State Street Corp Raises Stake in Meritage Corporation (NYSE:MTH)

State Street Corp raised its stake in Meritage Corporation (NYSE:MTH) by 11.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 934,609 shares of the construction company’s stock after buying an additional 98,150 shares during the period. State Street Corp owned about 2.32% of Meritage Corporation worth $34,391,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MTH. State of Alaska Department of Revenue increased its stake in Meritage Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 4,160 shares of the construction company’s stock valued at $153,000 after buying an additional 90 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in 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 during the last quarter. Arizona State Retirement System boosted its position in Meritage Corporation by 1.6% in the first quarter. Arizona State Retirement System now owns 19,628 shares of the construction company’s stock valued at $722,000 after buying an additional 300 shares during the last quarter. SG Americas Securities LLC boosted its position in Meritage Corporation by 8.1% in the first quarter. SG Americas Securities LLC now owns 4,428 shares of the construction company’s stock valued at $163,000 after buying an additional 331 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Meritage Corporation by 0.9% in the first quarter. Prudential Financial Inc. now owns 64,978 shares of the construction company’s stock valued at $2,391,000 after buying an additional 570 shares during the last quarter. 97.10% of the stock is owned by institutional investors and hedge funds.

Meritage Corporation (NYSE:MTH) opened at 42.10 on Friday. Meritage Corporation has a 1-year low of $29.70 and a 1-year high of $44.45. The company has a market capitalization of $1.70 billion, a PE ratio of 11.59 and a beta of 1.47. The company has a 50 day moving average of $42.52 and a 200 day moving average of $39.19.

Meritage Corporation (NYSE:MTH) last issued its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.23. Meritage Corporation had a return on equity of 10.74% and a net margin of 4.94%. The business had revenue of $802 million for the quarter, compared to the consensus estimate of $760.39 million. During the same period in the prior year, the business posted $0.95 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. On average, analysts predict that Meritage Corporation will post $3.80 earnings per share for the current fiscal year.

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MTH has been the subject of a number of recent research reports. Barclays PLC restated an “underweight” rating and issued 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 increased their target price on shares of Meritage Corporation from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Bank of America Corporation reiterated an “underperform” rating and set a $38.00 target price (up previously from $36.00) on shares of Meritage Corporation in a research report on Wednesday, June 28th. Zacks Investment Research lowered shares of Meritage Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, BidaskClub lowered shares of Meritage Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $41.13.

In other Meritage Corporation news, EVP Javier Feliciano sold 1,009 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.60% of the company’s stock.

About Meritage Corporation

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.

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

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