Zacks Investment Research Lowers Meritage Homes Corp. (MTH) to Hold
Meritage Homes Corp. (NYSE:MTH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Meritage Homes Corp. is one of the nation’s largest single-family homebuilders. “
Other equities analysts have also issued research reports about the stock. TheStreet upgraded shares of Meritage Homes Corp. from a “hold” rating to a “buy” rating in a research report on Friday, June 17th. Deutsche Bank AG lowered shares of Meritage Homes Corp. from a “buy” rating to a “hold” rating and reduced their price objective for the company from $41.00 to $38.00 in a research report on Tuesday, August 2nd. Zelman & Associates lowered shares of Meritage Homes Corp. from a “buy” rating to a “hold” rating in a research report on Monday, July 11th. Credit Suisse Group AG restated a “hold” rating on shares of Meritage Homes Corp. in a research report on Tuesday, June 28th. Finally, Wells Fargo & Co. started coverage on shares of Meritage Homes Corp. in a research report on Wednesday, September 28th. They set a “market perform” rating for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. Meritage Homes Corp. currently has an average rating of “Hold” and a consensus target price of $38.50.
Meritage Homes Corp. (NYSE:MTH) opened at 34.43 on Wednesday. The company’s 50-day moving average is $34.77 and its 200 day moving average is $36.20. Meritage Homes Corp. has a 12 month low of $25.48 and a 12 month high of $41.33. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 10.01 and a beta of 1.25.
Meritage Homes Corp. (NYSE:MTH) last released its earnings results on Thursday, July 28th. The company reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.15. The firm had revenue of $797.90 million for the quarter, compared to analysts’ expectations of $747.14 million. Meritage Homes Corp. had a net margin of 5.05% and a return on equity of 11.36%. Meritage Homes Corp.’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. On average, equities research analysts predict that Meritage Homes Corp. will post $3.56 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of MTH. FMR LLC boosted its stake in Meritage Homes Corp. by 58.5% in the second quarter. FMR LLC now owns 5,071,042 shares of the company’s stock valued at $190,367,000 after buying an additional 1,870,962 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Meritage Homes Corp. during the second quarter valued at approximately $27,814,000. Prudential Financial Inc. boosted its stake in Meritage Homes Corp. by 494.3% in the first quarter. Prudential Financial Inc. now owns 735,288 shares of the company’s stock valued at $26,808,000 after buying an additional 611,570 shares in the last quarter. Hexavest Inc. boosted its stake in Meritage Homes Corp. by 97.9% in the second quarter. Hexavest Inc. now owns 380,609 shares of the company’s stock valued at $14,288,000 after buying an additional 188,325 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Meritage Homes Corp. by 507.8% in the first quarter. JPMorgan Chase & Co. now owns 187,682 shares of the company’s stock valued at $6,842,000 after buying an additional 156,805 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.
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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