Meritage Homes (NYSE:MTH) Given New $85.00 Price Target at UBS Group

Meritage Homes (NYSE:MTH) had its target price decreased by equities research analysts at UBS Group from $88.00 to $85.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. UBS Group‘s target price points to a potential upside of 32.01% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Meritage Homes from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings cut shares of Meritage Homes from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 18th. Zelman & Associates downgraded shares of Meritage Homes from an “outperform” rating to a “neutral” rating in a research report on Tuesday, July 7th. Truist Financial decreased their price target on shares of Meritage Homes from $72.00 to $65.00 and set a “hold” rating for the company in a report on Friday. Finally, Evercore set a $65.00 price objective on shares of Meritage Homes in a research report on Friday, September 25th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $72.44.

Meritage Homes Trading Down 0.1%

Shares of NYSE MTH opened at $64.39 on Friday. The stock’s 50 day moving average price is $64.29 and its two-hundred day moving average price is $69.02. Meritage Homes has a 52-week low of $56.66 and a 52-week high of $85.38. The stock has a market capitalization of $4.20 billion, a P/E ratio of 14.54, a PEG ratio of 4.83 and a beta of 1.33. The company has a quick ratio of 1.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.37.

Meritage Homes (NYSE:MTH) last issued its earnings results on Wednesday, October 28th. The construction company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.06). The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.29 billion. Meritage Homes had a return on equity of 6.69% and a net margin of 5.79%. Meritage Homes’s revenue was down 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.39 EPS. On average, analysts anticipate that Meritage Homes will post 4.93 earnings per share for the current fiscal year.

Institutional Trading of Meritage Homes

Several hedge funds have recently bought and sold shares of MTH. Bamco Inc. NY acquired a new stake in shares of Meritage Homes in the second quarter valued at approximately $112,498,000. Bank of New York Mellon Corp acquired a new position in shares of Meritage Homes during the second quarter worth approximately $68,873,000. Algert Global LLC boosted its position in shares of Meritage Homes by 267.8% during the second quarter. Algert Global LLC now owns 356,121 shares of the construction company’s stock worth $29,861,000 after buying an additional 259,291 shares during the period. Atlas FRM LLC bought a new position in Meritage Homes in the 2nd quarter worth approximately $18,447,000. Finally, Deutsche Bank AG bought a new position in Meritage Homes in the 2nd quarter worth approximately $14,510,000. 98.44% of the stock is currently owned by institutional investors.

About Meritage Homes

Meritage Homes Corporation is a residential construction company that designs and builds single-family homes in the United States. The company primarily serves entry-level and first-time homebuyers, offering homes in a range of floor plans and communities designed around affordability, energy efficiency and modern features.

Meritage Homes sells homes through its own communities and provides related services, including land acquisition and development, home design, construction, sales and customer support.