D.R. Horton (NYSE:DHI) Shares Gap Down - Here's What Happened
D.R. Horton, Inc. (NYSE:DHI) saw a notable decline in its share price as it gapped down prior to trading on Tuesday. The stock, which had previously closed at $180.38, opened significantly lower at $153.19. As of the latest trading session, shares were priced at $156.20, with a trading volume of 1,921,070 shares.
Analysts Set New Price Targets
Recent analyst reports have focused on D.R. Horton, with several firms adjusting their price targets. Evercore ISI raised their target from $191.00 to $205.00, rating the stock as “outperform” on July 15. UBS Group followed suit, increasing their target from $200.00 to $217.00 and giving it a “buy” rating on July 19. On September 19, Bank of America also boosted their target from $196.00 to $215.00 with a “buy” rating. Additionally, Keefe, Bruyette & Woods set a new target of $208.00 from a previous $178.00, maintaining an “outperform” status as of July 23. In the latest updates, Wedbush upgraded their rating from “underperform” to “neutral,” setting a price target of $165.00 on October 15. Currently, out of 17 analysts, one has rated the stock as a sell, six have assigned a hold rating, and ten have issued a buy rating, leading to a consensus rating of “Moderate Buy” with an average target price of $185.67 according to MarketBeat.
D.R. Horton Trading Down 9.7 %
The company's stock has seen a significant drop, with a current 50-day moving average of $187.87 and a 200-day moving average at $165.01. D.R. Horton holds a market capitalization of $53.66 billion, with a P/E ratio of 10.74 and a P/E/G ratio of 0.78, along with a beta of 1.72. The overall financial health of the company is reflected in its ratios, including a current ratio of 7.22, a quick ratio of 1.30, and a debt-to-equity ratio of 0.23.
On July 18, D.R. Horton's Board of Directors approved a substantial stock buyback plan, allowing the repurchase of up to $4.00 billion worth of shares, which accounts for around 6.9% of its stock. This move indicates the board's belief that the company's shares are undervalued.
Hedge Funds Weigh In On D.R. Horton
Recent changes in large investor positions have also attracted attention. First Interstate Bank entered a new position in D.R. Horton in the third quarter, valued at $230,000. Meanwhile, swisspartners Advisors Ltd increased their holdings by 0.5%, owning 69,700 shares now valued at $13,297,000 after a small purchase of 350 shares. Farther Finance Advisors LLC grew their position by 11.0%, owning 2,368 shares worth $452,000 after adding 235 shares recently. Creative Financial Designs Inc. ADV significantly increased their holdings by 200.0% during the same quarter, now owning 300 shares valued at $57,000 from an additional 200 shares. Furthermore, Pacific Wealth Strategies Group Inc. raised its share count by 14.2%, bringing their ownership to 5,189 shares valued at $990,000 after acquiring 644 more shares. Currently, approximately 90.63% of D.R. Horton shares are held by hedge funds and institutional investors.
About D.R. Horton
D.R. Horton, Inc. operates as a homebuilder across various regions in the United States, focusing on the acquisition and development of land, as well as the construction and sale of residential homes in 118 markets across 33 states.
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