Meritage Corporation (MTH) Downgraded to “Hold” at Zacks Investment Research

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.

Analyst Recommendations for Meritage Corporation (NYSE:MTH)

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