Meritage Corporation (NYSE:MTH) Shares Up 6.9% After Earnings Beat

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.

In other Meritage Corporation news, EVP Javier Feliciano sold 1,009 shares of Meritage Corporation stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 5.60% of the company’s stock.

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.

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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.

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