California Public Employees Retirement System lifted its position in shares of Meritage Homes Co. (NYSE:MTH) by 5.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,926 shares of the construction company’s stock after acquiring an additional 4,600 shares during the quarter. California Public Employees Retirement System owned 0.24% of Meritage Homes worth $9,927,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in shares of Meritage Homes by 5.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,595 shares of the construction company’s stock valued at $198,000 after purchasing an additional 123 shares in the last quarter. Glenmede Trust Co. NA boosted its holdings in shares of Meritage Homes by 56.1% in the second quarter. Glenmede Trust Co. NA now owns 701 shares of the construction company’s stock valued at $52,000 after acquiring an additional 252 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Meritage Homes by 4.8% in the third quarter. Pacer Advisors Inc. now owns 6,765 shares of the construction company’s stock valued at $747,000 after acquiring an additional 309 shares in the last quarter. Citizens Financial Group Inc RI boosted its holdings in shares of Meritage Homes by 282.7% in the second quarter. Citizens Financial Group Inc RI now owns 421 shares of the construction company’s stock valued at $32,000 after acquiring an additional 311 shares in the last quarter. Finally, USA Financial Portformulas Corp purchased a new stake in shares of Meritage Homes in the third quarter valued at about $42,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

NYSE MTH opened at $89.83 on Friday. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 9.26, a price-to-earnings-growth ratio of 0.36 and a beta of 1.84. Meritage Homes Co. has a 12 month low of $25.24 and a 12 month high of $117.06. The company’s fifty day moving average price is $100.28 and its two-hundred day moving average price is $88.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.65 and a quick ratio of 1.65.

Meritage Homes (NYSE:MTH) last issued its earnings results on Wednesday, October 21st. The construction company reported $2.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.42 by $0.42. Meritage Homes had a net margin of 8.88% and a return on equity of 18.16%. As a group, analysts anticipate that Meritage Homes Co. will post 10.4 EPS for the current year.

In related news, Director Peter L. Ax sold 3,000 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $100.07, for a total value of $300,210.00. Following the sale, the director now owns 29,400 shares of the company’s stock, valued at approximately $2,942,058. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven J. Hilton sold 24,204 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $104.21, for a total transaction of $2,522,298.84. The disclosure for this sale can be found here. Insiders have sold 31,284 shares of company stock worth $3,218,908 over the last three months. 2.00% of the stock is owned by corporate insiders.

A number of analysts recently commented on MTH shares. ValuEngine downgraded shares of Meritage Homes from a “sell” rating to a “strong sell” rating in a report on Friday, October 23rd. JPMorgan Chase & Co. downgraded shares of Meritage Homes from an “overweight” rating to a “neutral” rating and upped their target price for the company from $114.00 to $137.00 in a research note on Thursday, October 8th. Wells Fargo & Company upgraded shares of Meritage Homes from an “equal weight” rating to an “overweight” rating and set a $120.00 target price for the company in a research note on Monday, September 21st. BTIG Research upped their target price on shares of Meritage Homes from $117.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, October 16th. Finally, Credit Suisse Group upped their target price on shares of Meritage Homes from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $106.44.

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 first-time and first move-up buyers. The company also offers luxury homes under the Monterey Homes brand name; and title insurance and closing/settlement services to its homebuyers.

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Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

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