Meritage Homes Corp (NYSE:MTH) Short Interest Up 20.8% in November

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Meritage Homes Corp (NYSE:MTH) was the recipient of a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 1,860,000 shares, a growth of 20.8% from the November 14th total of 1,540,000 shares. Based on an average daily volume of 485,000 shares, the short-interest ratio is currently 3.8 days. Currently, 5.0% of the shares of the company are sold short.

MTH has been the subject of a number of research analyst reports. Evercore ISI reaffirmed a “hold” rating and issued a $76.00 price target on shares of Meritage Homes in a research note on Thursday, November 21st. JPMorgan Chase & Co. raised shares of Meritage Homes from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $54.50 to $67.50 in a research note on Wednesday, September 11th. ValuEngine lowered shares of Meritage Homes from a “hold” rating to a “sell” rating in a research note on Thursday, November 28th. Wells Fargo & Co upped their price target on shares of Meritage Homes from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Thursday, October 24th. Finally, Bank of America upped their price target on shares of Meritage Homes from $79.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $62.66.

In other Meritage Homes news, Director R. Odell Michael sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $72.50, for a total transaction of $362,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dana Bradford sold 9,000 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $75.80, for a total transaction of $682,200.00. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in MTH. Man Group plc lifted its stake in Meritage Homes by 244.5% during the third quarter. Man Group plc now owns 479,456 shares of the construction company’s stock valued at $33,730,000 after purchasing an additional 340,268 shares during the last quarter. Nuveen Asset Management LLC lifted its stake 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 last quarter. Voya Investment Management LLC lifted its stake in Meritage Homes by 1,042.4% during the third quarter. Voya Investment Management LLC now owns 240,339 shares of the construction company’s stock valued at $16,908,000 after purchasing an additional 219,301 shares during the last quarter. Dalton Greiner Hartman Maher & Co. acquired a new stake in Meritage Homes during the second quarter valued at approximately $9,919,000. Finally, JPMorgan Chase & Co. lifted its stake in Meritage Homes by 574.8% during the second quarter. JPMorgan Chase & Co. now owns 214,888 shares of the construction company’s stock valued at $10,917,000 after purchasing an additional 183,044 shares during the last quarter. 98.29% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:MTH traded up $0.42 during trading on Friday, reaching $64.64. The company had a trading volume of 406,876 shares, compared to its average volume of 425,136. The firm’s fifty day moving average is $68.93 and its 200 day moving average is $63.22. The firm has a market capitalization of $2.57 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 1.31 and a beta of 0.94. Meritage Homes has a twelve month low of $33.57 and a twelve month high of $76.83. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.30 and a current ratio of 1.30.

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 analysts’ consensus estimates of $1.49 by $0.30. The company had revenue of $940.90 million during the quarter, compared to analyst estimates of $930.41 million. Meritage Homes had a net margin of 6.29% and a return on equity of 12.42%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.33 EPS. Equities analysts predict that Meritage Homes 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.

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