D.R. Horton (NYSE:DHI) Shares Gap Down – Here’s What Happened

D.R. Horton, Inc. (NYSE:DHI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $180.38, but opened at $153.19. D.R. Horton shares last traded at $156.20, with a volume of 1,921,070 shares.

Analysts Set New Price Targets

DHI has been the topic of a number of recent analyst reports. Evercore ISI increased their price target on shares of D.R. Horton from $191.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, July 15th. UBS Group lifted their target price on D.R. Horton from $200.00 to $217.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Bank of America upped their price target on D.R. Horton from $196.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Keefe, Bruyette & Woods lifted their price objective on D.R. Horton from $178.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Wedbush upgraded shares of D.R. Horton from an “underperform” rating to a “neutral” rating and set a $165.00 target price on the stock in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.67.

D.R. Horton Trading Down 9.7 %

The stock has a 50 day moving average of $187.87 and a 200-day moving average of $165.01. The company has a market capitalization of $53.66 billion, a P/E ratio of 10.74, a P/E/G ratio of 0.78 and a beta of 1.72. The company has a current ratio of 7.22, a quick ratio of 1.30 and a debt-to-equity ratio of 0.23.

D.R. Horton announced that its Board of Directors has approved a stock buyback plan on Thursday, July 18th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the construction company to repurchase up to 6.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On D.R. Horton

Several large investors have recently made changes to their positions in the business. First Interstate Bank purchased a new position in D.R. Horton during the third quarter valued at $230,000. swisspartners Advisors Ltd boosted its holdings in shares of D.R. Horton by 0.5% during the 3rd quarter. swisspartners Advisors Ltd now owns 69,700 shares of the construction company’s stock valued at $13,297,000 after purchasing an additional 350 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of D.R. Horton by 11.0% during the third quarter. Farther Finance Advisors LLC now owns 2,368 shares of the construction company’s stock valued at $452,000 after purchasing an additional 235 shares in the last quarter. Creative Financial Designs Inc. ADV increased its holdings in shares of D.R. Horton by 200.0% in the third quarter. Creative Financial Designs Inc. ADV now owns 300 shares of the construction company’s stock worth $57,000 after purchasing an additional 200 shares during the last quarter. Finally, Pacific Wealth Strategies Group Inc. lifted its position in shares of D.R. Horton by 14.2% in the third quarter. Pacific Wealth Strategies Group Inc. now owns 5,189 shares of the construction company’s stock worth $990,000 after buying an additional 644 shares in the last quarter. 90.63% of the stock is currently owned by hedge funds and other institutional investors.

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.