State of Michigan Retirement System Reduces Stake in KB Home (NYSE:KBH)

State of Michigan Retirement System trimmed its position in shares of KB Home (NYSE:KBH) by 1.7% during the second quarter, Holdings Channel reports. The firm owned 17,738 shares of the construction company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in KB Home were worth $1,245,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of KBH. Wedge Capital Management L L P NC increased its holdings in KB Home by 2,728.9% during the 1st quarter. Wedge Capital Management L L P NC now owns 642,869 shares of the construction company’s stock valued at $45,567,000 after acquiring an additional 620,144 shares in the last quarter. Norges Bank acquired a new stake in shares of KB Home during the fourth quarter valued at $36,761,000. Swedbank AB purchased a new stake in KB Home during the 1st quarter worth about $13,047,000. Assenagon Asset Management S.A. raised its stake in KB Home by 190.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 104,708 shares of the construction company’s stock valued at $7,348,000 after purchasing an additional 68,697 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in KB Home by 15,718.8% in the 1st quarter. Acadian Asset Management LLC now owns 63,275 shares of the construction company’s stock valued at $4,481,000 after purchasing an additional 62,875 shares in the last quarter. Institutional investors and hedge funds own 96.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KBH. Zelman & Associates reissued an “underperform” rating and set a $69.00 price objective on shares of KB Home in a research note on Monday, May 13th. Wedbush lifted their price target on KB Home from $64.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, June 20th. Royal Bank of Canada increased their price objective on shares of KB Home from $69.00 to $70.00 and gave the stock a “sector perform” rating in a report on Thursday, June 20th. Keefe, Bruyette & Woods boosted their target price on shares of KB Home from $74.00 to $77.00 and gave the company a “market perform” rating in a report on Thursday, June 20th. Finally, Evercore ISI upped their price target on shares of KB Home from $86.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, KB Home has a consensus rating of “Hold” and an average target price of $71.88.

KB Home Stock Performance

KB Home stock opened at $83.44 on Friday. The firm has a market capitalization of $6.28 billion, a PE ratio of 11.04, a price-to-earnings-growth ratio of 0.84 and a beta of 1.80. KB Home has a one year low of $42.11 and a one year high of $88.31. The stock’s 50 day moving average price is $77.39 and its 200 day moving average price is $70.84.

KB Home (NYSE:KBH) last posted its earnings results on Tuesday, June 18th. The construction company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.37. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.64 billion. KB Home had a net margin of 9.43% and a return on equity of 15.66%. On average, analysts forecast that KB Home will post 8.38 earnings per share for the current fiscal year.

KB Home Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. KB Home’s payout ratio is currently 13.23%.

KB Home Company Profile

KB Home operates as a homebuilding company in the United States. It operates through four segments: West Coast, Southwest, Central, and Southeast. It builds and sells various homes, including attached and detached single-family residential homes, townhomes, and condominiums primarily for first-time, first move-up, second move-up, and active adult homebuyers.