Covalent Partners Lowers stake in CalAtlantic Group Inc (CAA)

CalAtlantic Group Inc (CAA) : Covalent Partners reduced its stake in CalAtlantic Group Inc by 9.65% during the most recent quarter end. The investment management company now holds a total of 975,938 shares of CalAtlantic Group Inc which is valued at $33.2 Million after selling 104,266 shares in CalAtlantic Group Inc , the firm said in a disclosure report filed with the SEC on May 13, 2016.CalAtlantic Group Inc makes up approximately 11.39% of Covalent Partners’s portfolio.

Other Hedge Funds, Including , Long Pond Capital Lp added CAA to its portfolio by purchasing 1,769,864 company shares during the most recent quarter which is valued at $60.2 Million. CalAtlantic Group Inc makes up approx 3.15% of Long Pond Capital Lp’s portfolio. Standard Life Investments Ltd sold out all of its stake in CAA during the most recent quarter. The investment firm sold 646,210 shares of CAA which is valued $22 Million. Baird Financial Group sold out all of its stake in CAA during the most recent quarter. The investment firm sold 5,394 shares of CAA which is valued $183,558.Norges Bank reduced its stake in CAA by selling 70,865 shares or 11.5% in the most recent quarter. The Hedge Fund company now holds 545,319 shares of CAA which is valued at $18.6 Million. CalAtlantic Group Inc makes up approx 0.01% of Norges Bank’s portfolio.Commonwealth Of Pennsylvania Public School Empls Retrmt Sys reduced its stake in CAA by selling 8,445 shares or 38.21% in the most recent quarter. The Hedge Fund company now holds 13,659 shares of CAA which is valued at $464,816. CalAtlantic Group Inc makes up approx 0.01% of Commonwealth Of Pennsylvania Public School Empls Retrmt Sys’s portfolio.

On the company’s financial health, CalAtlantic Group Inc reported $0.60 EPS for the quarter, missing the analyst consensus estimate by $ -0.23 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $0.83. The company had revenue of $1179.00 million for the quarter, compared to analysts expectations of $1510.56 million. The company’s revenue was up 151.7% compared to the same quarter last year.

Investors should note that on May 3, 2016, CalAtlantic Group Inc announced a cash dividend of $0.0400. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 30, 2016.

Many Wall Street Analysts have commented on CalAtlantic Group Inc. Raymond James Upgraded CalAtlantic Group Inc on May 13, 2016 to ” Outperform”, Price Target of the shares are set at $39.Company shares were Reiterated by FBR Capital on May 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 37 from a previous price target of $32 .Company shares were Reiterated by MKM Partners on May 9, 2016 to “Neutral”, Firm has raised the Price Target to $ 38 from a previous price target of $34 .

Calatlantic Group Inc. formerly Standard Pacific Corp. is a builder of single-family attached and detached homes. The Company operates in two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land and construct and sell single-family attached and detached homes. The homebuilding operating segments are grouped into three segments: California; Southwest consisting of its operating divisions in Arizona Texas Colorado and Nevada; and Southeast consisting of its operating divisions in Florida and the Carolinas. The Company’s Financial Services segment includes mortgage financing operation which provides mortgage financing to its homebuyers. The Company’s title services operation provides title examinations for its homebuyers in Texas and Florida.

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