Bellway PLC (LSE:BWY) should be in a good position to benefit from the government's housebuilding plans but the same could have been said about peer Vistry before this week's shock warning. Granted, Vistry's issues look very company-specific and in its last update, in August, Bellway was reasonably confident about the outcome for its year.
Here is how Bellway (BLWYY) and Knife River (KNF) have performed compared to their sector so far this year.
Shares Builder Bellway PLC (LSE:BWY) opened higher after a leading investment bank raised the stock valuation and lauded the builder's strategy. Deutsche Bank moves its target to 3362p, up from 3013p, citing the company's strong position in the UK housing market.
Bellway (BLWYY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Citi has renewed its buy rating on housebuilder Bellway PLC (LSE:BWY), citing its “good foundation for growth”. The group “remains well positioned to benefit from a housing market recovery with the ambition to drive significant volume growth over the (medium term), underpinned by a well-invested landbank and healthy balance sheet”, said Citi analysts.
Bellway PLC (LSE:BWY) has scrapped plans to launch a £720 million takeover bid for rival housebuilder Crest Nicholson PLC (LSE:CRST). After the deadline for a firm bid to be made was extended last week, Bellway said on Tuesday that it no longer intended to make an offer for Crest.
UK homebuilder Bellway said on Tuesday it has decided to walk away from its 720 million pounds ($920.74 million) takeover proposal for FTSE midcap peer Crest Nicholson.
Bellway PLC (LSE:BWY) slightly exceeded its housebuilding targets in its 2024 financial year, completing 7,654 homes against a previously set target of 7,500. The average house sold for £308,000 in the year, which was also slightly above guidance, leading to total group revenues of £2.35 billion.
Bellway PLC (LSE:BWY) and Crest Nicholson Holdings PLC each moved into the red after the deadline passed and was extended for a firm agreement over their merger on Thursday. Bellway had originally been granted until Thursday afternoon to table a firm offer for Crest Nicholson, with the deadline on an agreement now being pushed to August 20.
The UK Takeover Panel has extended the deadline for the 720 million pound ($913.7 million) all-share takeover proposal by homebuilder Bellway for its FTSE midcap peer Crest Nicholson to Aug. 20, the companies said on Thursday.
The deadline for the Competition and Markets Authority (CMA)'s phase-1 investigation into the proposed £2.5 billion merger between housebuilders Barratt Developments PLC (LSE:BDEV) and Redrow PLC (LSE:RDW) closes this Thursday. The proposed merger was first announced in February before the CMA opened an investigation into the deal in March, followed by an official competition inquiry in June.
Bellway (BLWYY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).