Ameriprise Financial Inc. boosted its stake in Meritage Homes Corp. (NYSE:MTH) by 3.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 192,887 shares of the company’s stock after buying an additional 7,035 shares during the period. Ameriprise Financial Inc. owned 0.48% of Meritage Homes Corp. worth $7,241,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in MTH. State Street Corp raised its position in Meritage Homes Corp. by 1.9% in the first quarter. State Street Corp now owns 771,458 shares of the company’s stock worth $28,128,000 after buying an additional 14,221 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Meritage Homes Corp. by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 956,765 shares of the company’s stock worth $34,884,000 after buying an additional 13,410 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Meritage Homes Corp. by 31.3% in the first quarter. TIAA CREF Investment Management LLC now owns 221,661 shares of the company’s stock worth $8,082,000 after buying an additional 52,839 shares during the last quarter. James Investment Research Inc. raised its position in Meritage Homes Corp. by 193.6% in the second quarter. James Investment Research Inc. now owns 17,970 shares of the company’s stock worth $675,000 after buying an additional 11,850 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Meritage Homes Corp. by 269.4% in the second quarter. First Trust Advisors LP now owns 46,475 shares of the company’s stock worth $1,745,000 after buying an additional 33,895 shares during the last quarter. 95.16% of the stock is owned by institutional investors.
Meritage Homes Corp. (NYSE:MTH) traded down 1.92% during mid-day trading on Friday, reaching $34.16. The company had a trading volume of 211,889 shares. The firm has a 50-day moving average of $34.75 and a 200 day moving average of $36.18. The company has a market capitalization of $1.37 billion, a PE ratio of 9.93 and a beta of 1.25. Meritage Homes Corp. has a 1-year low of $25.48 and a 1-year high of $41.33.
Meritage Homes Corp. (NYSE:MTH) last posted its earnings results on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.15. Meritage Homes Corp. had a return on equity of 11.36% and a net margin of 5.05%. The company had revenue of $797.90 million for the quarter, compared to the consensus estimate of $747.14 million. During the same quarter in the prior year, the company earned $0.70 earnings per share. Meritage Homes Corp.’s revenue was up 33.5% on a year-over-year basis. On average, analysts predict that Meritage Homes Corp. will post $3.56 earnings per share for the current fiscal year.
A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lowered Meritage Homes Corp. from an “overweight” rating to a “neutral” rating and set a $37.50 target price for the company. in a report on Tuesday, August 2nd. Zacks Investment Research lowered Meritage Homes Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 2nd. TheStreet raised Meritage Homes Corp. from a “hold” rating to a “buy” rating in a report on Friday, June 17th. Credit Suisse Group AG reiterated a “sell” rating and set a $36.00 price target on shares of Meritage Homes Corp. in a research report on Friday, July 29th. Finally, Deutsche Bank AG downgraded Meritage Homes Corp. from a “buy” rating to a “hold” rating and dropped their price target for the company from $41.00 to $38.00 in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $38.50.
Meritage Homes Corp. Company Profile
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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