Meritage Corporation (NYSE:MTH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Meritage Homes Corp. is one of the nation’s largest single-family homebuilders. “

Several other brokerages also recently commented on MTH. Barclays PLC reaffirmed an “underweight” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Meritage Corporation in a research report on Wednesday, August 2nd. Deutsche Bank AG upped their price objective on Meritage Corporation from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub downgraded Meritage Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Bank of America Corporation reaffirmed an “underperform” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Meritage Corporation in a research report on Wednesday, June 28th. Finally, Credit Suisse Group assumed coverage on Meritage Corporation in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $40.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $41.13.

Shares of Meritage Corporation (NYSE:MTH) opened at 40.90 on Tuesday. The company has a market cap of $1.65 billion, a PE ratio of 11.25 and a beta of 1.46. Meritage Corporation has a 12-month low of $29.70 and a 12-month high of $44.45. The company has a 50-day moving average of $41.66 and a 200 day moving average of $40.09.

Meritage Corporation (NYSE:MTH) last announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.23. The company had revenue of $802.00 million for the quarter, compared to the consensus estimate of $760.39 million. Meritage Corporation had a return on equity of 10.74% and a net margin of 4.94%. Meritage Corporation’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. On average, equities research analysts expect that Meritage Corporation will post $3.80 EPS for the current year.

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In other news, EVP Javier Feliciano sold 1,009 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio grew its position in shares of Meritage Corporation by 12.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,909 shares of the construction company’s stock worth $123,000 after buying an additional 328 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of Meritage Corporation during the 2nd quarter worth $346,000. Cubist Systematic Strategies LLC grew its position in shares of Meritage Corporation by 54.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 11,339 shares of the construction company’s stock worth $479,000 after buying an additional 4,001 shares in the last quarter. Earnest Partners LLC grew its position in shares of Meritage Corporation by 23.8% during the 2nd quarter. Earnest Partners LLC now owns 1,715,636 shares of the construction company’s stock worth $72,400,000 after buying an additional 329,380 shares in the last quarter. Finally, State Street Corp grew its position in shares of Meritage Corporation by 4.0% during the 2nd quarter. State Street Corp now owns 971,730 shares of the construction company’s stock worth $41,009,000 after buying an additional 37,121 shares in the last quarter. 98.18% of the stock is currently owned by institutional investors and hedge funds.

About Meritage Corporation

Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services.

Analyst Recommendations for Meritage Corporation (NYSE:MTH)

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