Homebuilder Lennar to buy CalAtlantic Group in $9.3 bln deal

Lennar Corporation town homes are under construction at Chelsea Place in Tamarac Fla. Lennar is buying Cal Atlantic Group in a $5.7 billion deal that will create the nation’s largest homebuilder as

(NYSE:CAA) in a research note released on Thursday morning. The high-yield issue of debt has a 5% coupon and will mature on June 15, 2027. In the past year there have been a total of 79 insider trades, including 42 open market buys and 37 sells.

Shanghai Fosun Pharmaceutical (Group) Co Ltd, said it would buy French drug distributor Tridem Pharma S.A.S. for 63 million euros ($73 million), in a move to expand its market share in Europe and Africa. 0 analysts gave its stock an Outperform rating.

Mizuho assumed coverage on shares of CalAtlantic Group, Inc. They set a market perform rating for the company. Wedbush reissued an "ourperform" rating and set a $41.00 target price on shares of CalAtlantic Group in a report on Monday, July 31st.

Insider Trading Activity for CalAtlantic Group, Inc. The stock was sold at an average price of $34.51, for a total value of $621,180.00. One equity analyst rating the company a strong buy, five equity analysts rating the company a buy, seven equity analysts rating the company a hold, one equity analyst rating the company a underperform, and finally zero equity analysts rating the company a sell with a one year target of $39.60. This is based on the closing price of LEN stock on October 27, 2017. CalAtlantic Group has a one year low of $26.97 and a one year high of $43.24. (NYSE:CAA) traded up 21.31% on Monday, reaching $49.07. The total number of shares traded in the last 90-day period is 147,276.

The P/E ratio is 13.504 and the market cap of the company is 5.41B. As of today, the company has a SMA200 (200-day simple moving average) of 35.96 Percent. Canada Pension Plan Investment Board acquired a new stake in shares of CalAtlantic Group during the 2nd quarter worth $154,000. The company earned $1.67 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period previous year, the business earned $0.83 EPS. The firm's revenue was up 166.0% on a year-over-year basis. As of the last earnings report the EPS was $3.63 and is expected to be $3.45 for the current year with 110,204,000 shares outstanding. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

A number of large investors have recently modified their holdings of CAA.

The transaction is expected to close in the first quarter of 2018, the companies said.

The deal is comprised of 80 percent stock and 20 percent cash. The companies had $17 billion in revenue over the last 12 months.

United States of America based company CalAtlantic Group, Inc.

CalAtlantic Group, Inc. (CAA) now the company's industry has 11.66 P/E and the sector P/E is 16.31. LS Investment Advisors LLC boosted its position in shares of CalAtlantic Group by 63.5% in the second quarter. New construction in the South fell 9.3 percent last month.

WARNING: This article was posted by Week Herald and is the sole property of of Week Herald.

CalAtlantic Group, Inc is a diversified builder of single-family attached and detached homes.

Dutch paints maker Akzo Nobel, under pressure after rejecting a lucrative takeover offer and two profit warnings, has confirmed merger talks with smaller USA rival Axalta Coating Systems Ltd to create a $30 billion company.