Toll Brothers is a leader in luxury new-home construction.
Toll Brothers’ shares closed down over 7% on Dec. 5 after the no-moat homebuilder released fiscal fourth-quarter results that missed market expectations. In the weeks leading up to the release, Toll Brothers’ shares, and those of most homebuilders for that matter, traded up sharply, reaching valuation multiples that, in our opinion, were growing increasingly disconnected from the fundamentals, even with tax reform. Indeed, Toll Brothers’ shares, which had a 4-star rating at times through 2016, r...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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