Stock Alert: M.D.C. Holdings Hits New High

(RTTNews) - Shares of home builder M.D.C. Holdings, Inc. (MDC) touched a new high of $48.99 on Thursday followed by better-than-expected fourth-quarter results. During the day, the stock fell 2.97% before closing at $44.45.

Revenue in the fourth quarter was up 25% year-on-year at $1.075 billion. EPS also increased to $1.42 from $0.88 in the corresponding quarter last year. Analysts were expecting earnings of $1.27 per share.

In the fourth quarter, MDC had 2,389 home deliveries, an increase from $1,827 in the same quarter a year ago. For the 2020 first quarter, the company expects to deliver 1,550- 1,650 units.

The residential construction company had increased its quarterly dividend to 0.33 in January.

Early this month, the company had issued $300 million of 3.850% senior notes due January 2030, at par. MDC plans to use the proceeds to pay down its debt and for other general corporate purposes.