Meritage Homes Corp. (MTH) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Meritage Homes Corp. (NYSE:MTH) from a hold rating to a buy rating in a research note published on Wednesday morning. The brokerage currently has $38.00 price objective on the stock.
According to Zacks, “Meritage Homes Corp. is one of the nation’s largest single-family homebuilders. “
Several other equities research analysts have also recently commented on the company. Credit Suisse Group AG cut Meritage Homes Corp. from a neutral rating to an underperform rating and set a $36.00 target price on the stock. in a report on Monday, July 11th. Zelman & Associates cut Meritage Homes Corp. from a buy rating to a hold rating in a report on Monday, July 11th. FBR & Co boosted their target price on Meritage Homes Corp. from $36.00 to $41.00 and gave the stock a market perform rating in a report on Friday, July 29th. Deutsche Bank AG cut Meritage Homes Corp. from a buy rating to a hold rating and dropped their price target for the company from $41.00 to $38.00 in a report on Tuesday, August 2nd. Finally, TheStreet cut Meritage Homes Corp. from a buy rating to a hold rating in a report on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $38.50.
Meritage Homes Corp. (NYSE:MTH) traded down 0.35% on Wednesday, hitting $34.49. The stock had a trading volume of 84,592 shares. The company’s 50-day moving average is $34.86 and its 200-day moving average is $36.22. The stock has a market cap of $1.38 billion, a P/E ratio of 10.03 and a beta of 1.38. Meritage Homes Corp. has a one year low of $25.48 and a one year high of $41.33.
Meritage Homes Corp. (NYSE:MTH) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.15. Meritage Homes Corp. had a return on equity of 11.36% and a net margin of 5.05%. The business earned $797.90 million during the quarter, compared to the consensus estimate of $747.14 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue was up 33.5% on a year-over-year basis. On average, analysts anticipate that Meritage Homes Corp. will post $3.56 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTH. Louisiana State Employees Retirement System raised its position in Meritage Homes Corp. by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the company’s stock worth $619,000 after buying an additional 100 shares in the last quarter. BlackRock Advisors LLC raised its position in shares of Meritage Homes Corp. by 0.8% in the second quarter. BlackRock Advisors LLC now owns 17,906 shares of the company’s stock worth $672,000 after buying an additional 137 shares in the last quarter. PineBridge Investments L.P. raised its position in shares of 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 in the last quarter. Arizona State Retirement System raised its position in shares of Meritage Homes Corp. by 1.6% in the second quarter. Arizona State Retirement System now owns 19,328 shares of the company’s stock worth $726,000 after buying an additional 300 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Meritage Homes Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 5,270 shares of the company’s stock worth $198,000 after buying an additional 639 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.
Meritage Homes Corp. Company Profile
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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