Meritage Homes (NYSE:MTH) Issues FY24 Earnings Guidance

Meritage Homes (NYSE:MTH) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $19.20-20.70 for the period, compared to the consensus estimate of $17.84. The company issued revenue guidance of $6.0-6.2 billion, compared to the consensus revenue estimate of $6.07 billion. Meritage Homes also updated its FY 2024 guidance to 19.200-20.700 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MTH. Wedbush reissued an underperform rating and set a $148.00 price objective on shares of Meritage Homes in a report on Thursday. Seaport Res Ptn cut shares of Meritage Homes from a buy rating to a neutral rating in a research note on Monday, January 22nd. Zelman & Associates upgraded shares of Meritage Homes from a neutral rating to an outperform rating in a report on Monday, February 26th. The Goldman Sachs Group boosted their price target on Meritage Homes from $151.00 to $182.00 and gave the company a neutral rating in a research note on Thursday, January 11th. Finally, StockNews.com lowered Meritage Homes from a buy rating to a hold rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $172.67.

Meritage Homes Trading Up 6.7 %

Shares of MTH traded up $10.41 during mid-day trading on Thursday, reaching $165.10. 507,271 shares of the company’s stock traded hands, compared to its average volume of 400,883. Meritage Homes has a 12 month low of $109.23 and a 12 month high of $179.68. The stock has a market cap of $6.00 billion, a P/E ratio of 8.25 and a beta of 1.77. The stock’s 50-day moving average is $159.01 and its two-hundred day moving average is $152.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.77 and a quick ratio of 1.77.

Meritage Homes (NYSE:MTH) last issued its earnings results on Wednesday, April 24th. The construction company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $3.54 by $1.52. Meritage Homes had a net margin of 12.03% and a return on equity of 17.03%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.28 billion. Research analysts forecast that Meritage Homes will post 17.78 earnings per share for the current fiscal year.

Meritage Homes Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.75 dividend. The ex-dividend date was Thursday, March 14th. This is a boost from Meritage Homes’s previous quarterly dividend of $0.27. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. Meritage Homes’s dividend payout ratio (DPR) is 15.06%.

Insiders Place Their Bets

In related news, CEO Phillippe Lord sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $162.79, for a total value of $406,975.00. Following the sale, the chief executive officer now owns 100,266 shares in the company, valued at $16,322,302.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Meritage Homes news, CEO Phillippe Lord sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $162.79, for a total value of $406,975.00. Following the completion of the transaction, the chief executive officer now directly owns 100,266 shares of the company’s stock, valued at $16,322,302.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Alison Sasser sold 355 shares of Meritage Homes stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $152.61, for a total transaction of $54,176.55. Following the completion of the transaction, the chief accounting officer now directly owns 869 shares of the company’s stock, valued at approximately $132,618.09. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,998 shares of company stock valued at $635,171. Insiders own 2.00% of the company’s stock.

About Meritage Homes

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached 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 entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.