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Taylor Morrison (TMHC)

  • Thu, Sep. 24, 10:15 AM
    • SIngle-family new home sales in August at a seasonally-adjusted annualized rate of 552K were up 5.7% from July (itself upwardly revised to 522K from 505K). August's pace was also up 21.6% from a year ago.
    • By region, Northeast sales of 36K rose from 29K, Midwest to 60K vs. 66K, South 319K from 297K, and West 137K vs. 130K.
    • Despite the strong August results, homebuilders remain lower alongside the broader market.
    • Leading the way lower is KB Home (KBH -3.4%) which reported an earnings beat this morning, but rising land costs did eat into profit margins.
    • ETFs: ITB, XHB
    • Toll Brothers (TOL -0.4%), PulteGroup (PHM -0.8%), Lennar (LEN -0.9%), D.R. Horton (DHI -0.8%), Standard Pacific (SPF -1.6%), Taylor Morrison (TMHC -1.5%).
    | Thu, Sep. 24, 10:15 AM | 3 Comments
  • Mon, Sep. 21, 9:40 AM
    | Mon, Sep. 21, 9:40 AM | Comment!
  • Fri, Sep. 11, 8:08 AM
    • Alongside upgrades to Toll Brothers, PulteGroup, and Meritage Homes, JPMorgan downgrades Taylor Morrison Home (NYSE:TMHC) to Neutral, and WCIC Communities (NYSE:WCIC) to Underweight.
    • WCIC has had a big year, up 30%, though TMHC is higher by just 2% over the same period.
    • Previously: JPMorgan pulls sell recommendations on three homebuilders (Sept. 11)
    | Fri, Sep. 11, 8:08 AM | Comment!
  • Mon, Aug. 17, 4:33 PM
    • Major stock indexes rebounded from opening declines to finish modestly higher, after a solid housing report showed some strength on a lightly traded Monday.
    • Homebuilding stocks paced gainers, including Toll Brothers (TOL +2.3%); Ryland (RYL +2.1%); KB Home (KBH +3.1%), Lennar (LEN +2.7%) and Taylor Morrison Home (TMHC +2.9%).
    • The S&P 500 gained 0.5% to 2,102.44; for 2015, it's up 2.12%. The move up came despite a grim reading from New York manufacturing that sent bond yields lower. TLT +0.5%; TBT -0.8%.
    • Volumes overall were about 20% below recent average.
    • Sector gains were broadly distributed, with a flat energy sector as the laggard. Healthcare stocks performed well, paced by dollar volume leaders Gilead Sciences (GILD +0.7%), Johnson & Johnson (JNJ +1.1%) and Biogen (NASDAQ:BIIB) +1.1%.
    | Mon, Aug. 17, 4:33 PM | 12 Comments
  • Wed, Aug. 5, 7:06 AM
    • Taylor Morrison (NYSE:TMHC): Q2 EPS of $0.33 beats by $0.02.
    • Revenue of $700.97M (+17.4% Y/Y) beats by $40.89M.
    • Press Release
    | Wed, Aug. 5, 7:06 AM | Comment!
  • Mon, Jun. 22, 11:22 AM
    • Last week's merger deal between Ryland and Standard Pacific was the first big deal since Pulte purchased Centex in 2009, but it could be a sign of things to come as homebuilders look to stock up assets to take advantage of the housing recovery.
    • Look to smaller, newly public players as spots for deals, say analysts, pointing to Tri Pointe Homes (NYSE:TPH), Taylor Morrison (NYSE:TMHC), and William Lyon (NYSE:WLH) as three whose share prices have struggled versus those of the larger builders.
    • Relative giants like D.R. Horton, PulteGroup, and Lennar already have a sizable presence in key markets, and are less likely to be buyers.
    • ETFs: ITB, XHB
    • Source: Reuters
    | Mon, Jun. 22, 11:22 AM | Comment!
  • Wed, May 6, 7:36 AM
    • Q1 net sales orders of 1,729 up 14% Y/Y. ASP of $464K up 7%.
    • Average community count of 228 up 22%.
    • Backlogs of 2,918 units with sales value of $1.4B.
    • Cancellations of 11.9% of gross sales orders, up 50 bps from a year ago.
    • Home closings revenue of $494M up 8.4%. Adjusted home closings gross margin of 21.2% down 260 bps. SG&A expense as a percent of home closings revenue of 11.5% down 10 bps.
    • Full-year outlook: Average community count up 235-245. Home closings up 10-15%; margins of 22%, SG&A in the mid-9% range.
    • Earnings call at 8:30 ET
    • Previously: Taylor Morrison beats by $0.06, misses on revenue (May 6)
    • TMHC flat premarket
    | Wed, May 6, 7:36 AM | Comment!
  • Wed, May 6, 7:19 AM
    • Taylor Morrison (NYSE:TMHC): Q1 EPS of $0.33 beats by $0.06.
    • Revenue of $509.42M (+8.3% Y/Y) misses by $21.75M.
    • Press Release
    | Wed, May 6, 7:19 AM | Comment!
  • Tue, Apr. 21, 3:54 PM
    • The REITs are down about 8% from their January highs while the homebuilders have posted gains, bringing the ratio of homebuilders to REITs to long-term resistance, says MKM Partners' Jonathan Krinsky, who suggests fading the move.
    • Most vulnerable to tactical pullbacks are those homebuilders/suppliers showing the weakest relative strength: Beazer Homes (NYSE:BZH), Lennar (NYSE:LEN), Louisiana-Pacific (NYSE:LPX), Taylor Morrisn (NYSE:TMHC), Toll Brothers (NYSE:TOL), and TRI Pointe Homes (NYSE:TPH).
    • The best long REIT ideas are those showing the best relative strength: AvalonBay (NYSE:AVB), Crown Castle (NYSE:CCI), Essex Property (NYSE:ESS), Extra Space Storage (NYSE:EXR), Federal Realty (NYSE:FRT), General Growth (NYSE:GGP), SL Green (NYSE:SLG), and UDR.
    • Those REITs showing poor relative strength or to be avoided or sold: American Tower (NYSE:AMT), American Realty Capital (NASDAQ:ARCP), Brixmor (NYSE:BRX), Host Hotels (NYSE:HST), and Omega Healthcare (NYSE:OHI).
    • Source: Barron's
    | Tue, Apr. 21, 3:54 PM | 12 Comments
  • Wed, Feb. 4, 7:47 AM
    • Q4 home closings of 1,967 up 35% Y/Y, with ASP of $491K up 16%. Home closings revenue of $966M up 56%. Adjusted home closings margins of 22% down 310 basis points.
    • Net sales orders of 1,295 up 24%.
    • Backlogs up 4% in units and 11% in value.
    • Cancellations as a percentage of gross sales orders of 15.4%, 600 basis points better than last year.
    • Mortgage operations gross profit of $16M on revenue of $35M.
    • Outlook: 2015 home closings to be up slightly from 2014, with margins of about 22%.
    • Earnings call at 8:30 ET
    • Previously: Taylor Morrison beats by $0.01, misses on revenue (Feb. 4)
    • TMHC flat premarket
    | Wed, Feb. 4, 7:47 AM | Comment!
  • Wed, Feb. 4, 7:07 AM
    • Taylor Morrison (NYSE:TMHC): Q4 EPS of $0.75 beats by $0.01.
    • Revenue of $1.01B (+58.1% Y/Y) misses by $80M.
    • Press Release
    | Wed, Feb. 4, 7:07 AM | Comment!
  • Tue, Feb. 3, 5:30 PM
  • Tue, Jan. 20, 9:43 AM
    • Hovnanian (HOV -5%), M/I Homes (MHO -3.1%), and Taylor Morrison (TMHC -4.3%) are all cut at JMP Securities, with MHO and TMHC now Market Performs, and HOV now Underperform.
    • Credit Suisse, meanwhile, also cuts Taylor Morrison. Alongside, the team downgrades Ryland Group (RYL -3.2%), Meritage Homes (MTH -3.4%), and PulteGroup (PHM -3.3%) to Underperform, noting margin declines (see KB Home and Lennar earnings) and a slowdown in Texas thanks to oil's plunge.
    • There's one upgrade, and that's NVR (NVR), which is boosted to Neutral from Underperform at Credit Suisse.
    • ETFs: ITB, XHB
    • Previously: KB Home: "Work to be done" to meet goals; -12.6% (Jan. 13)
    • Previously: Lennar leads homebuilders lower after earnings (Jan. 15)
    | Tue, Jan. 20, 9:43 AM | 1 Comment
  • Dec. 31, 2014, 3:18 PM
    • "We maintain our long-term view that companies with attractive geographic exposures should be outperformers combined with strong capital allocation and timing of land purchases," says analyst Eli Hackel, reiterating Lennar (LEN +1.6%) as a Conviction Buy, while also noting the recent strong momentum for KB Home (NYSE:KBH), Meritage (NYSE:MTH), and Taylor Morrison (NYSE:TMHC).
    • While recent housing industry data has turned softer, long-term trends are intact, says Hackel, who - so far - sees little sign lower oil prices are impacting housing in Houston.
    | Dec. 31, 2014, 3:18 PM | 1 Comment
  • Dec. 17, 2014, 9:45 AM
    • The sale of its Canadian operations should allow Taylor Morrison (TMHC +3.8%) to invest the proceeds into its core markets and maybe make an acquisition, says JMP Securities, which keeps its Outperform rating.
    • Evercore ISI upgrades to Buy with $21 price target.
    • Previously: Taylor Morrison selling Canadian operation (Dec. 16, 2014)
    | Dec. 17, 2014, 9:45 AM | Comment!
  • Dec. 16, 2014, 9:10 AM
    • Monarch Corporation is to be sold to Mattamy Homes for a price of about C$330M, net of cash at Monarch. Proceeds to Taylor Morrison Home (NYSE:TMHC) will be over C$570M, including the roughly C$240M in cash at Monarch.
    • A conference call is set for 1 ET
    • Source: Press Release (Dec. 16, 2014)
    | Dec. 16, 2014, 9:10 AM | Comment!
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Company Description
Taylor Morrison Home Corp is a public homebuilder in North America. It builds single-family detached and attached homes and develops land, which includes lifestyle and master-planned communities.