Meritage Corporation (NYSE:MTH) was up 6.9% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $44.00 and last traded at $43.55, with a volume of 629,361 shares traded. The stock had previously closed at $40.75.
The construction company reported $0.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.23. Meritage Corporation had a return on equity of 10.74% and a net margin of 4.94%. The business had revenue of $802 million during the quarter, compared to analysts’ expectations of $760.39 million. During the same period in the prior year, the firm posted $0.95 EPS. Meritage Corporation’s quarterly revenue was up .5% compared to the same quarter last year.
A number of equities research analysts recently weighed in on MTH shares. Credit Suisse Group began coverage on Meritage Corporation in a report on Thursday, June 22nd. They set a “neutral” rating and a $40.00 price target for the company. BidaskClub raised Meritage Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research cut Meritage Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $37.00 target price on shares of Meritage Corporation in a research note on Thursday, April 27th. Finally, Barclays PLC reissued an “underweight” rating on shares of Meritage Corporation in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $41.13.
Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its stake in shares of Meritage Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 4,160 shares of the construction company’s stock worth $153,000 after buying an additional 90 shares during the period. Arizona State Retirement System increased its stake in Meritage Corporation by 0.5% in the second quarter. Arizona State Retirement System now owns 19,728 shares of the construction company’s stock worth $833,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Meritage Corporation by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,400 shares of the construction company’s stock worth $567,000 after buying an additional 300 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Meritage Corporation by 12.7% in the second quarter. Public Employees Retirement System of Ohio now owns 2,909 shares of the construction company’s stock worth $123,000 after buying an additional 328 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Meritage Corporation by 8.1% in the first quarter. SG Americas Securities LLC now owns 4,428 shares of the construction company’s stock worth $163,000 after buying an additional 331 shares in the last quarter. Institutional investors own 97.10% of the company’s stock.
The stock’s 50 day moving average price is $42.52 and its 200-day moving average price is $39.19. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 11.59 and a beta of 1.47.
WARNING: This report was posted by Community Financial News and is the property of of Community Financial News. If you are viewing this report on another website, it was stolen and republished in violation of international copyright and trademark legislation. The correct version of this report can be accessed at https://www.com-unik.info/2017/08/19/meritage-corporation-nysemth-shares-up-6-9-after-strong-earnings-updated-updated.html.
Meritage Corporation Company Profile
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.
What are top analysts saying about Meritage Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Meritage Corporation and related companies.