And Morningstar is upbeat as well, saying Toll is "one of the more attractive businesses in homebuilding, in our view, represented in part by its narrow economic moat. The firm's well-managed indebtedness, lean operations, and disciplined adherence to the luxury market make it a likely big winner once volumes normalize."Toll Brothers' shares are up 17% in the past three months, but are about break even on the year. It's worth $3 billion. Almost 85% of its shares are owned by institutional investors, about half that by the 10 largest ones, including a 15% stake by Fidelity. The top 10 institutional investors raised their stake by 1.4 million shares in the third quarter.
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