Municipal Employees Retirement System of Michigan boosted its stake in shares of Meritage Corporation (NYSE:MTH) by 42.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,850 shares of the construction company’s stock after purchasing an additional 5,320 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Meritage were worth $792,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sei Investments Co. boosted its position in Meritage by 80.3% during the third quarter. Sei Investments Co. now owns 7,287 shares of the construction company’s stock valued at $324,000 after purchasing an additional 3,245 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Meritage by 63.3% during the third quarter. BNP Paribas Arbitrage SA now owns 20,481 shares of the construction company’s stock valued at $909,000 after purchasing an additional 7,942 shares during the last quarter. Prudential Financial Inc. boosted its position in Meritage by 40.9% during the third quarter. Prudential Financial Inc. now owns 129,698 shares of the construction company’s stock valued at $5,758,000 after purchasing an additional 37,680 shares during the last quarter. IndexIQ Advisors LLC boosted its position in Meritage by 83.0% during the third quarter. IndexIQ Advisors LLC now owns 23,552 shares of the construction company’s stock valued at $1,046,000 after purchasing an additional 10,685 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Meritage by 29.8% during the third quarter. State Board of Administration of Florida Retirement System now owns 23,451 shares of the construction company’s stock valued at $1,041,000 after purchasing an additional 5,389 shares during the last quarter. 98.20% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on MTH shares. Deutsche Bank increased their price target on Meritage from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research lowered Meritage from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Citigroup upped their price objective on Meritage from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. UBS began coverage on Meritage in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 price objective on the stock. Finally, Barclays restated an “underweight” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Meritage in a research note on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $43.20.

Meritage Corporation (NYSE MTH) traded down $0.30 during trading hours on Tuesday, reaching $51.40. The company’s stock had a trading volume of 248,600 shares, compared to its average volume of 302,621. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $2,084.86, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.36 and a beta of 1.50. Meritage Corporation has a 12-month low of $33.40 and a 12-month high of $51.95.

Meritage (NYSE:MTH) last announced its earnings results on Friday, October 27th. The construction company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.09. The company had revenue of $805.60 million for the quarter, compared to analyst estimates of $827.40 million. Meritage had a return on equity of 10.81% and a net margin of 5.04%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. equities research analysts forecast that Meritage Corporation will post 3.8 earnings per share for the current fiscal year.

In other news, EVP Javier Feliciano sold 1,009 shares of the stock in a transaction that occurred on 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 document filed with the SEC, which is available at the SEC website. 5.60% of the stock is currently owned by company insiders.

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Meritage Company Profile

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 (NYSE:MTH)

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