Wedge Capital Management L L P NC lessened its stake in Meritage Homes Corp (NYSE:MTH) by 37.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,765 shares of the construction company’s stock after selling 2,292 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Meritage Homes were worth $265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. raised its position in Meritage Homes by 352.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 141,627 shares of the construction company’s stock worth $9,855,000 after buying an additional 110,328 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new position in Meritage Homes in the 3rd quarter worth about $733,000. Sciencast Management LP purchased a new position in Meritage Homes in the 3rd quarter worth about $693,000. Comerica Bank raised its position in Meritage Homes by 37.9% in the 3rd quarter. Comerica Bank now owns 46,676 shares of the construction company’s stock worth $3,565,000 after buying an additional 12,823 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Meritage Homes by 72.4% in the 3rd quarter. California Public Employees Retirement System now owns 78,575 shares of the construction company’s stock worth $5,528,000 after buying an additional 32,996 shares during the last quarter. 94.96% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the company. Wells Fargo & Co boosted their target price on Meritage Homes from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday, October 24th. Bank of America boosted their target price on Meritage Homes from $79.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Zacks Investment Research raised Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 target price for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. raised Meritage Homes from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $54.50 to $67.50 in a research report on Wednesday, September 11th. Finally, ValuEngine lowered Meritage Homes from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Meritage Homes has a consensus rating of “Buy” and a consensus target price of $61.45.
Shares of Meritage Homes stock traded up $0.29 during trading hours on Friday, reaching $67.72. 364,150 shares of the stock traded hands, compared to its average volume of 447,817. The company has a 50 day moving average price of $71.78 and a 200 day moving average price of $60.47. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 1.41 and a beta of 1.00. Meritage Homes Corp has a one year low of $33.57 and a one year high of $76.83. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.70.
Meritage Homes (NYSE:MTH) last released its quarterly earnings results on Tuesday, October 22nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.30. The business had revenue of $940.90 million during the quarter, compared to the consensus estimate of $930.41 million. Meritage Homes had a return on equity of 12.42% and a net margin of 6.29%. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. Sell-side analysts anticipate that Meritage Homes Corp will post 5.68 earnings per share for the current 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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