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July 11, 2017, 10:31 a.m. EDT

Homebuilder stocks fall after several downgrades at Barclays

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By Tomi Kilgore

Homebuilder stocks slumped broadly Tuesday, after Barclays downgraded several of them, and reiterated a bearish view on some others, citing concerns that valuations suggest investors may be too optimistic in the face of data pointing to moderating buyer traffic trends. Toll Brothers Inc.'s stock /zigman2/quotes/201912487/composite TOL +1.25% shed 1.6% after analyst Michael Dahl downgraded it to underweight from equal weight, while shares of Lennar Corp. /zigman2/quotes/202536373/composite LEN +0.41% fell 1.5%, PulteGroup Inc. /zigman2/quotes/201694804/composite PHM +1.89% lost 0.6% and TRI Pointe Group Inc. /zigman2/quotes/204302452/composite TPH +0.06% dropped 1.7% after Dahl downgraded them to equal weight from overweight. Shares of KB Home /zigman2/quotes/206220859/composite KBH +0.72% slipped 0.2%, Meritage Homes Corp. /zigman2/quotes/209069331/composite MTH +0.65% gave up 0.8% and Realogy Holdings Corp. /zigman2/quotes/201151464/composite RLGY +1.22% lost 0.3% after Dahl reiterated his underweight ratings. "Our June A.G.E.N.T. Survey indicated moderating buyer traffic trends, warning of risk that near-term catalysts for builders will disappoint relative to rising expectations," Dahl wrote in a note to clients. Separately, CalAtlantic Group Inc.'s stock bucked the sector's trend by rallying 0.8%, after Dahl upgraded it to equal weight from underweight, citing its recent underperformance relative to the group. The iShares U.S. Home Construction ETF /zigman2/quotes/203468436/composite ITB +0.33% , which was down 0.6% in morning trade, has run up 25% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.0073% has gained 8.4% this year.

/zigman2/quotes/201912487/composite
US : U.S.: NYSE
$ 39.73
+0.49 +1.25%
Volume: 2.57M
Dec. 13, 2019 6:30p
P/E Ratio
9.83
Dividend Yield
1.11%
Market Cap
$5.51 billion
Rev. per Employee
$1.50M
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/zigman2/quotes/202536373/composite
US : U.S.: NYSE
$ 58.30
+0.24 +0.41%
Volume: 3.06M
Dec. 13, 2019 6:30p
P/E Ratio
9.64
Dividend Yield
0.27%
Market Cap
$18.44 billion
Rev. per Employee
$1.77M
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/zigman2/quotes/201694804/composite
US : U.S.: NYSE
$ 40.38
+0.75 +1.89%
Volume: 2.89M
Dec. 13, 2019 6:30p
P/E Ratio
12.31
Dividend Yield
1.19%
Market Cap
$10.74 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/204302452/composite
US : U.S.: NYSE
$ 15.71
+0.01 +0.06%
Volume: 1.42M
Dec. 13, 2019 6:30p
P/E Ratio
11.85
Dividend Yield
N/A
Market Cap
$2.19 billion
Rev. per Employee
$2.27M
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/zigman2/quotes/206220859/composite
US : U.S.: NYSE
$ 34.95
+0.25 +0.72%
Volume: 752,963
Dec. 13, 2019 6:30p
P/E Ratio
13.88
Dividend Yield
1.03%
Market Cap
$3.07 billion
Rev. per Employee
$2.37M
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/zigman2/quotes/209069331/composite
US : U.S.: NYSE
$ 64.64
+0.42 +0.65%
Volume: 417,675
Dec. 13, 2019 6:30p
P/E Ratio
11.43
Dividend Yield
N/A
Market Cap
$2.46 billion
Rev. per Employee
$4.61M
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/zigman2/quotes/201151464/composite
US : U.S.: NYSE
$ 10.82
+0.13 +1.22%
Volume: 2.52M
Dec. 13, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$1.22 billion
Rev. per Employee
$533,246
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/zigman2/quotes/203468436/composite
US : U.S.: Cboe BZX
$ 45.22
+0.15 +0.33%
Volume: 1.57M
Dec. 13, 2019 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,168.80
+0.23 +0.0073%
Volume: 1.96B
Dec. 13, 2019 5:14p
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