State of Tennessee Treasury Department decreased its holdings in shares of Meritage Corporation (NYSE:MTH) by 5.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,900 shares of the construction company’s stock after selling 2,079 shares during the quarter. State of Tennessee Treasury Department owned about 0.08% of Meritage worth $1,461,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Earnest Partners LLC lifted its position in shares of Meritage by 23.8% during the second quarter. Earnest Partners LLC now owns 1,715,636 shares of the construction company’s stock worth $72,400,000 after purchasing an additional 329,380 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in shares of Meritage by 122.4% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 399,441 shares of the construction company’s stock worth $17,735,000 after buying an additional 219,815 shares during the period. Balyasny Asset Management LLC increased its stake in shares of Meritage by 91.6% during the second quarter. Balyasny Asset Management LLC now owns 407,297 shares of the construction company’s stock worth $17,188,000 after buying an additional 194,710 shares during the period. Vanguard Group Inc. increased its stake in shares of Meritage by 5.3% during the first quarter. Vanguard Group Inc. now owns 3,297,377 shares of the construction company’s stock worth $121,343,000 after buying an additional 165,702 shares during the period. Finally, Emerald Advisers Inc. PA increased its stake in shares of Meritage by 41.9% during the third quarter. Emerald Advisers Inc. PA now owns 509,502 shares of the construction company’s stock worth $22,622,000 after buying an additional 150,564 shares during the period. 98.20% of the stock is owned by hedge funds and other institutional investors.
MTH has been the topic of a number of recent research reports. Citigroup upped their target price on shares of Meritage from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Zacks Investment Research lowered shares of Meritage from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Finally, UBS began coverage on shares of Meritage in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $43.20.
Shares of Meritage Corporation (NYSE MTH) traded down $0.05 during midday trading on Thursday, hitting $51.05. The company had a trading volume of 613,041 shares, compared to its average volume of 307,487. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Meritage Corporation has a 52-week low of $33.40 and a 52-week high of $55.50. The firm has a market capitalization of $2,086.87, a P/E ratio of 13.69, a PEG ratio of 1.39 and a beta of 1.53.
Meritage (NYSE:MTH) last released its earnings results on Friday, October 27th. The construction company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.09. Meritage had a return on equity of 10.81% and a net margin of 5.04%. The company had revenue of $805.60 million during the quarter, compared to the consensus estimate of $827.40 million. During the same quarter last year, the company earned $0.88 earnings per share. Meritage’s quarterly revenue was up 7.0% compared to the same quarter last year. research analysts expect that Meritage Corporation will post 3.8 EPS for the current year.
In other Meritage news, EVP Javier Feliciano sold 1,009 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total value of $35,869.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.60% of the stock is currently owned by company insiders.
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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.
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