California Public Employees Retirement System raised its stake in Meritage Homes Corp (NYSE:MTH) by 49.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,848 shares of the construction company’s stock after buying an additional 30,304 shares during the quarter. California Public Employees Retirement System owned about 0.23% of Meritage Homes worth $4,037,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC acquired a new position in Meritage Homes in the first quarter valued at about $104,000. PNC Financial Services Group Inc. lifted its position in shares of Meritage Homes by 46.0% during the second quarter. PNC Financial Services Group Inc. now owns 3,987 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,256 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new stake in shares of Meritage Homes during the second quarter worth about $205,000. Paloma Partners Management Co acquired a new stake in shares of Meritage Homes during the second quarter worth about $232,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Meritage Homes during the second quarter worth about $252,000. 92.92% of the stock is currently owned by institutional investors.
Shares of NYSE MTH opened at $33.11 on Friday. 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 Corp has a 1-year low of $32.89 and a 1-year high of $55.50. The firm has a market cap of $1.40 billion, a P/E ratio of 8.53, a P/E/G ratio of 0.42 and a beta of 1.05.
Meritage Homes (NYSE:MTH) last issued its quarterly earnings results on Wednesday, July 25th. The construction company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $877.50 million during the quarter, compared to the consensus estimate of $825.47 million. During the same period last year, the company earned $0.98 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts predict that Meritage Homes Corp will post 5.65 earnings per share for the current fiscal year.
Several analysts have recently issued reports on the stock. JMP Securities reissued a “buy” rating and set a $48.00 price target (down previously from $58.00) on shares of Meritage Homes in a research report on Thursday, October 11th. Zacks Investment Research lowered shares of Meritage Homes from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. Wedbush cut their target price on shares of Meritage Homes from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, July 27th. ValuEngine lowered shares of Meritage Homes from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Finally, Credit Suisse Group restated a “neutral” rating and set a $36.00 target price (down from $50.00) on shares of Meritage Homes in a research note on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $49.30.
About Meritage Homes
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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