KB Home (NYSE:KBH) Sees Large Drop in Short Interest

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KB Home (NYSE:KBH) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 4,759,708 shares, a decline of 37.1% from the August 15th total of 7,568,069 shares. Currently, 5.6% of the shares of the company are sold short. Based on an average daily volume of 1,208,834 shares, the days-to-cover ratio is currently 3.9 days.

Several brokerages recently issued reports on KBH. Bank of America set a $30.00 target price on shares of KB Home and gave the stock a “buy” rating in a research report on Thursday. ValuEngine lowered shares of KB Home from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 4th. JMP Securities restated a “market perform” rating on shares of KB Home in a research report on Thursday, September 27th. Raymond James upgraded shares of KB Home from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Thursday, September 27th. Finally, Credit Suisse Group cut their price target on shares of KB Home from $29.00 to $27.00 and set a “hold” rating for the company in a research report on Wednesday, September 26th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. KB Home presently has a consensus rating of “Hold” and a consensus price target of $31.39.

In other news, CEO Jeffrey T. Mezger sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $23.56, for a total value of $2,356,000.00. Following the transaction, the chief executive officer now owns 861,287 shares of the company’s stock, valued at $20,291,921.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP William R. Hollinger sold 79,564 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $23.96, for a total transaction of $1,906,353.44. Following the completion of the transaction, the senior vice president now owns 234,539 shares of the company’s stock, valued at $5,619,554.44. The disclosure for this sale can be found here. Insiders sold a total of 577,382 shares of company stock worth $13,658,566 in the last ninety days. 8.60% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund increased its stake in shares of KB Home by 1.3% during the first quarter. New York State Common Retirement Fund now owns 171,413 shares of the construction company’s stock valued at $4,877,000 after purchasing an additional 2,228 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of KB Home by 5.0% during the second quarter. OppenheimerFunds Inc. now owns 48,051 shares of the construction company’s stock valued at $1,309,000 after purchasing an additional 2,298 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in shares of KB Home by 3.9% during the second quarter. Mutual of America Capital Management LLC now owns 72,138 shares of the construction company’s stock valued at $1,965,000 after purchasing an additional 2,696 shares in the last quarter. CIBC World Markets Inc. increased its stake in shares of KB Home by 1.5% during the second quarter. CIBC World Markets Inc. now owns 194,357 shares of the construction company’s stock valued at $5,294,000 after purchasing an additional 2,828 shares in the last quarter. Finally, Zacks Investment Management increased its stake in shares of KB Home by 5.3% during the second quarter. Zacks Investment Management now owns 56,337 shares of the construction company’s stock valued at $1,535,000 after purchasing an additional 2,831 shares in the last quarter. 85.33% of the stock is owned by institutional investors.

KBH stock traded down $0.23 during trading on Friday, reaching $20.69. The company had a trading volume of 2,211,027 shares, compared to its average volume of 2,114,958. KB Home has a 52 week low of $20.55 and a 52 week high of $38.80. The company has a market cap of $2.10 billion, a P/E ratio of 11.18, a PEG ratio of 0.46 and a beta of 1.35.

KB Home (NYSE:KBH) last released its quarterly earnings results on Tuesday, September 25th. The construction company reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.10. KB Home had a net margin of 3.43% and a return on equity of 13.96%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the firm earned $0.51 earnings per share. KB Home’s revenue was up 7.1% on a year-over-year basis. As a group, equities research analysts anticipate that KB Home will post 2.87 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 29th. Investors of record on Thursday, November 15th will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Wednesday, November 14th. KB Home’s payout ratio is currently 5.41%.

KB Home Company Profile

KB Home operates as a homebuilding company in the United States. It builds and sells various homes, including attached and detached single-family residential homes, townhomes, and condominiums primarily for first-time, first move-up, and active adult homebuyers. The company also provides property and casualty insurance, as well as earthquake, flood, and personal property insurance to its homebuyers; title services; and mortgage banking services, including residential mortgage loan originations to its homebuyers.

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