Northern Trust Corp Raises Position in Meritage Homes Corp (MTH)

Northern Trust Corp increased its position in Meritage Homes Corp (NYSE:MTH) by 1.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 858,478 shares of the construction company’s stock after purchasing an additional 12,533 shares during the quarter. Northern Trust Corp owned approximately 2.11% of Meritage Homes worth $37,730,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. raised its stake in Meritage Homes by 5.5% during the second quarter. BlackRock Inc. now owns 5,988,652 shares of the construction company’s stock worth $263,202,000 after acquiring an additional 311,283 shares in the last quarter. Macquarie Group Ltd. raised its stake in Meritage Homes by 15.5% during the second quarter. Macquarie Group Ltd. now owns 1,813,507 shares of the construction company’s stock worth $79,704,000 after acquiring an additional 242,916 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Meritage Homes by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 632,556 shares of the construction company’s stock worth $27,801,000 after acquiring an additional 13,614 shares in the last quarter. Wells Fargo & Company MN raised its stake in Meritage Homes by 10.5% during the second quarter. Wells Fargo & Company MN now owns 374,845 shares of the construction company’s stock worth $16,474,000 after acquiring an additional 35,468 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Meritage Homes by 22.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 359,208 shares of the construction company’s stock worth $15,788,000 after acquiring an additional 65,521 shares in the last quarter. 93.64% of the stock is owned by hedge funds and other institutional investors.

MTH has been the subject of several recent analyst reports. Wedbush dropped their price objective on Meritage Homes from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, July 27th. ValuEngine lowered Meritage Homes from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Credit Suisse Group dropped their price objective on Meritage Homes from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, July 26th. Wells Fargo & Co dropped their price objective on Meritage Homes from $57.00 to $49.00 and set a “market perform” rating for the company in a research note on Friday, July 27th. Finally, Zacks Investment Research upgraded Meritage Homes from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Tuesday, August 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $49.30.

Shares of NYSE:MTH opened at $34.46 on Friday. Meritage Homes Corp has a twelve month low of $33.29 and a twelve month high of $55.50. The firm has a market capitalization of $1.62 billion, a PE ratio of 8.88, a price-to-earnings-growth ratio of 0.48 and a beta of 1.06. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.81.

Meritage Homes (NYSE:MTH) last announced its earnings results on Wednesday, July 25th. The construction company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.21. Meritage Homes had a return on equity of 12.17% and a net margin of 5.21%. The company had revenue of $877.50 million during the quarter, compared to analyst estimates of $825.47 million. During the same period last year, the company posted $0.98 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts anticipate that Meritage Homes Corp will post 5.67 earnings per share for the current year.

Meritage Homes Profile

Meritage Homes Corporation designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.

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

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