State of New Jersey Common Pension Fund D Cuts Stock Position in KB Home (NYSE:KBH)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of KB Home (NYSE:KBH) by 37.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,375 shares of the construction company’s stock after selling 16,588 shares during the period. State of New Jersey Common Pension Fund D’s holdings in KB Home were worth $1,921,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. LSV Asset Management boosted its position in shares of KB Home by 118.4% in the second quarter. LSV Asset Management now owns 1,056,400 shares of the construction company’s stock worth $74,138,000 after buying an additional 572,800 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in KB Home by 2.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 898,587 shares of the construction company’s stock worth $63,692,000 after acquiring an additional 18,981 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in KB Home by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 872,761 shares of the construction company’s stock worth $61,250,000 after acquiring an additional 3,993 shares during the period. Norges Bank acquired a new stake in KB Home in the fourth quarter valued at approximately $36,761,000. Finally, Boston Common Asset Management LLC raised its stake in shares of KB Home by 2.7% during the second quarter. Boston Common Asset Management LLC now owns 229,762 shares of the construction company’s stock valued at $16,125,000 after purchasing an additional 6,083 shares during the period. 96.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Bank of America upped their target price on shares of KB Home from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday. Wedbush restated a “neutral” rating and set a $67.00 target price on shares of KB Home in a research note on Thursday, September 12th. Evercore ISI lifted their target price on KB Home from $86.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Wells Fargo & Company increased their price target on KB Home from $70.00 to $80.00 and gave the company an “equal weight” rating in a report on Monday, September 9th. Finally, Royal Bank of Canada downgraded KB Home from a “sector perform” rating to an “underperform” rating and set a $70.00 price objective on the stock. in a report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, KB Home has an average rating of “Hold” and a consensus price target of $74.96.

KB Home Stock Performance

Shares of NYSE:KBH opened at $87.23 on Friday. The company’s fifty day moving average is $81.99 and its two-hundred day moving average is $73.08. KB Home has a 1-year low of $42.11 and a 1-year high of $89.70. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 0.80 and a beta of 1.81.

KB Home Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.15%. KB Home’s dividend payout ratio is currently 13.23%.

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.