Meritage Corporation (NYSE:MTH) announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.23, Bloomberg Earnings reports. The company had revenue of $802 million for the quarter, compared to analysts’ expectations of $760.39 million. Meritage Corporation had a return on equity of 10.74% and a net margin of 4.94%. Meritage Corporation’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the firm posted $0.95 EPS.
Shares of Meritage Corporation (NYSE:MTH) traded down 1.06% during midday trading on Friday, hitting $42.10. The stock had a trading volume of 317,304 shares. The company has a market cap of $1.70 billion, a PE ratio of 11.59 and a beta of 1.47. Meritage Corporation has a 52-week low of $29.70 and a 52-week high of $44.45. The company’s 50 day moving average is $42.52 and its 200 day moving average is $39.19.
A number of equities analysts recently weighed in on MTH shares. Credit Suisse Group started coverage on Meritage Corporation in a report on Thursday, June 22nd. They set a “neutral” rating and a $40.00 price objective on the stock. BidaskClub raised Meritage Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research lowered Meritage Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. Keefe, Bruyette & Woods restated a “hold” rating and set a $37.00 price target on shares of Meritage Corporation in a research report on Thursday, April 27th. Finally, Barclays PLC restated an “underweight” rating on shares of Meritage Corporation in a research report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $41.13.
In related news, EVP Javier Feliciano sold 1,009 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total value of $35,869.95. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.60% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. boosted its stake in shares of Meritage Corporation by 11.6% in the fourth quarter. Macquarie Group Ltd. now owns 1,384,869 shares of the construction company’s stock valued at $48,193,000 after buying an additional 144,007 shares during the period. Trexquant Investment LP bought a new stake in shares of Meritage Corporation during the first quarter valued at about $745,000. Norges Bank bought a new stake in shares of Meritage Corporation during the fourth quarter valued at about $21,160,000. Swiss National Bank boosted its stake in shares of Meritage Corporation by 1.8% in the first quarter. Swiss National Bank now owns 62,700 shares of the construction company’s stock valued at $2,307,000 after buying an additional 1,100 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Meritage Corporation by 53,081.0% in the first quarter. BlackRock Inc. now owns 5,361,172 shares of the construction company’s stock valued at $197,292,000 after buying an additional 5,351,091 shares during the period. 97.10% of the stock is currently owned by institutional investors and hedge funds.
About Meritage Corporation
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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