New York State Teachers Retirement System Sells 2,155 Shares of KB Home (NYSE:KBH)

New York State Teachers Retirement System cut its position in KB Home (NYSE:KBH) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 112,157 shares of the construction company’s stock after selling 2,155 shares during the period. New York State Teachers Retirement System’s holdings in KB Home were worth $9,611,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of KBH. Financial Management Professionals Inc. acquired a new stake in KB Home in the third quarter worth $32,000. Riggs Asset Managment Co. Inc. acquired a new stake in KB Home in the third quarter worth $43,000. Fidelis Capital Partners LLC acquired a new stake in KB Home in the first quarter worth $60,000. Plato Investment Management Ltd raised its holdings in KB Home by 72.0% in the first quarter. Plato Investment Management Ltd now owns 1,080 shares of the construction company’s stock worth $77,000 after purchasing an additional 452 shares during the period. Finally, Tortoise Investment Management LLC raised its holdings in KB Home by 625.3% in the second quarter. Tortoise Investment Management LLC now owns 1,117 shares of the construction company’s stock worth $78,000 after purchasing an additional 963 shares during the period. 96.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on KBH. Wedbush increased their target price on shares of KB Home from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Wells Fargo & Company lowered shares of KB Home from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $80.00 to $83.00 in a report on Monday, October 7th. The Goldman Sachs Group raised their price objective on shares of KB Home from $72.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. Evercore ISI raised their price objective on shares of KB Home from $86.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Finally, Barclays raised their price objective on shares of KB Home from $78.00 to $99.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, KB Home presently has an average rating of “Hold” and an average target price of $77.50.

KB Home Stock Performance

Shares of KBH stock opened at $77.96 on Monday. The firm’s 50-day moving average is $82.42 and its 200-day moving average is $76.14. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 0.67 and a beta of 1.81. KB Home has a 52-week low of $47.97 and a 52-week high of $89.70.

KB Home (NYSE:KBH) last issued its earnings results on Tuesday, September 24th. The construction company reported $2.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.02). The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. KB Home had a net margin of 9.31% and a return on equity of 15.69%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.80 earnings per share. Sell-side analysts predict that KB Home will post 8.44 EPS for the current fiscal year.

KB Home Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.28%. KB Home’s payout ratio is 12.82%.

Insider Activity

In other news, CFO Jeff Kaminski sold 27,500 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $79.40, for a total value of $2,183,500.00. Following the sale, the chief financial officer now directly owns 34,473 shares of the company’s stock, valued at approximately $2,737,156.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.44% of the stock is owned by insiders.

About KB Home

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.