsta AP Fonden increased its stake in shares of D.R. Horton by 8.8% during the first quarter. Forsta AP Fonden now owns 59,200 shares of the construction company's stock valued at $9,741,000 after buying an additional 4,800 shares during the period. 90.63% of the stock is currently owned by hedge funds and other institutional investors.

D.R. Horton Stock Up 0.6 %

NYSE DHI traded up $1.00 during trading hours on Friday, hitting $169.11. The company had a trading volume of 1,197,747 shares, compared to its average volume of 2,511,218. The company has a market capitalization of $55.10 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.57 and a beta of 1.74. D.R. Horton, Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $199.85. The firm's 50 day moving average is $185.40 and its 200 day moving average is $165.98. The company has a debt-to-equity ratio of 0.23, a current ratio of 7.32 and a quick ratio of 1.61.

D.R. Horton (NYSE:DHI - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The construction company reported $3.92 EPS for the quarter, missing analysts' consensus estimates of $4.17 by ($0.25). D.R. Horton had a return on equity of 19.24% and a net margin of 12.93%. The firm had revenue of $10 billion during the quarter, compared to analyst estimates of $10.22 billion. During the same quarter in the prior year, the firm earned $4.45 EPS. The business's quarterly revenue was down 4.7% compared to the same quarter last year. Sell-side analysts anticipate that D.R. Horton, Inc. will post 15.64 earnings per share for the current fiscal year.

D.R. Horton Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.95%. This is a positive change from D.R. Horton's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, November 12th. D.R. Horton's payout ratio is presently 11.14%.

D.R. Horton announced that its board has initiated a stock buyback program on Thursday, July 18th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the construction company to buy up to 6.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on DHI shares. Evercore ISI lowered their target price on shares of D.R. Horton from $218.00 to $204.00 and set an "outperform" rating for the company in a research note on Wednesday, October 30th. Raymond James cut D.R. Horton from an "outperform" rating to a "market perform" rating in a research note on Thursday. Royal Bank of Canada decreased their price objective on D.R. Horton from $154.00 to $145.00 and set an "underperform" rating for the company in a report on Wednesday, October 30th. Citigroup dropped their target price on D.R. Horton from $186.00 to $185.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of D.R. Horton from $180.00 to $188.00 and gave the stock a "neutral" rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $185.87.

D.R. Horton Company Profile

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.