Meritage Corporation (MTH) Stake Boosted by Rhumbline Advisers
Rhumbline Advisers lifted its stake in Meritage Corporation (NYSE:MTH) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,730 shares of the construction company’s stock after purchasing an additional 1,414 shares during the quarter. Rhumbline Advisers owned 0.20% of Meritage worth $3,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Meritage by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 3,334,402 shares of the construction company’s stock worth $140,712,000 after purchasing an additional 37,025 shares during the last quarter. Earnest Partners LLC increased its holdings in Meritage by 23.8% in the 2nd quarter. Earnest Partners LLC now owns 1,715,636 shares of the construction company’s stock worth $72,400,000 after buying an additional 329,380 shares in the last quarter. Macquarie Group Ltd. increased its holdings in Meritage by 3.2% in the 2nd quarter. Macquarie Group Ltd. now owns 1,602,280 shares of the construction company’s stock worth $67,616,000 after buying an additional 49,686 shares in the last quarter. State Street Corp increased its holdings in Meritage by 4.0% in the 2nd quarter. State Street Corp now owns 971,730 shares of the construction company’s stock worth $41,009,000 after buying an additional 37,121 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Meritage by 2.0% in the 2nd 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 in the last quarter. 98.20% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently commented on MTH. Zacks Investment Research downgraded Meritage from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. Citigroup lifted their price objective on Meritage from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. Finally, UBS began coverage on Meritage in a report on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $43.20.
In other Meritage news, EVP Javier Feliciano sold 1,009 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The transaction 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 (NYSE MTH) traded down $0.05 during trading on Friday, hitting $51.05. The company’s stock had a trading volume of 613,000 shares, compared to its average volume of 307,518. The company has a market cap of $2,060.66, a P/E ratio of 13.52, a P/E/G ratio of 1.37 and a beta of 1.53. Meritage Corporation has a 1-year low of $33.40 and a 1-year high of $55.50. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85.
Meritage (NYSE:MTH) last released its quarterly earnings results on Friday, October 27th. The construction company reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.09. The business had revenue of $805.60 million during the quarter, compared to the consensus estimate of $827.40 million. Meritage had a return on equity of 10.81% and a net margin of 5.04%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 EPS. equities research analysts forecast that Meritage Corporation will post 3.8 EPS for the current fiscal year.
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Meritage 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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