Raymond James Cuts D.R. Horton to Underperform as Executives File Insider Forms After Earnings Miss

Raymond James downgraded D.R. Horton to Underperform from Market Perform on November 3, 2026, adding to selling pressure on the homebuilder's stock. Shares fell roughly 4.79% on the day, extending a decline that began when D.R. Horton reported mixed fourth-quarter fiscal 2026 results on October 29.

The company posted Q4 earnings of $2.67 per diluted share on consolidated revenues of $9.4 billion. Earnings missed analyst estimates while revenues came in ahead of expectations, with management citing higher mortgage rates and cautious consumer sentiment as headwinds to housing demand. Shares had already shed roughly 3% following that initial earnings release.

For fiscal 2027, D.R. Horton guided to consolidated revenues of $30 billion to $32 billion, representing a decline of approximately 3% to 9% from the $33.04 billion recorded in fiscal 2026, along with 79,000 to 84,000 home closings. The company also outlined approximately $3 billion in planned stock repurchases and $500 million in dividends, and separately announced an increase to its quarterly cash dividend payable November 19, 2026.

Three senior executives filed Form 4 disclosures dated October 29 with the SEC: Michael J. Murray, EVP and COO; Bill W. Wheat, EVP and CFO; and Aron M. Odom, SVP, Controller and Principal Accounting Officer. The filings correspond to the date of the earnings report, consistent with equity compensation transactions that commonly accompany quarterly results.