Meritage Homes Corp (NYSE:MTH) announced its quarterly earnings results on Friday. The construction company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.09, MarketWatch Earnings reports. Meritage Homes Corp had a return on equity of 11.34% and a net margin of 5.16%. The firm had revenue of $805.60 million during the quarter, compared to analyst estimates of $827.40 million. During the same quarter in the previous year, the business earned $0.88 EPS. Meritage Homes Corp’s revenue for the quarter was up 7.0% compared to the same quarter last year.
Shares of Meritage Homes Corp (MTH) traded down 1.33% during midday trading on Friday, reaching $48.15. 403,782 shares of the company were exchanged. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 13.25 and a beta of 1.48. Meritage Homes Corp has a 52-week low of $29.70 and a 52-week high of $50.10. The company’s 50-day moving average price is $44.79 and its 200 day moving average price is $41.89.
A number of equities research analysts have recently issued reports on the company. Barclays PLC restated an “underweight” rating and issued a $38.00 price target (up from $36.00) on shares of Meritage Homes Corp in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded Meritage Homes Corp from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a report on Wednesday, July 5th. Deutsche Bank AG upped their price objective on Meritage Homes Corp from $40.00 to $42.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. BidaskClub cut Meritage Homes Corp from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, UBS AG initiated coverage on Meritage Homes Corp in a research note on Wednesday. They set a “neutral” rating and a $52.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $42.33.
In other Meritage Homes Corp news, EVP Javier Feliciano sold 1,009 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $35.55, for a total value of $35,869.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MTH. Public Employees Retirement System of Ohio grew its position in Meritage Homes Corp by 12.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,909 shares of the construction company’s stock worth $123,000 after purchasing an additional 328 shares during the last quarter. Victory Capital Management Inc. grew its position in Meritage Homes Corp by 64.9% in the 1st quarter. Victory Capital Management Inc. now owns 3,457 shares of the construction company’s stock worth $127,000 after purchasing an additional 1,361 shares during the last quarter. Riverhead Capital Management LLC grew its position in Meritage Homes Corp by 88.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,196 shares of the construction company’s stock worth $135,000 after purchasing an additional 1,496 shares during the last quarter. SG Americas Securities LLC grew its position in Meritage Homes Corp by 8.1% in the 1st quarter. SG Americas Securities LLC now owns 4,428 shares of the construction company’s stock worth $163,000 after purchasing an additional 331 shares during the last quarter. Finally, Sei Investments Co. bought a new position in Meritage Homes Corp in the 2nd quarter worth about $170,000. Hedge funds and other institutional investors own 98.39% of the company’s stock.
About Meritage Homes Corp
Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services.
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