Victory Capital Management Inc. reduced its stake in shares of Meritage Homes Corp (NYSE:MTH) by 93.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,684 shares of the construction company’s stock after selling 140,510 shares during the period. Victory Capital Management Inc.’s holdings in Meritage Homes were worth $386,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in Meritage Homes by 46.0% in 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 during the last quarter. Cornerstone Wealth Management LLC bought a new stake in Meritage Homes in the second quarter worth $205,000. Paloma Partners Management Co bought a new stake in Meritage Homes in the second quarter worth $232,000. Dynamic Technology Lab Private Ltd bought a new stake in Meritage Homes in the second quarter worth $272,000. Finally, GSA Capital Partners LLP lifted its stake in Meritage Homes by 49.8% in the second quarter. GSA Capital Partners LLP now owns 8,033 shares of the construction company’s stock worth $353,000 after purchasing an additional 2,669 shares during the last quarter. 95.24% of the stock is owned by institutional investors.
In related news, Director Dana Bradford purchased 1,500 shares of Meritage Homes stock in a transaction that occurred on Tuesday, November 6th. The shares were bought at an average price of $37.70 per share, for a total transaction of $56,550.00. Following the completion of the transaction, the director now directly owns 54,500 shares of the company’s stock, valued at $2,054,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Javier Feliciano sold 946 shares of the business’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $36.66, for a total transaction of $34,680.36. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.
Meritage Homes (NYSE:MTH) last announced its quarterly earnings results on Wednesday, October 24th. The construction company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.03). Meritage Homes had a net margin of 5.43% and a return on equity of 12.56%. The company had revenue of $884.58 million for the quarter, compared to analysts’ expectations of $899.55 million. As a group, equities analysts predict that Meritage Homes Corp will post 5.21 EPS for the current fiscal year.
MTH has been the topic of a number of analyst reports. ValuEngine cut shares of Meritage Homes from a “hold” rating to a “sell” rating in a research report on Monday, September 24th. Wedbush boosted their price objective on shares of Meritage Homes from $41.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, October 26th. Zacks Investment Research upgraded shares of Meritage Homes from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Tuesday, August 14th. Bank of America set a $51.00 price objective on shares of Meritage Homes and gave the company a “buy” rating in a research report on Thursday, October 11th. Finally, JMP Securities set a $47.00 price objective on shares of Meritage Homes and gave the company a “buy” rating in a research report on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $48.64.
Meritage Homes 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 various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.
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