Mirae Asset Global Investments Co. Ltd. Boosts Stock Position in D.R. Horton, Inc. (NYSE:DHI)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of D.R. Horton, Inc. (NYSE:DHI) by 37.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,639 shares of the construction company’s stock after purchasing an additional 7,517 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in D.R. Horton were worth $5,261,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Concurrent Investment Advisors LLC purchased a new stake in D.R. Horton during the first quarter worth about $1,249,000. BI Asset Management Fondsmaeglerselskab A S lifted its stake in D.R. Horton by 85.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 35,167 shares of the construction company’s stock valued at $5,787,000 after purchasing an additional 16,252 shares during the last quarter. Bessemer Group Inc. grew its holdings in D.R. Horton by 107.6% during the first quarter. Bessemer Group Inc. now owns 14,857 shares of the construction company’s stock valued at $2,444,000 after purchasing an additional 7,699 shares during the period. Canada Pension Plan Investment Board increased its position in D.R. Horton by 92.3% in the first quarter. Canada Pension Plan Investment Board now owns 415,968 shares of the construction company’s stock worth $68,448,000 after buying an additional 199,668 shares during the last quarter. Finally, Concord Investment Counsel Inc. bought a new stake in shares of D.R. Horton in the first quarter valued at $4,161,000. 90.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DHI. Royal Bank of Canada lifted their price objective on D.R. Horton from $141.00 to $154.00 and gave the stock an “underperform” rating in a report on Friday, July 19th. Wedbush raised shares of D.R. Horton from an “underperform” rating to a “neutral” rating and set a $165.00 price target on the stock in a research report on Tuesday, October 15th. JMP Securities raised their price objective on shares of D.R. Horton from $170.00 to $210.00 and gave the stock a “market outperform” rating in a report on Friday, July 19th. UBS Group lifted their price objective on shares of D.R. Horton from $200.00 to $217.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Keefe, Bruyette & Woods increased their target price on D.R. Horton from $178.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $185.67.

D.R. Horton Price Performance

D.R. Horton stock opened at $180.38 on Tuesday. The business has a 50-day simple moving average of $187.87 and a 200 day simple moving average of $165.01. D.R. Horton, Inc. has a 52 week low of $100.94 and a 52 week high of $199.85. The stock has a market cap of $59.40 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 0.78 and a beta of 1.72. The company has a quick ratio of 1.30, a current ratio of 7.22 and a debt-to-equity ratio of 0.23.

D.R. Horton declared that its board has authorized a stock buyback program on Thursday, July 18th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 6.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

About D.R. Horton

D.R. Horton, Inc operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 118 markets across 33 states under the names of D.R.