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Published: Tue, October 31, 2017
Economy | By Melissa Porter

Lennar, CalAtlantic strike deal to form largest U.S. home builder

Lennar, CalAtlantic strike deal to form largest U.S. home builder

The deal would include $3.6 million of debt assumed and will be comprised of 80 percent stock and 20 percent cash.

Lennar said on its website that the respective boards of the two companies had unanimously approved the merger.

A number of other research analysts have also recently commented on the company.

CalAtlantic Group (NYSE:CAA) opened at 31.27 on Thursday. There's a maximum cash offer of $1.2 billion for this option. The 12-month price target is $39.60 with one analyst rating the company a strong buy, five brokerages rating the company a buy, seven equity analysts rating the company a hold, one broker rating the stock a underperform, and finally 0 brokers rating the stock a sell. CalAtlantic Group Inc. shares were $49.06, up $8.61, or 21.3 percent. The second is to trade the stock in for $48.26 per share. The business had revenue of $1.62 billion during the quarter, compared to analysts' expectations of $1.61 billion. 2 analysts recommended Overweight these shares while 1 recommended Underweight, according to FactSet data. The shares were sold at an average price of $34.51, for a total value of $621,180.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Gray Financial Group GA ADV ADV bought a new stake in shares of CalAtlantic Group during the second quarter valued at approximately $216,000. Following the completion of the sale, the chief marketing officer now directly owns 54,396 shares in the company, valued at $1,877,205.96. LS Investment Advisors LLC now owns 6,095 shares of the construction company's stock worth $215,000 after acquiring an additional 859 shares in the last quarter. BlueMountain Capital Management LLC lifted its position in shares of CalAtlantic Group by 412.2% during the second quarter. Tightening the gaze, stock performance for the last 5 trading days is 3.96%.

CalAtlantic Group, Inc is a diversified builder of single-family attached and detached homes. Analysts giving shares a rating of 1 or 2 would be indicating a Buy.

Two of the nation's biggest residential-construction companies are joining forces in hopes that their combined heft will help them address those issues.

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