Meritage Homes (MTH) Trading Up 0% After Strong Earnings

Meritage Homes Co. (NYSE:MTH) was up 0% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $46.53 and last traded at $45.80. Approximately 971,541 shares traded hands during mid-day trading, an increase of 121% from the average daily volume of 440,214 shares. The stock had previously closed at $45.80.

The construction company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.34. Meritage Homes had a return on equity of 10.76% and a net margin of 4.44%. The business had revenue of $742.56 million during the quarter, compared to analysts’ expectations of $707.37 million. During the same quarter in the prior year, the firm earned $0.56 EPS. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year.

A number of equities analysts have issued reports on MTH shares. Citigroup raised Meritage Homes from a “neutral” rating to a “buy” rating and set a $51.00 target price for the company in a report on Monday, January 8th. Zacks Investment Research cut Meritage Homes from a “hold” rating to a “sell” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $50.00 target price on shares of Meritage Homes in a report on Wednesday, March 21st. JMP Securities increased their price target on Meritage Homes from $55.00 to $57.00 and gave the company a “market outperform” rating in a research note on Friday, February 2nd. Finally, Credit Suisse Group raised Meritage Homes from a “neutral” rating to an “outperform” rating and increased their price target for the company from $52.00 to $60.00 in a research note on Monday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $51.82.

In other news, CFO Hilla Sferruzza sold 589 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $45.20, for a total value of $26,622.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP C Timothy White sold 7,333 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $45.20, for a total value of $331,451.60. Following the completion of the sale, the executive vice president now directly owns 48,705 shares of the company’s stock, valued at approximately $2,201,466. The disclosure for this sale can be found here. In the last three months, insiders sold 25,968 shares of company stock valued at $1,149,987. Insiders own 5.60% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Xact Kapitalforvaltning AB acquired a new stake in Meritage Homes during the fourth quarter worth approximately $232,000. Virtu Financial LLC acquired a new stake in Meritage Homes during the fourth quarter worth approximately $240,000. BlueCrest Capital Management Ltd acquired a new stake in Meritage Homes during the fourth quarter worth approximately $319,000. Two Sigma Advisers LP acquired a new stake in Meritage Homes during the fourth quarter worth approximately $340,000. Finally, Connable Office Inc. grew its stake in Meritage Homes by 23.2% during the fourth quarter. Connable Office Inc. now owns 7,482 shares of the construction company’s stock worth $383,000 after purchasing an additional 1,407 shares during the period. 95.30% of the stock is owned by institutional investors.

The company has a market capitalization of $1,726.16, a P/E ratio of 11.80, a P/E/G ratio of 0.63 and a beta of 1.19. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.87 and a quick ratio of 0.87.

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 various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.

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