Meritage Corporation (MTH) Shares Bought by Balyasny Asset Management LLC
Balyasny Asset Management LLC lifted its position in Meritage Corporation (NYSE:MTH) by 91.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 407,297 shares of the construction company’s stock after purchasing an additional 194,710 shares during the quarter. Balyasny Asset Management LLC owned approximately 1.01% of Meritage Corporation worth $17,188,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Stifel Financial Corp purchased a new position in Meritage Corporation during the 2nd quarter worth approximately $250,000. California Public Employees Retirement System increased its position in Meritage Corporation by 2.2% during the second quarter. California Public Employees Retirement System now owns 50,300 shares of the construction company’s stock worth $2,123,000 after buying an additional 1,100 shares during the period. ETRADE Capital Management LLC acquired a new position in Meritage Corporation during the second quarter worth approximately $225,000. Vanguard Group Inc. increased its position in Meritage Corporation by 1.1% during the second quarter. Vanguard Group Inc. now owns 3,334,402 shares of the construction company’s stock worth $140,712,000 after buying an additional 37,025 shares during the period. Finally, Northern Trust Corp increased its position in Meritage Corporation by 2.0% during the second quarter. Northern Trust Corp now owns 856,002 shares of the construction company’s stock worth $36,123,000 after buying an additional 16,574 shares during the period. 98.18% of the stock is owned by hedge funds and other institutional investors.
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Shares of Meritage Corporation (NYSE MTH) opened at 44.80 on Tuesday. Meritage Corporation has a 1-year low of $29.70 and a 1-year high of $44.90. The firm has a market cap of $1.81 billion, a PE ratio of 12.33 and a beta of 1.48. The stock has a 50 day moving average of $41.31 and a 200 day moving average of $40.46.
Meritage Corporation (NYSE:MTH) last posted its earnings results on Tuesday, August 1st. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.75 by $0.23. Meritage Corporation had a net margin of 4.94% and a return on equity of 10.74%. The firm had revenue of $802.00 million during the quarter, compared to analysts’ expectations of $760.39 million. During the same quarter in the prior year, the firm earned $0.95 EPS. Meritage Corporation’s quarterly revenue was up .5% on a year-over-year basis. Equities research analysts anticipate that Meritage Corporation will post $3.78 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on MTH. Bank of America Corporation restated an “underperform” rating and set a $38.00 target price (up from $36.00) on shares of Meritage Corporation in a research report on Wednesday, June 28th. Zacks Investment Research cut shares of Meritage Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. BidaskClub upgraded shares of Meritage Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Credit Suisse Group started coverage on shares of Meritage Corporation in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $40.00 price target for the company. Finally, Barclays PLC reiterated an “underweight” rating on shares of Meritage Corporation in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $41.13.
In other news, EVP Javier Feliciano sold 1,009 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.60% of the company’s stock.
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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