Smith Douglas Homes Corp. (NYSE:SDHC) Holdings Lowered by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. trimmed its stake in shares of Smith Douglas Homes Corp. (NYSE:SDHC) by 5.6% during the first quarter, Holdings Channel reports. The institutional investor owned 244,213 shares of the company’s stock after selling 14,616 shares during the period. Thornburg Investment Management Inc.’s holdings in Smith Douglas Homes were worth $4,767,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. M&T Bank Corp raised its holdings in shares of Smith Douglas Homes by 8.4% in the 1st quarter. M&T Bank Corp now owns 11,001 shares of the company’s stock worth $215,000 after purchasing an additional 848 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Smith Douglas Homes in the 4th quarter worth approximately $218,000. Victory Capital Management Inc. raised its holdings in shares of Smith Douglas Homes by 80.2% in the 1st quarter. Victory Capital Management Inc. now owns 14,395 shares of the company’s stock worth $281,000 after purchasing an additional 6,406 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Smith Douglas Homes in the 4th quarter worth approximately $456,000. Finally, Jane Street Group LLC increased its position in shares of Smith Douglas Homes by 69.9% in the fourth quarter. Jane Street Group LLC now owns 23,837 shares of the company’s stock worth $611,000 after acquiring an additional 9,805 shares in the last quarter.

Smith Douglas Homes Stock Down 1.8%

SDHC stock opened at $20.19 on Wednesday. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 11.67, a P/E/G ratio of 10.77 and a beta of 1.06. Smith Douglas Homes Corp. has a 12 month low of $16.28 and a 12 month high of $39.50. The firm has a 50 day moving average of $19.33 and a two-hundred day moving average of $20.46.

Smith Douglas Homes announced that its Board of Directors has authorized a share buyback program on Wednesday, May 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Smith Douglas Homes

In other Smith Douglas Homes news, Director Neill B. Faucett bought 7,000 shares of the firm’s stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $17.36 per share, with a total value of $121,520.00. Following the completion of the transaction, the director directly owned 14,505 shares of the company’s stock, valued at approximately $251,806.80. The trade was a 93.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director George Ervin Perdue III bought 1,400 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was acquired at an average cost of $18.25 per share, with a total value of $25,550.00. Following the completion of the transaction, the director directly owned 40,384 shares of the company’s stock, valued at approximately $737,008. This represents a 3.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 40,652 shares of company stock valued at $748,964.

Analysts Set New Price Targets

SDHC has been the topic of several analyst reports. Wells Fargo & Company dropped their target price on shares of Smith Douglas Homes from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their price objective on shares of Smith Douglas Homes from $24.00 to $18.50 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. Royal Bank Of Canada set a $16.00 price objective on shares of Smith Douglas Homes and gave the company a “sector perform” rating in a research report on Tuesday, May 20th. Finally, Wedbush reaffirmed a “neutral” rating and set a $18.00 price objective on shares of Smith Douglas Homes in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, Smith Douglas Homes presently has a consensus rating of “Hold” and a consensus target price of $18.90.

About Smith Douglas Homes

Smith Douglas Homes Corp., together with its subsidiaries, engages in the design, construction, and sale of single-family homes in the southeastern United States. It also provides closing, escrow, and title insurance services. The company sells its products to entry-level and empty-nest homebuyers. Smith Douglas Homes Corp.