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.
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