JPMorgan Chase & Co. downgraded shares of Meritage Homes (NYSE:MTH) from an overweight rating to a neutral rating in a research report report published on Friday, Marketbeat reports. JPMorgan Chase & Co. currently has $46.00 price target on the construction company’s stock, down from their previous price target of $55.00.

Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Meritage Homes from a buy rating to a hold rating in a research report on Monday, July 9th. ValuEngine upgraded shares of Meritage Homes from a sell rating to a hold rating in a research report on Wednesday, July 4th. Citigroup began coverage on shares of Meritage Homes in a research report on Tuesday, June 19th. They set a buy rating and a $55.00 price objective on the stock. Wedbush reduced their price objective on shares of Meritage Homes from $55.00 to $54.00 and set a buy rating on the stock in a research report on Friday, July 27th. Finally, Wells Fargo & Co reduced their price objective on shares of Meritage Homes from $57.00 to $49.00 and set a market perform rating on the stock in a research report on Friday, July 27th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $52.10.

NYSE MTH opened at $43.15 on Friday. Meritage Homes has a 12 month low of $40.25 and a 12 month high of $55.50. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 0.51 and a beta of 1.07. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.78.

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

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans increased its position in Meritage Homes by 4.9% in the first quarter. Thrivent Financial for Lutherans now owns 24,544 shares of the construction company’s stock worth $1,111,000 after purchasing an additional 1,153 shares during the last quarter. Profund Advisors LLC increased its position in Meritage Homes by 21.6% in the first quarter. Profund Advisors LLC now owns 6,932 shares of the construction company’s stock worth $314,000 after purchasing an additional 1,230 shares during the last quarter. PNC Financial Services Group Inc. increased its position 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. California Public Employees Retirement System increased its position in Meritage Homes by 2.2% in the first quarter. California Public Employees Retirement System now owns 61,544 shares of the construction company’s stock worth $2,785,000 after purchasing an additional 1,301 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Meritage Homes by 1.6% in the second quarter. Rhumbline Advisers now owns 96,006 shares of the construction company’s stock worth $4,219,000 after purchasing an additional 1,556 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.

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.

Recommended Story: Leveraged Buyout (LBO) Explained

Analyst Recommendations for Meritage Homes (NYSE:MTH)

Receive News & Ratings for Meritage Homes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meritage Homes and related companies with MarketBeat.com's FREE daily email newsletter.