KB Home (NYSE:KBH) has trimmed its quarterly dividend 60% as the firm seeks to free its cash to take better benefit of an improving housing market.
The cut lowers the company’s quarterly payment to 2.5 cents per share, against 6.25 cents per share, and will save the firm almost $11.6 million a year.
KB Home, one of the nation’s biggest home builders, has struggled to capitalize as the housing market has seen a mild recovery. The firm announced a decline in orders last quarter, falling short of Wall Street’s profit forecasts and raising concerns regarding the critical spring selling season. S&P freshly cut its rating of the firm, moving it deeper into junk zone.
Its competitors include D.R. Horton, Inc. (NYSE:DHI) that slipped -1.58% to $14.95 with the total traded volume of 4.29 million shares and Lennar Corporation (NYSE:LEN) that slipped -0.91% to $26.26 with the total traded volume of 3.63 million shares.
Other industrial goods stocks include Heckmann Corporation (NYSE:HEK) up 3.43% to $4.22, Dover Corporation (NYSE:DOV) up 0.64% to $61.35, Fastenal Company (NASDAQ:FAST) up 0.61% to $ 49.17, Veolia Environnement Ve SA (ADR) (NYSE:VE) down -4.52% to $14.15, Hovnanian Enterprises, Inc. (NYSE:HOV) down -4.31% to $2.00 and Gafisa SA (ADR) (NYSE:GFA) down -3.78% to $4.33.
KB Home (NYSE:KBH) stock traded at beginning with a price of $8.06 and throughout the trading session climbed at a high of $8.39 and later when day-trade ended the stock finally dropped -3.78% to $8.14.
Shares price of KBH moved behind from its 20 days moving average with -17.08% and remote positively from 50 days moving average with -24.71%. KBH current year earnings per share experienced an addition with -157.28% while its current quartr performance remained -1.17%.
KBH had a trade volume of 3.35 million shares was lesser as compared to average trading capacity of 8.07 million shares.
KBH last month stock price volatility remained 5.90%. In its share capital KBH has 77.10 million outstanding shares among them 65.39 million shares have been floated in market exchange. KBH insider ownership included 0.05%.
The stock is ahead its 52 week low with 64.40% and logging behind from its 52 week high price with -38.11%. Company’s beta coefficient included 1.74. Beta factors measures the amount of market risk associated with market trade.
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