Meritage Homes (NYSE:MTH) had its price target reduced by Wells Fargo & Co from $57.00 to $49.00 in a report published on Friday, July 27th. They currently have a market perform rating on the construction company’s stock.
Several other analysts have also weighed in on MTH. Citigroup reissued a buy rating and set a $55.00 price objective on shares of Meritage Homes in a report on Wednesday, June 27th. ValuEngine lowered Meritage Homes from a hold rating to a sell rating in a report on Thursday, June 28th. Zacks Investment Research raised Meritage Homes from a hold rating to a buy rating and set a $51.00 price target on the stock in a research note on Monday, July 16th. Credit Suisse Group decreased their price target on Meritage Homes from $53.00 to $50.00 and set an outperform rating on the stock in a research note on Thursday, July 26th. Finally, Wedbush decreased their price target on Meritage Homes from $55.00 to $54.00 and set a buy rating on the stock in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $53.70.
Shares of NYSE:MTH traded down $0.50 during trading on Friday, hitting $43.00. 398,246 shares of the stock were exchanged, compared to its average volume of 460,300. Meritage Homes has a 1-year low of $38.80 and a 1-year high of $55.50. The firm has a market capitalization of $1.77 billion, a PE ratio of 9.18, a PEG ratio of 0.51 and a beta of 1.15. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.78.
Meritage Homes (NYSE:MTH) last announced its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.21. Meritage Homes had a return on equity of 12.17% and a net margin of 5.21%. The company had revenue of $877.50 million for the quarter, compared to analyst estimates of $825.47 million. During the same quarter last year, the firm earned $0.98 EPS. Meritage Homes’s revenue for the quarter was up 9.4% compared to the same quarter last year. sell-side analysts predict that Meritage Homes will post 5.67 EPS for the current year.
In other Meritage Homes news, EVP C Timothy White sold 8,000 shares of Meritage Homes stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $46.25, for a total value of $370,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MTH. Millennium Management LLC raised its position in shares of Meritage Homes by 21.1% during the first quarter. Millennium Management LLC now owns 1,843,674 shares of the construction company’s stock worth $83,426,000 after acquiring an additional 320,807 shares during the last quarter. Echo Street Capital Management LLC raised its position in shares of Meritage Homes by 48.4% during the first quarter. Echo Street Capital Management LLC now owns 966,437 shares of the construction company’s stock worth $43,731,000 after acquiring an additional 315,410 shares during the last quarter. BlackRock Inc. raised its position in shares of Meritage Homes by 5.5% during the second quarter. BlackRock Inc. now owns 5,988,652 shares of the construction company’s stock worth $263,202,000 after acquiring an additional 311,283 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Meritage Homes by 2,460.0% during the fourth quarter. Renaissance Technologies LLC now owns 268,800 shares of the construction company’s stock worth $13,763,000 after acquiring an additional 258,300 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Meritage Homes by 283.6% during the first quarter. Prudential Financial Inc. now owns 244,624 shares of the construction company’s stock worth $11,069,000 after acquiring an additional 180,846 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.
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 various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.
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