Stock Repurchase Plan Initiated by M/I Homes (NYSE:MHO) Board

M/I Homes (NYSE:MHO) announced that its board has authorized a share buyback program on Wednesday, November 12th, RTT News reports. The company plans to buyback $250.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

M/I Homes Price Performance

MHO opened at $128.72 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.52 and a current ratio of 7.17. The stock’s 50 day moving average price is $138.51 and its 200-day moving average price is $126.42. The stock has a market capitalization of $3.37 billion, a PE ratio of 7.56 and a beta of 1.66. M/I Homes has a 52-week low of $100.22 and a 52-week high of $172.23.

M/I Homes (NYSE:MHO) last posted its earnings results on Wednesday, October 22nd. The construction company reported $3.92 EPS for the quarter, missing the consensus estimate of $4.37 by ($0.45). M/I Homes had a return on equity of 15.72% and a net margin of 10.56%.The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.16 billion. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts predict that M/I Homes will post 18.44 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MHO shares. Raymond James Financial upped their price target on shares of M/I Homes from $150.00 to $155.00 and gave the stock a “strong-buy” rating in a report on Friday, October 24th. Zelman & Associates raised M/I Homes from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Zacks Research raised M/I Homes from a “strong sell” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of M/I Homes in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, M/I Homes presently has a consensus rating of “Buy” and a consensus price target of $155.00.

M/I Homes Company Profile

M/I Homes, Inc, together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.