Meritage Corporation (NYSE:MTH) Posts Quarterly Earnings Results

Meritage Corporation (NYSE:MTH) posted its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.75 by $0.23, Bloomberg Earnings reports. The firm had revenue of $802 million during the quarter, compared to analyst estimates of $760.39 million. Meritage Corporation had a net margin of 4.94% and a return on equity of 10.74%. Meritage Corporation’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 EPS.

Meritage Corporation (NYSE MTH) traded up 0.35% during mid-day trading on Friday, hitting $42.60. 228,646 shares of the stock traded hands. Meritage Corporation has a 12-month low of $29.70 and a 12-month high of $44.45. The company has a 50 day moving average of $42.30 and a 200-day moving average of $38.98. The stock has a market cap of $1.72 billion, a PE ratio of 11.72 and a beta of 1.47.

Several research firms recently commented on MTH. Barclays PLC reiterated an “underweight” rating and set a $38.00 price objective (up previously from $36.00) on shares of Meritage Corporation in a research note on Wednesday, August 2nd. Deutsche Bank AG upped their price target on shares of Meritage Corporation from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub lowered shares of Meritage Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Zacks Investment Research upgraded shares of Meritage Corporation from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Wednesday, July 5th. Finally, Bank of America Corporation restated an “underperform” rating and set a $38.00 price target (up previously from $36.00) on shares of Meritage Corporation in a research note on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $41.13.

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In other news, EVP Javier Feliciano sold 1,009 shares of Meritage Corporation stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $35.55, for a total value of $35,869.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP C Timothy White sold 7,500 shares of Meritage Corporation stock in a transaction on Monday, May 15th. The shares were sold at an average price of $41.36, for a total transaction of $310,200.00. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Meritage Corporation during the fourth quarter valued at about $21,160,000. Teachers Advisors LLC boosted its position in shares of Meritage Corporation by 5.2% in the fourth quarter. Teachers Advisors LLC now owns 72,410 shares of the construction company’s stock valued at $2,520,000 after buying an additional 3,598 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Meritage Corporation by 11.6% in the fourth quarter. Macquarie Group Ltd. now owns 1,384,869 shares of the construction company’s stock valued at $48,193,000 after buying an additional 144,007 shares in the last quarter. Americafirst Capital Management LLC purchased a new position in shares of Meritage Corporation during the first quarter valued at about $343,000. Finally, Louisiana State Employees Retirement System boosted its position in shares of Meritage Corporation by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,400 shares of the construction company’s stock valued at $567,000 after buying an additional 300 shares in the last quarter. 97.13% of the stock is currently owned by institutional investors and hedge funds.

Meritage Corporation Company Profile

Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services.

Earnings History for Meritage Corporation (NYSE:MTH)

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