Insider Trading : Tue 9/5/23

 

Notable purchases -- CEO adds to NRDY; notable sales -- CFO active in TOL

Buyers:

• INGR SVP, Global Ops and CSCO bought 3,000 shares at $98.50 worth ~$296K.
  
• MIRM 10% owner / Director bought 147,991 shares at ~$26.25 worth ~$3.9 mln.
• NRDY Chief Executive Officer bought 15,650 shares at $4.76 - $4.89 worth ~$75K.
• PI 10% owner Sylebra Capital bought another 126,427 shares at an average price of $63.32 worth ~$8.0 mln.
• PIII 10% owner bought 180,000 shares at $2.073 - $2.10 worth ~$376K.
• ZBH Director bought 1,000 shares at $120.37 worth ~$120K.

Sellers:

• AEIS Director sold 2,000 shares at $118.48 worth ~$237K.
• BLNK Former Director Chairman & CEO sold 52,000 shares at ~$3.97 - $4.00 worth ~$208K.
• CCOI VP-CFO sold 4,850 shares at $69.43 worth ~$337K.
• TOL CFO sold 5,000 shares at $84.11 worth ~$421K.

=Toll Brothers (TOL) reported earnings on Tue 4 Dec 18 (a/h)

Toll Brothers beats by $0.24, beats on revs; Q4 deliveries in line with guidance; provides Q1 guidance for deliveries

• Reports Q4 (Oct) earnings of $2.08 per share, $0.24 better than the S&P Capital IQ Consensus of $1.84; revenues rose 21.1% year/year to $2.46 bln vs the $2.35 bln S&P Capital IQ Consensus.
• On a per-community basis, FY 2018's fourth-quarter net signed contracts were 5.6, compared to fourth-quarter totals of 6.3 in FY 2017, 5.8 units in FY 2016, and 5.2 in FY 2015; home building deliveries were 2,710, up 12% (versus guidance of 2550-2850); Gross margin was 21.4%.
• Q1 Guidance: Deliveries of between 1,350 and 1,550 units with an average price of between $850,000 and $880,000; Adjusted Gross Margin of approximately 23.5%.

Earnings this week : Dec 3 - 7, 18 (wk 49)

Earnings confirmed to report this week

Monday (Dec 3)    

• Morning: FNSR
• Afternoon:  COUP MESA RH SMAR

Tuesday (Dec 4)

• Morning:  AZO AVYA BMO BNED CONN DG DCI GMS HDS MOV SECO TOL
• Afternoon: ESTC GWRE HOME HPE HQY MDB MRVL OLLI  OL ZS

Wednesday (Dec 5)
Markets will be closed for the mourning of the 41st US President George H.W. Bush

• Morning: AEO BF.B GIII JW.A LE MOMO SCWX 
• Afternoon: CLDR FIVE GEF HRB KFY  OKTA SNPS  

Thursday (Dec 6)

• Morning:  DLTH GCO GIII HOME HOV HRB KFY KR LE MEI MIK MOMO PDCO PLCE SCWX SIG THO TTC VRNT
• Afternoon:  AOBC AVGO CMTL COO DOCU DOMO LULU SAIC ULTA UNFI ZUMZ

Friday (Dec 7)

• Morning: BIG MTN

-=Toll Brothers (TOL) reported earnings on Tue 22 May 18 (b/o)

Toll Brothers misses by $0.04, beats on revs; reaffirms its previous guidance for full FY 2018 Adjusted Gross Margin  

• Reports Q2 (Apr) earnings of $0.72 per share, $0.04 worse than the Capital IQ Consensus of $0.76; revenues rose 17.3% year/year to $1.6 bln vs the $1.58 bln Capital IQ Consensus.
• Outlook:
  • Based on FY 2018's second-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 8,000 and 8,500 homes in FY 2018, compared to previous guidance of 7,800 and 8,600 units. It now believes the average delivered price for FY 2018 will be between $830,000 and $860,000 per home.
  • This translates to projected revenues of between $6.64 billion and $7.31 billion in FY 2018, compared to $5.82 billion in FY 2017.
  • The Company now expects FY 2018 Other income and Income from unconsolidated entities of between $130 million and $160 million.
  • The Company reaffirms its previous guidance for full FY 2018 Adjusted Gross Margin of between 23.75% and 24.25%, SG&A, as a percentage of revenues, of approximately 10.0% and a FY 2018 tax rate of between 23% and 25%.
  • The Company expects FY 2018 third-quarter deliveries of between 2,100 and 2,200 units with an average price of between $830,000 and $850,000.
  • The Company expects its third-quarter FY 2018 Adjusted Gross Margin to be approximately 23.4% of revenues.

=Toll Brothers (TOL) reported earnings on Tue 5 Dec 2017 (b/o)

Toll Brothers misses by $0.03, misses on revs; guides FY18 revs in-line 

• Reports Q4 (Oct) earnings of $1.17 per share, $0.03 worse than the Capital IQ Consensus of $1.20; revenues rose 9.3% year/year to $2.03 bln vs the $2.09 bln Capital IQ Consensus.
  • Home building deliveries were 2,424 units - also up 9%
  • Net signed contract value was $1.75 billion - up 20%; contract units were 1,979 - up 15%
  • Backlog value at FYE 2017 rose to $5.06 billion - up 27%; units totaled 5,851 - up 25%
  • Gross margin, as a percentage of revenues, was 22.3%
• Co issues in-line guidance for FY18, sees FY18 revs of $6.24-7.48 bln vs. $6.78 bln Capital IQ Consensus Estimate.
• Additional Guidance
  • First quarter deliveries of between 1,300 and 1,500 units with an average price of between $820,000 and $840,000
  • FY deliveries of between 7,700 and 8,700 units with an average price of between $810,000 and $860,000
  • FY Adjusted Gross Margin of between 23.75% and 24.25% of revenues; first quarter Adjusted Gross Margin of 23.3% 

=Toll Brothers (TOL) reported earnings on Wed 22 Feb 2017 (b/o)

Toll Brothers beats by $0.07, beats on revs; guides FY17 revs in-line; raises FY17 delivery guidance :

• Reports Q1 (Jan) earnings of $0.42 per share, $0.07 better than the Capital IQ Consensus of $0.35; revenues fell 0.9% year/year to $920.7 mln vs the $893.7 mln Capital IQ Consensus.
  • Net signed contracts of $1.24 billion and 1,522 units rose 14% in dollars and 22% in units, compared to FY 2016's first quarter totals of $1.09 billion and 1,250 units. The average price of net signed contracts was $816,700, compared to $869,600 in FY 2016's first quarter.
  • Backlog of $4.35 billion and 5,145 units rose 19% in dollars and 21% in units, compared to FY 2016's first-quarter-end backlog of $3.66 billion and 4,251 units. The average price of homes in backlog was $844,500, compared to $861,600 at FY 2016's first-quarter end.
• Co issues in-line guidance for FY17, sees FY17 revs of $5.19-6.19 bln vs. $5.68 bln Capital IQ Consensus Estimate.
  • The Company is increasing the mid-point of its delivery guidance for full FY 2017 by 100 units and now expects FY 2017 deliveries of between 6,700 and 7,500 units (up from prior guidance of 6,500 and 7,500 units) with an average price of between $775,000 and $825,000
  • The Company reaffirms its previous guidance for full FY 2017 Adjusted Gross Margin, SG&A as a percentage of revenues, Other income and Income from unconsolidated entities and effective tax rate.
  • The Company expects FY 2017 second-quarter deliveries of between 1,350 and 1,650 units with an average price of between $810,000 and $835,000.
  • The Company expects its second-quarter FY 2017 Adjusted Gross Margin to be between 23.8% and 24.2% of revenues.

=Toll Brothers (TOL) reported earnings on Tue 8/23/16 (b/o)

Toll Brothers reports EPS in-line, beats on revs; narrows FY16 revs guidance, in-line with consensus; lowers GM and other income guidance :

• Reports Q3 (Jul) earnings of $0.61 per share, in-line with the Capital IQ Consensus of $0.61; revenues rose 23.5% year/year to $1.27 bln vs the $1.25 bln Capital IQ Consensus.
  • Net signed contracts of $1.45 billion and 1,748 units rose 18% in dollars and units, compared to FY 2015's third quarter. The average price of net signed contracts was $831,000, compared to $834,000 in FY 2015's third quarter.
  • Backlog of $4.37 billion and 5,181 units rose 19% in dollars and 17% in units, compared to FY 2015's third-quarter-end backlog. At FY 2016's third-quarter end, the average price of homes in backlog was $844,000, compared to $829,000 at FY 2015's third-quarter end.
• Co issues in-line guidance for FY16, sees FY16 revs of $4.96-5.27 bln vs. $5.04 bln Capital IQ Consensus Estimate and compared to prior guidance of $4.76-5.36 bln

-=Toll Brothers (TOL) reported earnings Tue 24 May 2016 (b/o)

Toll Brothers beats by $0.05, beats on revs; raises low end of prior revs guidance; guides FY16 revs in-line; announces new 20 mln share repurchase :

• Reports Q2 (Apr) earnings of $0.51 per share, $0.05 better than the Capital IQ Consensus of $0.46; revenues rose 30.8% year/year to $1.12 bln vs the $1.04 bln Capital IQ Consensus.
  • Home building deliveries of 1,304 units increased 31% in dollars and 9% in units, compared to FY 2015's second quarter. The average price of homes delivered was $855,500, compared to $713,500 in FY 2015's second quarter.
  • Net signed contracts of $1.65 billion and 1,993 units rose 3% in dollars and 3% in units, compared to FY 2015's second quarter. The average price of net signed contracts was $825,500, compared to $826,300 in FY 2015's second quarter.
  • Backlog of $4.19 billion and 4,940 units rose 20% in dollars and 13% in units, compared to FY 2015's second-quarter-end backlog. At second-quarter end, the average price of homes in backlog was $848,600, compared to $793,800 at FY 2015's second-quarter end.
• Co issues in-line guidance for FY16, sees FY16 revs of $4.76-5.36 bln vs. $5.02 bln Capital IQ Consensus Estimate and compared to prior guidance of $4.6-5.4 bln
  • In updating its guidance, the Company now expects to deliver between 5,800 and 6,300 homes in FY 2016 at an average price range of $820,000 to $850,000, compared to 5,525 deliveries in FY 2015 at an average price of $755,000.
  • The Company continues to project a full FY 2016 gross margin, excluding interest and write-downs, of between 25.8% and 26.2%. Interest in cost of sales is projected to be approximately 3.2% for FY 2016, compared to 3.4% in FY 2015.
• Effective May 23, 2016, the Board of Directors authorized the repurchase of 20 million shares of Toll Brothers common stock and terminated the prior share repurchase program.

=Toll Brothers (TOL) reported earnings on Tue 23 Feb 2016 (before open)

Toll Brothers reports EPS in-line, beats on revs; guides FY16 revs in-line:

• Reports Q1 (Jan) earnings of $0.40 per share, in-line with the Capital IQ Consensus of $0.40; revenues rose 8.8% year/year to $928.6 mln vs the $915.05 mln Capital IQ Consensus.

Toll Brothers (TOL) reported earnings Tue 8 Dec 2015 (before open)

** charts after earnings **

 Toll Brothers misses by $0.03, reports revs in-line; guides FY16 revs in-line:

• Reports Q4 (Oct) earnings of $0.80 per share, excluding non-recurring items,$0.03 worse than the Capital IQ Consensus of $0.83; revenues rose 6.4% year/year to $1.44 bln vs the $1.44 bln Capital IQ Consensus. 
  • Backlog of $3.50 billion and 4,064 units increased 29% in dollars and 10% in units, compared to FY 2014's fourth-quarter-end backlog of $2.72 billion and 3,679 units.
  • The average price of homes in FY 2015's fourth-quarter-end backlog was $862,000, compared to $829,000 at FY 2015's third-quarter end and $739,000 at FY 2014's fourth-quarter end.
  • The Company ended FY 2015's fourth quarter with a net debt-to-capital ratio(1) of 39.5%, compared to 40.6% at 2015's third-quarter end and 41.1% at FY 2014's fourth-quarter end.
• Co issues in-line guidance for FY16, sees FY16 revs of $4.5-5.6 bln vs. $5.12 bln Capital IQ Consensus Estimate and is based on deliveries of between 5,600-6,600 homes at an average price of between $800-850K per home.
  • For the first five weeks of FY 2016, net signed contracts were up 21% in units, compared to the same period in FY 2015.

TOL — is it a buy?

• Nov. 11:  Is TOL a buy?  $35.67 

• 1 week later: $36.38

• 6 weeks later