Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Meritage Homes Corp (NYSE:MTH) in the second quarter, Holdings Channel reports. The fund purchased 8,082 shares of the construction company’s stock, valued at approximately $355,000.

A number of other institutional investors have also recently modified their holdings of MTH. IndexIQ Advisors LLC grew its stake in shares of Meritage Homes by 11.1% during the 2nd quarter. IndexIQ Advisors LLC now owns 48,339 shares of the construction company’s stock worth $2,124,000 after purchasing an additional 4,846 shares during the period. Apertura Capital LLC acquired a new position in shares of Meritage Homes during the 2nd quarter worth $1,758,000. Victory Capital Management Inc. grew its stake in shares of Meritage Homes by 2,285.9% during the 2nd quarter. Victory Capital Management Inc. now owns 150,194 shares of the construction company’s stock worth $6,601,000 after purchasing an additional 143,899 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Meritage Homes during the 2nd quarter worth $620,000. Finally, Wells Fargo & Company MN grew its stake in shares of Meritage Homes by 10.5% during the 2nd quarter. Wells Fargo & Company MN now owns 374,845 shares of the construction company’s stock worth $16,474,000 after purchasing an additional 35,468 shares during the period. Institutional investors own 93.64% of the company’s stock.

Meritage Homes stock opened at $43.10 on Wednesday. Meritage Homes Corp has a 52 week low of $38.80 and a 52 week high of $55.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $1.75 billion, a P/E ratio of 11.11, a price-to-earnings-growth ratio of 0.51 and a beta of 1.07.

Meritage Homes (NYSE:MTH) last released its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.10 by $0.21. Meritage Homes had a net margin of 5.21% and a return on equity of 12.17%. The business had revenue of $877.50 million for the quarter, compared to analyst estimates of $825.47 million. During the same period in the previous year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. analysts forecast that Meritage Homes Corp will post 5.67 EPS for the current fiscal year.

A number of research firms have recently weighed in on MTH. Zacks Investment Research cut shares of Meritage Homes from a “buy” rating to a “hold” rating in a research note on Monday, July 9th. ValuEngine raised shares of Meritage Homes from a “sell” rating to a “hold” rating in a research note on Wednesday, July 4th. Citigroup began coverage on shares of Meritage Homes in a research note on Tuesday, June 19th. They set a “buy” rating and a $55.00 price target on the stock. Bank of America raised shares of Meritage Homes from a “neutral” rating to a “buy” rating in a research note on Monday, May 14th. Finally, Wedbush lowered their price target on shares of Meritage Homes from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Meritage Homes has an average rating of “Hold” and a consensus target price of $53.30.

About Meritage Homes

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

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