Wedge Capital Management L L P NC trimmed its position in shares of Meritage Homes Corp (NYSE:MTH) by 37.8% during the 3rd quarter, Holdings Channel reports. The fund owned 3,765 shares of the construction company’s stock after selling 2,292 shares during the period. Wedge Capital Management L L P NC’s holdings in Meritage Homes were worth $265,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of MTH. Nuveen Asset Management LLC raised its holdings in Meritage Homes by 564.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 260,378 shares of the construction company’s stock valued at $13,368,000 after buying an additional 221,205 shares during the period. Dalton Greiner Hartman Maher & Co. purchased a new stake in Meritage Homes during the 2nd quarter valued at $9,919,000. JPMorgan Chase & Co. raised its holdings in Meritage Homes by 574.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 214,888 shares of the construction company’s stock valued at $10,917,000 after buying an additional 183,044 shares during the period. UBS Group AG raised its holdings in Meritage Homes by 297.5% during the 2nd quarter. UBS Group AG now owns 201,179 shares of the construction company’s stock valued at $10,329,000 after buying an additional 150,569 shares during the period. Finally, Muhlenkamp & Co. Inc. purchased a new stake in Meritage Homes during the 2nd quarter valued at $6,043,000. 94.96% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Gerald W. Haddock sold 7,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $66.29, for a total transaction of $497,175.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director R. Odell Michael sold 5,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $72.50, for a total value of $362,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,399 shares of company stock worth $6,846,669. Insiders own 6.10% of the company’s stock.
MTH stock traded up $0.29 during midday trading on Friday, reaching $67.72. The company’s stock had a trading volume of 364,150 shares, compared to its average volume of 447,817. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a fifty day simple moving average of $71.78 and a two-hundred day simple moving average of $60.47. Meritage Homes Corp has a 1 year low of $33.57 and a 1 year high of $76.83. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.41 and a beta of 1.00.
Meritage Homes (NYSE:MTH) last released its earnings results on Tuesday, October 22nd. The construction company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.30. Meritage Homes had a return on equity of 12.42% and a net margin of 6.29%. The business had revenue of $940.90 million for the quarter, compared to analyst estimates of $930.41 million. During the same quarter last year, the firm posted $1.33 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. As a group, analysts forecast that Meritage Homes Corp will post 5.68 EPS for the current fiscal year.
Several analysts recently weighed in on MTH shares. Wells Fargo & Co increased their price target on Meritage Homes from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, October 24th. Citigroup upgraded Meritage Homes from a “neutral” rating to a “buy” rating and increased their target price for the stock from $55.00 to $63.00 in a research note on Thursday, July 25th. Zacks Investment Research upgraded Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 target price on the stock in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded Meritage Homes from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $54.50 to $67.50 in a research note on Wednesday, September 11th. Finally, Bank of America increased their target price on Meritage Homes from $79.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $61.45.
Meritage Homes Company 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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