Earnest Partners LLC increased its position in shares of Meritage Homes Corp (NYSE:MTH) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,095,284 shares of the construction company’s stock after purchasing an additional 13,301 shares during the period. Meritage Homes accounts for 1.0% of Earnest Partners LLC’s portfolio, making the stock its 29th largest holding. Earnest Partners LLC owned 0.05% of Meritage Homes worth $107,572,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Advisory Services Network LLC bought a new stake in shares of Meritage Homes in the 2nd quarter worth about $26,000. Penserra Capital Management LLC bought a new stake in shares of Meritage Homes in the 1st quarter worth about $57,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Meritage Homes by 18.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,068 shares of the construction company’s stock worth $137,000 after buying an additional 481 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Meritage Homes in the 1st quarter worth about $226,000. Finally, Bailard Inc. bought a new stake in shares of Meritage Homes in the 2nd quarter worth about $288,000. Hedge funds and other institutional investors own 95.05% of the company’s stock.
MTH has been the topic of a number of research reports. Citigroup upgraded shares of Meritage Homes from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $55.00 to $63.00 in a report on Thursday, July 25th. Zacks Investment Research upgraded shares of Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 target price on the stock in a report on Monday, July 29th. ValuEngine downgraded shares of Meritage Homes from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised shares of Meritage Homes from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $54.50 to $67.50 in a research note on Wednesday. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $50.84.
In other Meritage Homes news, EVP C Timothy White sold 7,946 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $64.35, for a total value of $511,325.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven J. Hilton sold 420,974 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $63.09, for a total value of $26,559,249.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 687,425 shares of company stock valued at $43,661,623. 6.10% of the stock is owned by corporate insiders.
Meritage Homes stock opened at $69.36 on Friday. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.47 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.48 and a quick ratio of 1.48. Meritage Homes Corp has a 1 year low of $32.02 and a 1 year high of $69.18. The firm has a 50-day moving average of $63.83 and a two-hundred day moving average of $53.03.
Meritage Homes (NYSE:MTH) last released its quarterly earnings data on Wednesday, July 24th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.28. The company had revenue of $864.60 million during the quarter, compared to analysts’ expectations of $808.02 million. Meritage Homes had a net margin of 5.94% and a return on equity of 11.81%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.32 EPS. Research analysts expect that Meritage Homes Corp will post 5.4 earnings per share for the current year.
Meritage Homes Profile
Meritage Homes Corporation designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for first-time and first move-up buyers. The company also offers luxury homes; and title insurance and closing/settlement services to its homebuyers.
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