Meritage Homes Corp. (NYSE:MTH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $38.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.27% from the stock’s current price.
According to Zacks, “Meritage Homes Corp. is one of the nation’s largest single-family homebuilders. “
Several other analysts have also recently weighed in on MTH. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Meritage Homes Corp. in a research report on Tuesday, June 28th. TheStreet raised Meritage Homes Corp. from a “hold” rating to a “buy” rating in a research report on Friday, June 17th. JPMorgan Chase & Co. cut Meritage Homes Corp. from an “overweight” rating to a “neutral” rating and set a $37.50 price objective on the stock. in a research report on Tuesday, August 2nd. JMP Securities reissued a “market perform” rating on shares of Meritage Homes Corp. in a research report on Friday, June 24th. Finally, Deutsche Bank AG cut Meritage Homes Corp. from a “buy” rating to a “hold” rating and dropped their price target for the stock from $41.00 to $38.00 in a research report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $38.50.
Shares of Meritage Homes Corp. (NYSE:MTH) opened at 34.15 on Wednesday. Meritage Homes Corp. has a 12 month low of $25.48 and a 12 month high of $41.33. The stock has a market capitalization of $1.37 billion, a P/E ratio of 9.93 and a beta of 1.38. The company’s 50 day moving average price is $34.83 and its 200-day moving average price is $36.20.
Meritage Homes Corp. (NYSE:MTH) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.15. The business had revenue of $797.90 million for the quarter, compared to analysts’ expectations of $747.14 million. Meritage Homes Corp. had a return on equity of 11.36% and a net margin of 5.05%. The business’s revenue was up 33.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. Equities analysts predict that Meritage Homes Corp. will post $3.56 earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Meritage Homes Corp. by 86.4% in the first quarter. BlackRock Inc. now owns 3,053 shares of the company’s stock worth $112,000 after buying an additional 1,415 shares in the last quarter. Rocky Mountain Advisers LLC bought a new stake in shares of Meritage Homes Corp. during the second quarter worth $113,000. Bank of Montreal Can bought a new stake in shares of Meritage Homes Corp. during the second quarter worth $168,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Meritage Homes Corp. during the second quarter worth $173,000. Finally, PineBridge Investments L.P. raised its stake in shares of Meritage Homes Corp. by 4.4% in the second quarter. PineBridge Investments L.P. now owns 4,719 shares of the company’s stock worth $177,000 after buying an additional 198 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.
About Meritage Homes Corp.
Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family detached homes. It operates in two segments: homebuilding and financial services. It offers a range of homes that are designed to offer to a range of homebuyers. It has homebuilding operations in over three regions: West, which includes Arizona, California Central and East; Central region, which includes Texas, and the East region includes Florida, Georgia, North Carolina, South Carolina and Tennessee.
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