Wells Fargo & Co. Begins Coverage on Meritage Homes Corp. (MTH)
Equities researchers at Wells Fargo & Co. initiated coverage on shares of Meritage Homes Corp. (NYSE:MTH) in a research report issued on Wednesday. The firm set a “market perform” rating on the stock.
Several other analysts also recently commented on MTH. Credit Suisse Group AG reissued a “hold” rating on shares of Meritage Homes Corp. in a research note on Tuesday, June 28th. Zacks Investment Research raised Meritage Homes Corp. from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Wednesday, July 6th. TheStreet raised Meritage Homes Corp. from a “hold” rating to a “buy” rating in a research note on Friday, June 17th. JMP Securities reissued a “market perform” rating on shares of Meritage Homes Corp. in a research note on Friday, June 24th. Finally, JPMorgan Chase & Co. downgraded Meritage Homes Corp. from an “overweight” rating to a “neutral” rating and set a $37.50 price target for the company. in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $38.50.
Shares of Meritage Homes Corp. (NYSE:MTH) traded up 0.73% during trading on Wednesday, reaching $34.61. The company’s stock had a trading volume of 230,164 shares. The stock has a 50-day moving average of $34.89 and a 200-day moving average of $36.23. The stock has a market cap of $1.39 billion, a P/E ratio of 10.06 and a beta of 1.38. Meritage Homes Corp. has a 52-week low of $25.48 and a 52-week high of $41.33.
Meritage Homes Corp. (NYSE:MTH) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.80 by $0.15. The firm earned $797.90 million during the quarter, compared to the consensus estimate of $747.14 million. Meritage Homes Corp. had a return on equity of 11.36% and a net margin of 5.05%. The company’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 earnings per share. Analysts predict that Meritage Homes Corp. will post $3.56 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Meritage Homes Corp. by 86.4% in the first quarter. BlackRock Inc. now owns 3,053 shares of the company’s stock valued at $112,000 after buying an additional 1,415 shares during the period. Rocky Mountain Advisers LLC bought a new position in Meritage Homes Corp. during the second quarter worth approximately $113,000. Bank of Montreal Can bought a new position in Meritage Homes Corp. during the second quarter worth approximately $168,000. C M Bidwell & Associates Ltd. bought a new position in Meritage Homes Corp. during the second quarter worth approximately $173,000. Finally, PineBridge Investments L.P. raised its position in Meritage Homes Corp. by 4.4% in the second quarter. PineBridge Investments L.P. now owns 4,719 shares of the company’s stock worth $177,000 after buying an additional 198 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.
About Meritage Homes Corp.
Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family detached homes. It operates in two segments: homebuilding and financial services. It offers a range of homes that are designed to offer to a range of homebuyers. It has homebuilding operations in over three regions: West, which includes Arizona, California Central and East; Central region, which includes Texas, and the East region includes Florida, Georgia, North Carolina, South Carolina and Tennessee.
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