In a recent shareholder meeting held on January 16, 2025, D.R. Horton, Inc., one of the leading home construction companies in the United States, saw the re-election of its board of directors and approval of executive compensation. The meeting also ratified the appointment of Ernst & Young LLP as the company's independent auditor for the upcoming fiscal year.
The annual meeting, which was attended by stockholders representing 290,585,709 shares out of the 320,829,216 eligible shares of common stock, resulted in the election of all nine director nominees. These directors, who will serve until the 2026 Annual Meeting, received a majority of votes with the least contested nominee receiving over 250 million votes in favor.
Additionally, an advisory proposal on the approval of executive compensation received support with 250,304,148 votes for, 19,746,100 against, and 347,746 abstentions. The non-binding vote reflects shareholder satisfaction with the company's executive pay structure.
The third proposal, concerning the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending September 30, 2025, was overwhelmingly approved with 289,726,378 votes for, only 415,272 against, and 444,059 abstentions.
D.R. Horton, based in Arlington, Texas, is known for its operations in the real estate and construction sectors. The company's common stock is traded on the New York Stock Exchange under the ticker symbol NYSE:DHI, along with its 5.000% Senior Notes due 2034.
Trading at a P/E ratio of 10.2, the company has maintained dividend payments for 11 consecutive years, demonstrating consistent shareholder returns. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 12+ additional insights available to subscribers.
In other recent news, home construction company D.R. Horton has seen a series of developments. Amidst the devastating Los Angeles wildfires, shares of D.R. Horton and other homebuilding stocks have seen an uptick, possibly due to an expected increase in demand for reconstruction in the affected areas. The company has also expanded its credit facility to $2.23 billion, providing increased financial flexibility.
Analysts have been active in their assessments of D.R. Horton. BTIG has increased its price target for the company to $205, maintaining a Buy rating. However, JPMorgan (NYSE:JPM) has downgraded the company's shares from Neutral to Underweight, citing overvaluation concerns. Similarly, Raymond (NS:RYMD) James has downgraded the company's shares from Outperform to Market Perform, pointing to increased pressures on the entry-level homebuilding market.
D.R. Horton reported a 12% decrease in earnings per diluted share for Q4 2024, despite a slight increase in net income for the full year. The company also revised its investment agreement with real estate developer Forestar Group Inc (NYSE:FOR)., raising the capital expenditure threshold for Forestar's investment decisions from $20 million to $45 million.
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