Meritage Homes Corp (NYSE:MTH) Given Consensus Rating of “Buy” by Brokerages

Meritage Homes Corp (NYSE:MTH) has earned a consensus recommendation of “Buy” from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $54.29.

A number of equities research analysts recently weighed in on MTH shares. Zacks Investment Research upgraded Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective for the company in a research note on Monday, July 29th. Citigroup upgraded Meritage Homes from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $55.00 to $63.00 in a research note on Thursday, July 25th. ValuEngine cut Meritage Homes from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upgraded Meritage Homes from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $54.50 to $67.50 in a research note on Wednesday, September 11th. Finally, Bank of America upped their price objective on Meritage Homes from $79.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday.

In other Meritage Homes news, Director Gerald W. Haddock sold 5,000 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $62.87, for a total value of $314,350.00. Following the completion of the sale, the director now directly owns 37,000 shares in the company, valued at $2,326,190. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Steven J. Hilton sold 420,974 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $63.09, for a total value of $26,559,249.66. The disclosure for this sale can be found here. Insiders have sold a total of 702,425 shares of company stock valued at $44,685,523 over the last 90 days. 6.10% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in MTH. Victory Capital Management Inc. raised its stake in Meritage Homes by 6,014.0% in the first quarter. Victory Capital Management Inc. now owns 616,234 shares of the construction company’s stock valued at $27,552,000 after buying an additional 606,155 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Meritage Homes by 564.7% in the second quarter. Nuveen Asset Management LLC now owns 260,378 shares of the construction company’s stock valued at $13,368,000 after buying an additional 221,205 shares during the last quarter. Dalton Greiner Hartman Maher & Co. purchased a new stake in Meritage Homes in the second quarter valued at about $9,919,000. JPMorgan Chase & Co. raised its stake in Meritage Homes by 574.8% in the second quarter. JPMorgan Chase & Co. now owns 214,888 shares of the construction company’s stock valued at $10,917,000 after buying an additional 183,044 shares during the last quarter. Finally, UBS Group AG raised its stake in Meritage Homes by 297.5% in the second quarter. UBS Group AG now owns 201,179 shares of the construction company’s stock valued at $10,329,000 after buying an additional 150,569 shares during the last quarter. Institutional investors own 94.79% of the company’s stock.

Shares of MTH stock traded down $0.29 during mid-day trading on Friday, hitting $70.30. The stock had a trading volume of 540,842 shares, compared to its average volume of 501,747. Meritage Homes has a 12-month low of $32.02 and a 12-month high of $71.32. The firm has a market capitalization of $2.66 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03. The firm’s 50-day moving average is $64.77 and its two-hundred day moving average is $53.88. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.48 and a quick ratio of 1.48.

Meritage Homes (NYSE:MTH) last issued its earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.28. Meritage Homes had a return on equity of 11.81% and a net margin of 5.94%. The business had revenue of $864.60 million during the quarter, compared to analysts’ expectations of $808.02 million. During the same period in the prior year, the business earned $1.32 EPS. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. Analysts expect that Meritage Homes will post 5.41 EPS for the current year.

About Meritage Homes

Meritage Homes Corporation designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for first-time and first move-up buyers. The company also offers luxury homes; and title insurance and closing/settlement services to its homebuyers.

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Analyst Recommendations for Meritage Homes (NYSE:MTH)

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