Principal Financial Group Inc. trimmed its position in Tri Pointe Homes, Inc. (NYSE:TPH - Free Report) by 6.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 469,720 shares of the construction company's stock after selling 30,760 shares during the quarter. Principal Financial Group Inc. owned approximately 0.50% of Tri Pointe Homes worth $21,283,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its position in shares of Tri Pointe Homes by 260.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,417,263 shares of the construction company's stock valued at $64,216,000 after purchasing an additional 1,024,425 shares in the last quarter. Renaissance Technologies LLC increased its stake in Tri Pointe Homes by 1,417.8% in the 2nd quarter. Renaissance Technologies LLC now owns 443,736 shares of the construction company's stock worth $16,529,000 after acquiring an additional 414,500 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of Tri Pointe Homes in the third quarter worth approximately $16,066,000. Cubist Systematic Strategies LLC raised its position in shares of Tri Pointe Homes by 149.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 534,406 shares of the construction company's stock valued at $19,907,000 after buying an additional 320,221 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Tri Pointe Homes during the second quarter valued at about $9,599,000. 97.01% of the stock is currently owned by institutional investors.
Shares of Tri Pointe Homes stock opened at $37.16 on Thursday. The business has a 50 day moving average of $41.57 and a 200 day moving average of $41.85. Tri Pointe Homes, Inc. has a 52 week low of $33.24 and a 52 week high of $47.78. The company has a market cap of $3.48 billion, a PE ratio of 7.71, a P/E/G ratio of 0.64 and a beta of 1.60. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.28.
Tri Pointe Homes (NYSE:TPH - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The construction company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.07 by $0.11. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.05 billion. Tri Pointe Homes had a net margin of 10.41% and a return on equity of 14.83%. The company's revenue for the quarter was up 34.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. As a group, equities research analysts forecast that Tri Pointe Homes, Inc. will post 4.72 earnings per share for the current year.
Tri Pointe Homes declared that its board has initiated a share repurchase program on Wednesday, December 18th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the construction company to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.
Several equities analysts recently commented on TPH shares. Zelman & Associates raised shares of Tri Pointe Homes from an "underperform" rating to a "neutral" rating and set a $43.00 target price on the stock in a report on Tuesday, September 17th. Wedbush reaffirmed a "neutral" rating and set a $42.00 price objective on shares of Tri Pointe Homes in a research note on Thursday, October 24th. Royal Bank of Canada dropped their target price on Tri Pointe Homes from $48.00 to $45.00 and set an "outperform" rating for the company in a report on Friday, October 25th. StockNews.com cut Tri Pointe Homes from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Finally, Oppenheimer dropped their price objective on Tri Pointe Homes from $56.00 to $53.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $45.75.
Check Out Our Latest Research Report on TPH
In other news, COO Thomas J. Mitchell sold 77,384 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $39.15, for a total value of $3,029,583.60. Following the completion of the transaction, the chief operating officer now owns 708,159 shares of the company's stock, valued at approximately $27,724,424.85. This represents a 9.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by company insiders.
Tri Pointe Homes, Inc engages in the design, construction, and sale of single-family attached and detached homes in the United States. The company operates through a portfolio of six regional home building brands comprising Maracay in Arizona; Pardee Homes in California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in Texas; TRI Pointe Homes in California, Colorado, and the Carolinas; and Winchester Homes in Maryland and Northern Virginia.
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