First Trust Advisors LP cut its holdings in Meritage Corporation (NYSE:MTH) by 14.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,119 shares of the construction company’s stock after selling 8,307 shares during the quarter. First Trust Advisors LP owned about 0.12% of Meritage worth $2,136,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its stake in Meritage by 12.7% in the second quarter. Public Employees Retirement System of Ohio now owns 2,909 shares of the construction company’s stock valued at $123,000 after acquiring an additional 328 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Meritage by 88.0% in the second quarter. Riverhead Capital Management LLC now owns 3,196 shares of the construction company’s stock valued at $135,000 after acquiring an additional 1,496 shares during the last quarter. Sei Investments Co. acquired a new stake in Meritage in the second quarter valued at approximately $170,000. Victory Capital Management Inc. lifted its stake in Meritage by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,066 shares of the construction company’s stock valued at $172,000 after acquiring an additional 609 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Meritage in the second quarter valued at approximately $202,000. Hedge funds and other institutional investors own 99.41% of the company’s stock.
Shares of Meritage Corporation (NYSE MTH) opened at $51.70 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. Meritage Corporation has a one year low of $33.40 and a one year high of $51.95. The firm has a market cap of $2,084.85, a price-to-earnings ratio of 13.68, a PEG ratio of 1.36 and a beta of 1.50.
Meritage (NYSE:MTH) last issued its quarterly earnings data on Friday, October 27th. The construction company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.09. Meritage had a net margin of 5.04% and a return on equity of 10.81%. The business had revenue of $805.60 million during the quarter, compared to analysts’ expectations of $827.40 million. During the same period in the previous year, the company earned $0.88 earnings per share. Meritage’s revenue for the quarter was up 7.0% on a year-over-year basis. research analysts anticipate that Meritage Corporation will post 3.8 EPS for the current fiscal year.
In other news, EVP Javier Feliciano sold 1,009 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $35.55, for a total value of $35,869.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is currently owned by insiders.
MTH has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Meritage from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Citigroup Inc. lifted their target price on shares of Meritage from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Deutsche Bank AG lifted their target price on shares of Meritage from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. UBS AG initiated coverage on shares of Meritage in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 target price for the company. Finally, Barclays PLC reiterated an “underweight” rating and issued a $38.00 target price (up from $36.00) on shares of Meritage in a research note on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $43.20.
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Meritage Company Profile
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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