Covalent Partners Lowers stake in CalAtlantic Group Inc (CAA)

CalAtlantic Group Inc (CAA) : Covalent Partners reduced its stake in CalAtlantic Group Inc by 10.26% during the most recent quarter end. The investment management company now holds a total of 875,775 shares of CalAtlantic Group Inc which is valued at $31,387,776 after selling 100,163 shares in CalAtlantic Group Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.CalAtlantic Group Inc makes up approximately 10.77% of Covalent Partners’s portfolio.

Other Hedge Funds, Including , Anchor Bolt Capital Lp boosted its stake in CAA in the latest quarter, The investment management firm added 896,354 additional shares and now holds a total of 1,120,236 shares of CalAtlantic Group Inc which is valued at $40,149,258. CalAtlantic Group Inc makes up approx 1.32% of Anchor Bolt Capital Lp’s portfolio.Matthew 25 Management Corp reduced its stake in CAA by selling 35,000 shares or 7.22% in the most recent quarter. The Hedge Fund company now holds 450,000 shares of CAA which is valued at $16,128,000. CalAtlantic Group Inc makes up approx 4.25% of Matthew 25 Management Corp’s portfolio. Renaissance Technologies sold out all of its stake in CAA during the most recent quarter. The investment firm sold 530,564 shares of CAA which is valued $19,015,414.Visium Asset Management Lp boosted its stake in CAA in the latest quarter, The investment management firm added 12,213 additional shares and now holds a total of 18,218 shares of CalAtlantic Group Inc which is valued at $652,933. CalAtlantic Group Inc makes up approx 0.06% of Visium Asset Management Lp’s portfolio.

On the company’s financial health, CalAtlantic Group Inc reported $0.88 EPS for the quarter, missing the analyst consensus estimate by $ -0.13 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $1.01. The company had revenue of $1558.70 million for the quarter, compared to analysts expectations of $1748.79 million. The company’s revenue was up 124.4% compared to the same quarter last year.

Investors should note that on Jul 29, 2016, CalAtlantic Group Inc announced a cash dividend of $0.0400. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 30, 2016.

Many Wall Street Analysts have commented on CalAtlantic Group Inc. Shares were Reiterated by RBC Capital Mkts on Aug 1, 2016 to “Outperform” and Lowered the Price Target to $ 43 from a previous price target of $48 .Shares were Reiterated by MKM Partners on Aug 1, 2016 to “Buy” and Lowered the Price Target to $ 45 from a previous price target of $47 .RBC Capital Mkts Initiated CalAtlantic Group Inc on Jul 19, 2016 to “Outperform”, Price Target of the shares are set at $48.

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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