06-21-2017: D. R Horton Inc. (DHI): America's Largest Homebuilder

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Recommendation

D. R Horton Inc.

Continuing strengthening in the U.S. housing market allowed home-builder stocks to outperform the S&P 500 this year. There has been a string of upbeat readings for the housing industry. Home sales are above anywhere after 2007. The share of first-time buyers is rising backk toward its historical average according to the Census Bureau. This has created fresh demand as well as lifting home-improvement companies.

D.R. Horton Inc. (DHI) is the nation's largest homebuilding company. It stock performance has been sluggish compared to other homebuilder stocks, but its financials, balance sheet, backlog seem to favor it above competition. In other words, it is less risky. One of the problems homebuilders face is getting local commissions approval to start large developments. Horton's news consists of announcing openings of new tracts all across the U.S., as well as starting on new developments, with the only fly in the ointment coming from Chino, CA. There the company faces much opposition to a rather large development it had planned to undertake after acquiring lands.

Companies like Horton also make money from financing purchnases. Rising interest rates are not necessarily going to help sales, however. The pace produced by the Federal Reserve is so slow as to cause many to expect rates will have little effect on demand for quite some time to come.

DHI has a very strong Zenith Index, suggesting very strong fundamentals. However, researchers are very mixed. Standard & Poor's however gives the stock its highest five-star rating. The stock registers strong with Market Grader as well.

We think executives are a bit overpaid and we are not impressed by any insider buying versus a lot of selling. The stock chart pattern looks "toppy" and is a congestion zone slightly above a recent trading range. This, in turn helps us to give the stock a somewhat marginal overall rating in the Decision Matrix, due to a stagnant chart pattern. The stock pays a secure 1% dividend. Executives seem over-compensated a bit. Institutions are net sellers at this stage.

The company has a very good website and management reporting system illustrating how diversity in areas across the country overcome any problems in one area like Chino, CA. With $13 billion in sales, there is a lot of stability to be offered when investing in this stock.

We think the company concentrates upon moderately priced single-family houses on somewhat small lots, which wouldn't be our "cup of tea" but is probably the most profitable zone in which to be operating. That's why first-time home buyers are so important to it. They can worry about trading up to Toll Brothers or the like later on.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

D.R. Horton, Inc. (DHI)                                   Exchange: NYSE
301 Commerce Street
Suite 500                        Sector: Industrial Goods
Fort Worth, TX 76102             Industry:Residential Construction

D.R. Horton, Inc. operates as a homebuilding company. It engages in the
acquisition and development of land; and construction and sale of homes
in 26 states and 78 markets in the United States under the names of D.R.
Horton, America-s Builder, Express Homes, Emerald Homes, Regent Homes,
Crown Communities, and Pacific Ridge Homes. The company constructs and
sells single-family detached homes; and attached homes, such as town
homes, duplexes, triplexes, and condominiums. It is also involved in the
origination and sale of mortgages; and provision of title insurance
policies, and examination and closing services. The company primarily
serves title insurance agents, homebuyers, and homebuilding customers.
D.R. Horton, Inc. was founded in 1978 and is headquartered in Fort
Worth, Texas.

Last Trade:  33.82                           52-Week Range:  34.94 -  26.69
Employees: 7,358                             Avg.Volume:   3,655,571 Shares
Corporate Governance:
Pn, Inc._s ISS Governance QualityScore as of June 2, 2017 is 7. The pillar sco
res are Audit: 1; Board: 8; Shareholder Rights: 7;
         (A lower number means less governance risk.)

EPS:  2.57    Dividend Amount: $ 0.40          Yield:  1.19%
             Ex-Dividend Date: May 3, 2017     Payout Ratio:  14.01

Key Statistics:

    Trailing P/E:  13.10              Forward P/E (est.):  10.96
                                           Target Price:  36.03

Qrtly Stock Price Growth (yoy):   8.82%               Beta:   1.17
Qrtly S&P Index   Growth (yoy):  17.50%        Short Ratio:   2.76%
    Qrtly Revenue Growth (yoy):  16.76%         Shares Out:  375580000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  19.23                    Debt/Equity:  44.63%
    Price/Book Value:   1.75        Operating Profit Margin:  11.57%
         Price/Sales:   0.96                  Profit Margin:   7.39%
         Market Cap:  12,638,000,000       Return on Equity:  14.40%
    Enterprise Value:               0      Return on Assets:   8.18%

    Operating Cash Flow:    450,300,000
         Free Cash Flow:     75,840,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             09/30/201    9/30/2015   9/30/2014

  Total Revenue                             12,157,400  10,824,000   8,024,900
  Cost of Revenue                            9,502,600   8,535,700   6,268,600
  Gross Profit                               2,654,800   2,288,300   1,756,300

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          1,320,300   1,186,000     965,400
  Non-Recurring Expenses                         7,200       9,800       9,800
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     1,327,300   1,092,500     790,900

Income from Continuing Operations:
  Total Other Income/Expenses Net               26,200      30,900      23,300
  Earnings Before Interest & Taxes           1,353,500   1,123,400     814,200
  Interest Expense                                   0           0           0
  Income Before Taxes                        1,353,500   1,123,400     814,200
  Income Tax Expense                           467,200     372,700     280,700
  Minority Interest                                500       1,100       3,900

Net Income from Continuing Op.s                886,300     750,700     533,500

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   886,300     750,700     533,500
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              886,300     750,700     533,500



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         09/30/201      9/30/2015     9/30/2014

  Net Income                               886,300       750,700       533,500

Operating Activities:
  Depreciation                              66,400        59,700        65,800
  Adjustments to Net Income                148,400       103,100       128,200
  Changes in Accounts Recv'bls                   0             0             0
  Changes in Liabilities                    52,100        60,300       115,900
  Changes in Investories                  -506,500       -89,500    -1,431,800
  Changes in other Oper'g Acts             -28,700      -183,900       -73,000

Total Cash Flow f Operations               618,000       700,400      -661,400

Investing Activities:
  Capital Exenditures                      -86,100       -56,100      -100,200
  Investments                              -46,200       -86,400      -176,300
  Other Cash Flows fr Investing             19,700        47,100        -5,600

Total Cash Flows from Investing           -112,600       -95,400      -282,100

Financing Activities:
  Dividends Paid                          -118,700       -91,600       -48,600
  Sale of Purchase of Stock                 72,400        61,800        45,200
  Net Borrowings                          -549,700       134,500       630,700
  Other Cash Flows fr Financing             10,000        12,300        -5,600

Total Cash Flows from Financing           -586,000       117,000       627,900

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.               -80,600       722,000      -315,600



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          09/30/201      9/30/2015     9/30/2014
Current Assets:
  Cash & Cash Equivalents                 1,312,700     1,393,500       671,800
  Short Term Investments                          0             0             0
  Net Receivables                           476,300       558,100       565,000
  Inventory                               8,340,900     7,807,000     7,700,500
  Other Current Assets                            0             0             0
  Total Current Assets                   10,129,900     9,758,600     8,937,300

  Long-Term Investments                     654,000       631,000       476,900
  Property, Plant & Equipt                  195,400       146,900       190,800
  Goodwill                                   80,000        87,200        94,800
  Intangible Assets                               0             0             0
  Accumulated Amortization                        0             0             0
  Other Assets                              499,600       527,300       485,600
  Deferred LT Asset Charges                       0             0             0

Total Assets                             11,558,900    11,151,000    10,185,400

Current Liabilities:
  Accounts Payable                        1,494,600     1,444,100     1,400,000
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities                       0             0             0
  Total Current Liabilities               1,494,600     1,444,100      1,400,000

  Long Term Debt                          1,494,600     1,444,100     1,400,000
  Other Liabilities                               0             0             0
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                             500         1,100         3,900
  Negative Goodwill                             500         1,100         3,900

Total Liabilities                         4,766,400     5,256,700     5,069,600

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                3,800         3,800         3,700
  Retained Earnings                       4,057,200     3,289,600     2,630,500
  Treasury Stock                           -134,300      -134,300      -134,300
  Capital Surplus                         2,865,800     2,733,800     2,613,700
  Other Stockhohlder Equity                       0         1,400         2,200
  Total Stockholder Equity                6,792,500     5,894,300     5,115,800

Net Tangible Assets                       6,712,500     5,807,100     5,021,000



D.R. Horton, Inc. (DHI)                     [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            2.1374          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    2.5547
Price/Sales Ratio < 2.3?   2.3958          Inventory/Sales < 5%?      0.0729
Sales < $1 Billion?        0.0823          Operating Margin < 7.5%?   0.6482

Balance Sheet Tests:
Debt/Equity < 0.40?        0.8963          Long-Term Debt Service:    2.0764
LTD Being Reduced?         3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         3.0000          Working Capital >= 1.5?    0.2243
Leverage Ratio < 20%?      0.6193          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    3.0000
Share Equity Increase:     2.3046          Market Cap.< 1.5 Billion?  0.1187
                                           Intangibles < 3% Assets?   3.0000
Income Tests:
Profit Margin < 7.5%?      0.9853          EPS Annual Growth > 10%?   0.0847
Dividend Yield > 2.0%?     1.6807          EPS 3-yr Growth > 15?      0.0903
Enterprise Value/Revenue   1.0397          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      3.0000
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          0.9445          % Held by Insiders < 5%?   0.5192
Beta > 1.25?               0.9360          % Held by Institut. < 50?  0.5862
50 Da MA > 200 Da MA?      0.1614          % Held by Institut. > 30?  2.8433
52-Wk Change vs. S&P 500:  0.5263          Short Ratio > 5?           0.5520
Price/Book Value < 3?      1.7058          Short % of Float > 20?     0.1690
Return on Assets > 17%?    0.4812          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.4585
                                           Cash Flow / Assets > 10%?  1.1390

DHI    D.R. Horton, Inc.                   Overall Zenith Index:      1.5927


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Financial Statements

D.R. HORTON INC  (DHI)                      INCOME STATEMENT

Fiscal year ends in September.                       2012-09         2013-09         2014-09         2015-09         2016-09             TTM           

Revenue                                        4,353,999,872   6,259,299,840   8,024,900,096  10,823,999,488  12,157,400,064  13,128,599,552
Cost of revenue                                3,492,400,128   4,853,499,904   6,268,599,808   8,535,699,968   9,502,600,192  10,259,000,320
Gross profit                                     861,600,000   1,405,799,936   1,756,300,032   2,288,300,032   2,654,799,872   2,869,600,000


Operating expenses
Sales, General and administrative                614,099,968     766,300,032     965,400,000   1,186,000,000   1,320,300,032   1,402,599,936
Other operating expenses                           4,600,000     -14,900,000               0       9,800,000               0               0
Total operating expenses                         618,700,032     751,400,000     965,400,000   1,195,800,064   1,320,300,032   1,402,599,936

Operating income                                 242,900,000     654,400,000     790,899,968   1,092,499,968   1,334,499,968   1,467,000,064
Interest Expense                                  26,900,000       5,100,000               0               0               0               0
Other income (expense)                            26,900,000       8,500,000      23,300,000      30,900,000      19,000,000      16,800,000
Income before taxes                              242,900,000     657,800,000     814,200,000   1,123,399,936   1,353,500,032   1,483,800,064
Provision for income taxes                      -713,400,000     195,100,000     280,700,000     372,700,000     467,200,000     514,200,000
Net income from continuing operations            956,300,032     462,700,000     533,500,000     750,700,032     886,300,032     969,600,000
Net income                                       956,300,032     462,700,000     533,500,000     750,700,032     886,300,032     969,600,000
Net income available to common shareholders      956,300,032     462,700,000     533,500,000     750,700,032     886,300,032     969,600,000

Earnings per share
Basic                                                   3.01            1.44            1.57            2.05            2.39            2.61 
Diluted                                                 2.77            1.33            1.50            2.03            2.36            2.57 

Weighted average shares outstanding
Basic                                            318,100,000     322,100,000     340,500,000     366,300,000     371,000,000     373,049,984
Diluted                                          359,000,000     364,900,000     366,600,000     369,800,000     375,100,000     377,350,016

____________________________________________________________________________________________________________________________________________


D.R. HORTON INC  (DHI)                      BALANCE SHEET

Fiscal year ends in September.                       2012-09         2013-09         2014-09         2015-09         2016-09             

Assets

Current assets

Cash

Short-term investments                           298,000,000               0               0               0               0
Total cash                                     1,345,699,968     936,499,968     661,800,000   1,383,800,064   1,303,200,000

Receivables                                       14,400,000               0               0               0               0
Inventories                                    4,165,199,872   6,197,400,064   7,700,499,968   7,807,000,064   8,340,899,840
Deferred income taxes                            709,500,032     586,600,000               0               0               0
Other current assets                              49,300,000      77,800,000      10,000,000       9,700,000       9,500,000
Total current assets                           6,284,100,096   7,798,300,160   8,372,299,776   9,200,499,712   9,653,600,256

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              194,200,000     236,700,000     334,800,000     313,800,000     390,900,000
Accumulated Depreciation                        -121,600,000    -130,000,000    -141,100,000    -169,800,000    -195,500,000
Net property, plant and equipment                 72,600,000     106,700,000     193,700,000     144,000,000     195,400,000

Goodwill                                          38,900,000      38,900,000      94,800,000      87,200,000      80,000,000
Deferred income taxes                                      0               0               0     558,099,968     476,300,000
Other long-term assets                           852,600,000     912,499,968   1,541,699,968   1,161,200,000   1,153,600,000
Total non-current assets                         964,099,968   1,058,099,968   1,830,200,064   1,950,499,968   1,905,299,968

Total assets                                   7,248,200,192   8,856,399,872  10,202,500,096  11,150,999,552  11,558,899,712 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Accounts payable                                 266,600,000     400,000,000     480,300,000     473,000,000     537,000,000
Taxes payable                                     21,600,000      59,900,000      41,900,000      68,100,000      63,300,000
Accrued liabilities                              139,000,000     210,500,000     216,000,000     233,400,000     233,100,000
Other current liabilities                        733,200,000     615,600,000     661,800,000     627,699,968     620,700,032
Total current liabilities                      1,160,400,000   1,286,000,000   1,400,000,000   1,402,200,064   1,454,099,968

Non-current liabilities
Long-term debt                                 2,493,100,032   3,508,999,936   3,682,800,128   3,811,500,032   3,271,300,096
Minority interest                                  2,600,000       2,900,000       3,900,000       1,100,000         500,000
Other long-term liabilities                                0               0               0      41,900,000      40,500,000
Total non-current liabilities                  2,495,699,968   3,511,899,904   3,686,700,032   3,854,500,096   3,312,300,032

Total liabilities                              3,656,100,096   4,797,899,776   5,086,700,032   5,256,699,904   4,766,400,000 

Stockholders' equity

Common stock                                       3,300,000       3,300,000       3,700,000       3,800,000       3,800,000
Additional paid-in capital                     1,979,800,064   2,042,000,000   2,613,700,096   2,733,799,936   2,865,799,936
Retained earnings                              1,743,100,032   2,145,600,000   2,630,500,096   3,289,600,000   4,057,200,128
Treasury stock                                  -134,300,000    -134,300,000    -134,300,000    -134,300,000    -134,300,000
Accumulated other comprehensive income               200,000       1,900,000       2,200,000       1,400,000               0
Total stockholders' equity                     3,592,100,096   4,058,500,096   5,115,800,064   5,894,300,160   6,792,500,224
Total liabilities and stockholders' equity     7,248,200,192   8,856,399,872  10,202,500,096  11,150,999,552  11,558,899,712

____________________________________________________________________________________________________________________________________________


D.R. HORTON INC  (DHI)                      Statement of CASH FLOW

Fiscal year ends in September. USD.                  2012-09         2013-09         2014-09         2015-09         2016-09             TTM           

Cash Flows From Operating Activities
Net income                                       956,300,032     462,700,000     533,500,000     750,700,032     886,300,032     969,600,000
Depreciation & amortization                       18,800,000      22,700,000      38,400,000      54,100,000      61,000,000      60,700,000
Amortization of debt discount/premium and is      40,400,000      39,700,000      27,400,000       5,600,000       5,400,000       5,200,000
Investment/asset impairment charges                6,200,000               0               0       9,800,000       7,200,000               0
Investments losses (gains)                          -200,000        -200,000               0               0      -4,500,000               0
Deferred income taxes                           -709,500,032     130,900,000      17,400,000       3,100,000      75,300,000      69,800,000
Stock based compensation                          18,100,000      19,000,000      26,200,000      42,200,000      49,000,000      50,800,000
Inventory                                       -646,400,000  -2,050,899,968  -1,431,800,064     -89,500,000    -506,500,000    -789,400,000
Other working capital                             18,300,000     120,600,000      42,900,000    -123,600,000      23,400,000      53,200,000
Other non-cash items                                -100,000      24,400,000      84,600,000      48,000,000      21,400,000      30,400,000
Net cash provided by operating activities       -298,100,000  -1,231,100,032    -661,400,000     700,400,000     618,000,000     450,300,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -33,600,000     -58,000,000    -100,200,000     -56,100,000     -86,100,000    -103,200,000
Property, plant, and equipment reductions                  0               0               0      56,000,000               0               0
Acquisitions, net                                -96,500,000      -9,400,000    -244,100,000     -70,900,000     -82,200,000     -86,300,000
Purchases of investments                        -240,800,000     -28,900,000               0               0               0               0
Sales/Maturities of investments                  232,800,000     325,400,000               0               0               0               0
Other investing activities                          -200,000     -48,200,000      62,200,000     -24,400,000      55,700,000      10,200,000
Net cash used for investing activities          -138,300,000     180,900,000    -282,100,000     -95,400,000    -112,600,000    -179,300,000

Cash Flows From Financing Activities
Debt issued                                      765,900,032   1,307,900,032   1,427,600,000   1,590,700,032               0               0
Debt repayment                                   -17,500,000    -345,100,000    -796,899,968  -1,456,199,936    -549,699,968    -433,600,000
Common stock issued                                        0      29,700,000      45,200,000      61,800,000      72,400,000      68,700,000
Excess tax benefit from stock based compe                  0       6,700,000         600,000      12,300,000      10,000,000      14,800,000
Dividend paid                                    -47,800,000     -60,200,000     -48,600,000     -91,600,000    -118,700,000    -134,200,000
Other financing activities                        50,900,000               0               0               0               0     -17,600,000
Net cash provided by (used for) financing        751,500,032     939,000,000     627,900,032     117,000,000    -586,000,000    -501,900,000

Net change in cash                               315,100,000    -111,200,000    -315,600,000     722,000,000     -80,600,000    -230,900,000
Cash at beginning of period                      732,600,000   1,047,699,968     977,400,000     661,800,000   1,383,800,064   1,224,099,968
Cash at end of period                          1,047,699,968     936,499,968     661,800,000   1,383,800,064   1,303,200,000     993,200,000

Free Cash Flow
Operating cash flow                             -298,100,000  -1,231,100,032    -661,400,000     700,400,000     618,000,000     450,300,000
Capital expenditure                              -33,600,000     -58,000,000    -100,200,000     -56,100,000     -86,100,000    -103,200,000
Free cash flow                                  -331,700,000  -1,289,100,032    -761,600,000     644,300,032     531,900,000     347,100,000
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Average to Current P/E Ratios
              (DHI)     D.R. Horton Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     2.77    1.33    1.50    2.03    2.36
Average Price During Year:    17.09   21.99   22.74   28.08   30.14

                P/E Ratio:     6.17   16.53   15.16   13.83   12.77

 Average 5-Year P/E Ratio  =  12.89
             Current Price =  33.65

Previous 5 Quarter Earnings:   0.52    0.66    0.75    0.55    0.60

           Current Annualized (Last Four Quarters) Earnings =  1.9
                                                           ________
                                 Average PE / Current PE =     0.73
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for D.R. HORTON INC.:
Symbol? DHI
Total Months Available:  42
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  34.56   28.71     31.90   26.69     34.94   29.99

RANGE   =  34.94  TO   26.69            Close =  33.65
CHANNEL =  31.90  TO   29.99           Degree =   2
Volatility =   5.68%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

2 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry + 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E - 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Tangible Book Value - 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
Moving Average + 1
Right Time Study + 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant - 1
Point & Figure - 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 2
Place 890 shares of D.R. Horton Inc.(DHI) on the Active List.