Taylor Morrison Home (NYSE:TMHC) Stock Price Up 4% Following Earnings Beat

Taylor Morrison Home Co. (NYSE:TMHC)’s share price rose 4% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $68.27 and last traded at $67.45. Approximately 183,350 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 782,717 shares. The stock had previously closed at $64.84.

The construction company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.31. Taylor Morrison Home had a net margin of 9.92% and a return on equity of 14.99%. The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same period last year, the firm posted $1.62 earnings per share. Taylor Morrison Home’s revenue for the quarter was up 26.6% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

TMHC has been the subject of a number of analyst reports. Zelman & Associates upgraded Taylor Morrison Home from a “neutral” rating to an “outperform” rating in a research report on Monday, August 12th. Wedbush upgraded Taylor Morrison Home from a “neutral” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Friday. Barclays lifted their target price on Taylor Morrison Home from $72.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Thursday. Raymond James initiated coverage on Taylor Morrison Home in a research report on Wednesday, July 24th. They set an “outperform” rating and a $75.00 target price for the company. Finally, Royal Bank of Canada lifted their target price on Taylor Morrison Home from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Taylor Morrison Home currently has an average rating of “Moderate Buy” and a consensus price target of $75.83.

Insider Activity at Taylor Morrison Home

In other Taylor Morrison Home news, Director William H. Lyon sold 1,741 shares of Taylor Morrison Home stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $68.03, for a total value of $118,440.23. Following the transaction, the director now owns 2,195,316 shares in the company, valued at $149,347,347.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Taylor Morrison Home

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its stake in Taylor Morrison Home by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 1,066,470 shares of the construction company’s stock valued at $59,125,000 after purchasing an additional 4,638 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Taylor Morrison Home by 271.0% during the third quarter. Assenagon Asset Management S.A. now owns 896,032 shares of the construction company’s stock worth $62,955,000 after acquiring an additional 654,541 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Taylor Morrison Home by 7.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 846,270 shares of the construction company’s stock worth $59,459,000 after acquiring an additional 60,021 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Taylor Morrison Home by 1.5% during the third quarter. Wedge Capital Management L L P NC now owns 738,830 shares of the construction company’s stock worth $51,910,000 after acquiring an additional 10,911 shares during the last quarter. Finally, Hodges Capital Management Inc. grew its stake in shares of Taylor Morrison Home by 26.4% during the second quarter. Hodges Capital Management Inc. now owns 447,918 shares of the construction company’s stock worth $24,833,000 after acquiring an additional 93,567 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Taylor Morrison Home Price Performance

The firm has a market cap of $7.23 billion, a PE ratio of 9.78 and a beta of 1.96. The company has a quick ratio of 0.67, a current ratio of 6.01 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average price of $67.44 and a two-hundred day moving average price of $61.57.

About Taylor Morrison Home

Taylor Morrison Home Corporation, together with its subsidiaries, operates as a public homebuilder in the United States. The company designs, builds, and sells single and multi-family detached and attached homes; and develops lifestyle and master-planned communities. It develops and constructs multi-use properties consisting of commercial space, retail, and multi-family properties under the Urban Form brand name.