Zacks Investment Research lowered shares of Meritage Corporation (NYSE:MTH) from a buy rating to a hold rating in a research note released on Tuesday.
According to Zacks, “Meritage Homes Corp. is one of the nation’s largest single-family homebuilders. “
A number of other equities research analysts also recently commented on the stock. Barclays PLC restated an underweight rating and issued a $38.00 price objective (up previously from $36.00) on shares of Meritage Corporation in a research report on Wednesday, August 2nd. Deutsche Bank AG raised their price objective on shares of Meritage Corporation from $40.00 to $42.00 and gave the company a hold rating in a research report on Wednesday, August 2nd. BidaskClub downgraded shares of Meritage Corporation from a buy rating to a hold rating in a research report on Thursday, July 13th. Bank of America Corporation restated an underperform rating and issued a $38.00 price objective (up previously from $36.00) on shares of Meritage Corporation in a research report on Wednesday, June 28th. Finally, Credit Suisse Group started coverage on shares of Meritage Corporation in a research report on Thursday, June 22nd. They issued a neutral rating and a $40.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $41.13.
Meritage Corporation (NYSE:MTH) opened at 41.00 on Tuesday. The company has a 50 day moving average price of $41.67 and a 200 day moving average price of $40.13. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 11.28 and a beta of 1.46. Meritage Corporation has a 52 week low of $29.70 and a 52 week high of $44.45.
Meritage Corporation (NYSE:MTH) last announced its earnings results on Tuesday, August 1st. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.23. Meritage Corporation had a net margin of 4.94% and a return on equity of 10.74%. The business had revenue of $802.00 million during the quarter, compared to the consensus estimate of $760.39 million. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up .5% compared to the same quarter last year. Analysts expect that Meritage Corporation will post $3.80 EPS for the current fiscal year.
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In other Meritage Corporation news, EVP Javier Feliciano sold 1,009 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of MTH. Ameritas Investment Partners Inc. purchased a new position in Meritage Corporation in the first quarter valued at about $122,000. Public Employees Retirement System of Ohio increased its holdings in Meritage Corporation 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 buying an additional 328 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Meritage Corporation by 64.9% in the first quarter. Victory Capital Management Inc. now owns 3,457 shares of the construction company’s stock valued at $127,000 after buying an additional 1,361 shares in the last quarter. Riverhead Capital Management LLC increased its holdings in Meritage Corporation 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 buying an additional 1,496 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd increased its holdings in Meritage Corporation by 3,388.6% in the first quarter. Point72 Asia Hong Kong Ltd now owns 3,977 shares of the construction company’s stock valued at $146,000 after buying an additional 3,863 shares in the last quarter. 98.18% of the stock is owned by institutional investors.
About Meritage Corporation
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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