Meritage Homes (NYSE:MTH) Posts Quarterly Earnings Results, Beats Estimates By $0.29 EPS

Meritage Homes (NYSE:MTH) released its quarterly earnings data on Tuesday. The construction company reported $5.34 earnings per share for the quarter, topping analysts’ consensus estimates of $5.05 by $0.29, Briefing.com reports. Meritage Homes had a net margin of 12.63% and a return on equity of 16.89%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the firm earned $5.98 earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. Meritage Homes updated its Q4 guidance to $4.10 to $4.60 EPS and its Q4 2024 guidance to 4.100-4.600 EPS.

Meritage Homes Trading Up 2.1 %

Shares of NYSE:MTH opened at $181.20 on Friday. The company has a market capitalization of $6.58 billion, a PE ratio of 8.20 and a beta of 1.80. Meritage Homes has a 12-month low of $109.23 and a 12-month high of $213.98. The business has a 50 day moving average of $196.25 and a two-hundred day moving average of $181.86. The company has a current ratio of 1.75, a quick ratio of 1.93 and a debt-to-equity ratio of 0.26.

Meritage Homes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.75 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.00 annualized dividend and a dividend yield of 1.66%. Meritage Homes’s dividend payout ratio (DPR) is presently 13.58%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MTH. Evercore ISI upped their price objective on Meritage Homes from $219.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods increased their target price on shares of Meritage Homes from $195.00 to $210.00 and gave the company a “market perform” rating in a research report on Tuesday, July 30th. Wedbush raised shares of Meritage Homes from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $160.00 to $195.00 in a report on Tuesday, October 15th. Raymond James raised their price objective on Meritage Homes from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group raised Meritage Homes from a “neutral” rating to a “buy” rating and upped their target price for the company from $205.00 to $235.00 in a research report on Thursday. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Meritage Homes currently has an average rating of “Moderate Buy” and a consensus price target of $220.17.

About Meritage Homes

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached 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 entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.