New York State Common Retirement Fund trimmed its holdings in shares of Meritage Homes Co. (NYSE:MTH – Get Rating) by 1.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 240,450 shares of the construction company’s stock after selling 4,056 shares during the period. New York State Common Retirement Fund owned about 0.66% of Meritage Homes worth $19,051,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Byrne Asset Management LLC purchased a new stake in Meritage Homes during the fourth quarter valued at about $28,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Meritage Homes by 45.3% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 388 shares of the construction company’s stock worth $47,000 after purchasing an additional 121 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Meritage Homes by 103.8% during the first quarter. Exchange Traded Concepts LLC now owns 597 shares of the construction company’s stock worth $47,000 after purchasing an additional 304 shares during the period. Covestor Ltd purchased a new stake in shares of Meritage Homes during the fourth quarter worth about $78,000. Finally, FinTrust Capital Advisors LLC boosted its holdings in shares of Meritage Homes by 178.5% during the first quarter. FinTrust Capital Advisors LLC now owns 1,086 shares of the construction company’s stock worth $86,000 after purchasing an additional 696 shares during the period. 97.11% of the stock is currently owned by hedge funds and other institutional investors.
Meritage Homes Stock Performance
Shares of NYSE MTH opened at $86.94 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.07 and a current ratio of 0.74. The company has a market cap of $3.18 billion, a P/E ratio of 3.61 and a beta of 1.61. The firm’s fifty day moving average is $80.25 and its two-hundred day moving average is $86.05. Meritage Homes Co. has a 52-week low of $62.51 and a 52-week high of $125.01.
Meritage Homes (NYSE:MTH – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The construction company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.86 by $0.91. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.38 billion. Meritage Homes had a net margin of 16.53% and a return on equity of 29.09%. Meritage Homes’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.36 EPS. As a group, analysts anticipate that Meritage Homes Co. will post 26.6 EPS for the current fiscal year.
Analyst Ratings Changes
A number of analysts have recently weighed in on the stock. TheStreet lowered shares of Meritage Homes from a “b-” rating to a “c” rating in a report on Wednesday, April 27th. Wells Fargo & Company downgraded shares of Meritage Homes from an “equal weight” rating to an “underweight” rating and set a $65.00 price target for the company. in a research note on Friday, June 17th. Wolfe Research downgraded shares of Meritage Homes from an “outperform” rating to a “market perform” rating in a research note on Friday, May 13th. StockNews.com downgraded shares of Meritage Homes from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. Finally, The Goldman Sachs Group decreased their price target on shares of Meritage Homes from $100.00 to $83.00 and set a “neutral” rating for the company in a research note on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $109.14.
Meritage Homes Company Profile
Meritage Homes Corporation, together with its subsidiaries, 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.
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