Royal Bank of Canada Boosts Stake in Meritage Homes Corp (NYSE:MTH)

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Royal Bank of Canada lifted its holdings in Meritage Homes Corp (NYSE:MTH) by 65.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,659 shares of the construction company’s stock after purchasing an additional 1,052 shares during the quarter. Royal Bank of Canada’s holdings in Meritage Homes were worth $137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the company. UBS Group AG lifted its position in shares of Meritage Homes by 297.5% in the second quarter. UBS Group AG now owns 201,179 shares of the construction company’s stock worth $10,329,000 after buying an additional 150,569 shares in the last quarter. United Services Automobile Association lifted its position in shares of Meritage Homes by 48.2% in the second quarter. United Services Automobile Association now owns 8,658 shares of the construction company’s stock worth $445,000 after buying an additional 2,814 shares in the last quarter. Nuveen Asset Management LLC raised its position in Meritage Homes by 564.7% during the second quarter. Nuveen Asset Management LLC now owns 260,378 shares of the construction company’s stock valued at $13,368,000 after purchasing an additional 221,205 shares during the period. Victory Capital Management Inc. raised its position in Meritage Homes by 13.0% during the second quarter. Victory Capital Management Inc. now owns 696,210 shares of the construction company’s stock valued at $35,743,000 after purchasing an additional 79,976 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Meritage Homes by 1.9% during the second quarter. UBS Asset Management Americas Inc. now owns 40,920 shares of the construction company’s stock valued at $2,101,000 after purchasing an additional 754 shares during the period. Hedge funds and other institutional investors own 94.99% of the company’s stock.

In other news, Director Raymond Oppel sold 6,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $65.11, for a total value of $390,660.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dana Bradford sold 9,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $75.80, for a total value of $682,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,399 shares of company stock worth $6,484,169. Company insiders own 6.10% of the company’s stock.

MTH has been the topic of a number of recent research reports. Citigroup upgraded Meritage Homes from a “neutral” rating to a “buy” rating and upped their price objective for the company from $55.00 to $63.00 in a research report on Thursday, July 25th. Zacks Investment Research upgraded Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective on the stock in a research report on Monday, July 29th. Wells Fargo & Co upped their price objective on Meritage Homes from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Thursday, October 24th. ValuEngine downgraded Meritage Homes from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. upgraded Meritage Homes from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $54.50 to $67.50 in a research report on Wednesday, September 11th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Meritage Homes presently has an average rating of “Buy” and a consensus price target of $61.45.

Shares of NYSE MTH traded up $0.84 during midday trading on Friday, hitting $72.93. The company’s stock had a trading volume of 375,557 shares, compared to its average volume of 496,734. The company has a current ratio of 1.30, a quick ratio of 1.48 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average is $71.74 and its two-hundred day moving average is $59.75. Meritage Homes Corp has a 12-month low of $33.57 and a 12-month high of $76.83. The firm has a market cap of $2.76 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.50 and a beta of 1.00.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings results on Tuesday, October 22nd. The construction company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.30. Meritage Homes had a return on equity of 12.42% and a net margin of 6.29%. The firm had revenue of $940.90 million for the quarter, compared to the consensus estimate of $930.41 million. During the same period in the prior year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts predict that Meritage Homes Corp will post 5.68 earnings per share for the current fiscal 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.

Read More: Intrinsic Value and Stock Selection

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Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

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