In a report released today, Alex Rygiel from B.Riley FBR maintained a Buy rating on Century Communities (CCS), with a price target of $32. The company’s shares closed yesterday at $25.50.
Rygiel said:
“2Q earnings release, we are lowering our estimates to reflect greater conservatism regarding incentives and costs, yet maintaining our sales assumptions. Following yesterday’s earnings release by PulteGroup (PHM—not covered), we have taken a closer look at our margin assumptions for CCS. As a result, we have lowered our gross margin assumption due to higher incentives, and raised our SG&A expense. We remain positive on the shares as we believe CCS is one of the most attractive growth stocks within the homebuilder sector. Our rating remains Buy, but we have lowered our price target from $34 to $32 given lower estimates.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 5.9% and a 56.4% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Century Communities with a $33.33 average price target.
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Based on Century Communities’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $17.12 million. In comparison, last year the company had a net profit of $33.19 million.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock.
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Century Communities, Inc. engages in the development, design, construction, marketing and sale of single-family attached and detached homes. It operates through the following business segments: West, Mountain, Texas, Southeast, and Wade Jurney Homes. The West segment refers to Southern California, Central Valley, Bay Area and Washington.
