M/I Homes (NYSE:MHO) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

M/I Homes, Inc. (NYSE:MHO)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $133.70 and traded as high as $139.56. M/I Homes shares last traded at $137.0290, with a volume of 155,109 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Citigroup began coverage on M/I Homes in a report on Wednesday, January 7th. They issued an “outperform” rating on the stock. Raymond James Financial upped their price objective on shares of M/I Homes from $150.00 to $155.00 and gave the stock a “strong-buy” rating in a report on Friday, October 24th. Citizens Jmp began coverage on shares of M/I Homes in a report on Wednesday, January 7th. They issued a “market outperform” rating and a $165.00 target price on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of M/I Homes in a research note on Wednesday, October 8th. Finally, Zacks Research raised M/I Homes from a “strong sell” rating to a “hold” rating in a research note on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $160.00.

M/I Homes Stock Down 1.4%

The firm has a market capitalization of $3.58 billion, a P/E ratio of 8.05 and a beta of 1.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 7.15 and a quick ratio of 1.59. The stock has a fifty day moving average of $131.83 and a 200 day moving average of $133.82.

M/I Homes (NYSE:MHO) last issued its quarterly earnings results on Wednesday, October 22nd. The construction company reported $3.92 earnings per share for the quarter, missing analysts’ consensus estimates of $4.37 by ($0.45). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.16 billion. M/I Homes had a return on equity of 15.72% and a net margin of 10.56%.M/I Homes’s quarterly revenue was down 1.4% on a year-over-year basis. On average, research analysts anticipate that M/I Homes, Inc. will post 18.44 EPS for the current fiscal year.

M/I Homes announced that its board has approved a share repurchase program on Wednesday, November 12th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 7.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Trading of M/I Homes

Several hedge funds have recently made changes to their positions in MHO. Royal Bank of Canada grew its stake in shares of M/I Homes by 46.3% during the 1st quarter. Royal Bank of Canada now owns 29,774 shares of the construction company’s stock worth $3,400,000 after acquiring an additional 9,422 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in M/I Homes by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,868 shares of the construction company’s stock worth $1,812,000 after purchasing an additional 703 shares during the period. United Services Automobile Association bought a new position in M/I Homes during the first quarter worth about $205,000. Strs Ohio purchased a new position in shares of M/I Homes in the first quarter worth about $114,000. Finally, Voya Investment Management LLC raised its position in shares of M/I Homes by 34.1% in the first quarter. Voya Investment Management LLC now owns 25,159 shares of the construction company’s stock valued at $2,873,000 after purchasing an additional 6,396 shares during the period. 95.14% of the stock is currently owned by institutional investors.

About M/I Homes

M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.

In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.