Wall Street analysts expect Meritage Homes Corp (NYSE:MTH) to report sales of $639.10 million for the current quarter, Zacks reports. Twelve analysts have made estimates for Meritage Homes’ earnings. The lowest sales estimate is $607.21 million and the highest is $654.30 million. Meritage Homes posted sales of $742.56 million in the same quarter last year, which would indicate a negative year over year growth rate of 13.9%. The firm is expected to issue its next quarterly earnings results on Wednesday, April 24th.
According to Zacks, analysts expect that Meritage Homes will report full-year sales of $3.33 billion for the current fiscal year, with estimates ranging from $3.06 billion to $3.54 billion. For the next year, analysts expect that the business will report sales of $3.43 billion, with estimates ranging from $2.94 billion to $3.68 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Meritage Homes.
Meritage Homes (NYSE:MTH) last issued its quarterly earnings data on Wednesday, January 30th. The construction company reported $1.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.52 by $0.39. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $958.84 million. Meritage Homes had a return on equity of 13.49% and a net margin of 6.47%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share.
A number of brokerages have weighed in on MTH. Wedbush downgraded shares of Meritage Homes from an “outperform” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research report on Thursday, January 10th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Meritage Homes from a “hold” rating to a “sell” rating in a research report on Wednesday, January 9th. ValuEngine upgraded shares of Meritage Homes from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Citigroup reduced their price target on shares of Meritage Homes from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, January 4th. Finally, JPMorgan Chase & Co. downgraded shares of Meritage Homes from a “neutral” rating to an “underweight” rating and set a $36.00 price target for the company. in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.31.
Shares of Meritage Homes stock traded up $1.34 during trading hours on Wednesday, reaching $44.65. The stock had a trading volume of 261,654 shares, compared to its average volume of 449,124. The company has a market cap of $1.65 billion, a P/E ratio of 8.01, a price-to-earnings-growth ratio of 0.99 and a beta of 1.15. Meritage Homes has a twelve month low of $32.02 and a twelve month high of $48.70. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.32 and a current ratio of 1.32.
In related news, insider Phillippe Lord sold 2,272 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $44.00, for a total transaction of $99,968.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Hilla Sferruzza sold 750 shares of the company’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $44.06, for a total transaction of $33,045.00. Following the sale, the chief financial officer now directly owns 16,782 shares of the company’s stock, valued at approximately $739,414.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,611 shares of company stock valued at $3,924,400. Insiders own 5.50% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Meritage Homes by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,771,037 shares of the construction company’s stock valued at $150,464,000 after buying an additional 95,924 shares during the period. Panagora Asset Management Inc. lifted its holdings in Meritage Homes by 7.6% during the 3rd quarter. Panagora Asset Management Inc. now owns 266,319 shares of the construction company’s stock worth $10,626,000 after buying an additional 18,720 shares in the last quarter. Xact Kapitalforvaltning AB lifted its holdings in Meritage Homes by 49.2% during the 4th quarter. Xact Kapitalforvaltning AB now owns 11,523 shares of the construction company’s stock worth $423,000 after buying an additional 3,800 shares in the last quarter. Commonwealth Bank of Australia acquired a new stake in Meritage Homes during the 3rd quarter worth approximately $243,000. Finally, B. Riley Financial Inc. acquired a new stake in Meritage Homes during the 3rd quarter worth approximately $432,000. 97.55% of the stock is owned by institutional investors.
Meritage Homes Company 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 first-time and first move-up buyers. The company also offers luxury homes; and title insurance and closing/settlement services to its homebuyers.
Read More: Understanding each part of a balance sheet
Get a free copy of the Zacks research report on Meritage Homes (MTH)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Meritage Homes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meritage Homes and related companies with MarketBeat.com's FREE daily email newsletter.