California State Teachers Retirement System reduced its holdings in Meritage Corporation (NYSE:MTH) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,212 shares of the construction company’s stock after selling 7,100 shares during the quarter. California State Teachers Retirement System owned 0.17% of Meritage Corporation worth $2,879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Riverhead Capital Management LLC increased its stake in Meritage Corporation by 88.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,196 shares of the construction company’s stock worth $135,000 after acquiring an additional 1,496 shares during the last quarter. Sei Investments Co. bought a new position in Meritage Corporation in the 2nd quarter worth about $170,000. Victory Capital Management Inc. increased its stake in Meritage Corporation by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,066 shares of the construction company’s stock worth $172,000 after acquiring an additional 609 shares during the last quarter. Integrated Investment Consultants LLC increased its stake in Meritage Corporation by 37.4% in the 2nd quarter. Integrated Investment Consultants LLC now owns 4,150 shares of the construction company’s stock worth $175,000 after acquiring an additional 1,129 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in Meritage Corporation in the 2nd quarter worth about $202,000. Institutional investors and hedge funds own 99.32% of the company’s stock.

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A number of equities analysts have weighed in on the company. Citigroup Inc. upped their target price on Meritage Corporation from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. UBS AG assumed coverage on Meritage Corporation in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 target price on the stock. Zacks Investment Research lowered Meritage Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Barclays PLC reiterated an “underweight” rating and issued a $38.00 price objective (up from $36.00) on shares of Meritage Corporation in a report on Wednesday, August 2nd. Finally, Deutsche Bank AG upped their price objective on Meritage Corporation from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $43.20.

Meritage Corporation (NYSE:MTH) opened at $47.85 on Friday. The stock has a market capitalization of $1,933.64, a PE ratio of 12.69, a PEG ratio of 1.26 and a beta of 1.50. Meritage Corporation has a fifty-two week low of $31.48 and a fifty-two week high of $50.10. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Meritage Corporation (NYSE:MTH) last issued its earnings results on Friday, October 27th. The construction company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.09. The company had revenue of $805.60 million during the quarter, compared to analysts’ expectations of $827.40 million. Meritage Corporation had a return on equity of 10.81% and a net margin of 5.04%. Meritage Corporation’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 EPS. research analysts anticipate that Meritage Corporation will post 3.8 earnings per share for the current fiscal year.

In related news, EVP Javier Feliciano sold 1,009 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.60% of the company’s stock.

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.

Institutional Ownership by Quarter for Meritage Corporation (NYSE:MTH)

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