Meritage Homes (NYSE:MTH) Announces Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Meritage Homes (NYSE:MTH) announced its quarterly earnings results on Wednesday. The construction company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.06), FiscalAI reports. Meritage Homes had a net margin of 6.11% and a return on equity of 7.13%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.29 billion.

Meritage Homes Price Performance

Shares of NYSE:MTH traded down $2.13 during midday trading on Wednesday, reaching $61.81. 1,201,164 shares of the company’s stock traded hands, compared to its average volume of 936,492. Meritage Homes has a 1 year low of $56.66 and a 1 year high of $85.38. The company has a market cap of $4.03 billion, a P/E ratio of 12.93, a PEG ratio of 4.81 and a beta of 1.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97. The company has a fifty day simple moving average of $64.79 and a two-hundred day simple moving average of $69.17.

Meritage Homes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.48 per share. The ex-dividend date was Tuesday, September 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.1%. Meritage Homes’s dividend payout ratio (DPR) is 40.17%.

Wall Street Analysts Forecast Growth

MTH has been the topic of several recent research reports. Melius Research assumed coverage on Meritage Homes in a research report on Tuesday, October 6th. They issued a “sell” rating and a $59.00 price objective on the stock. UBS Group reaffirmed a “buy” rating and set a $88.00 target price (up from $86.00) on shares of Meritage Homes in a report on Friday, July 31st. Truist Financial set a $72.00 target price on shares of Meritage Homes and gave the company a “hold” rating in a research note on Wednesday, September 16th. Zacks Research downgraded shares of Meritage Homes from a “hold” rating to a “strong sell” rating in a report on Thursday, October 8th. Finally, The Goldman Sachs Group set a $82.00 price target on shares of Meritage Homes and gave the stock a “buy” rating in a report on Monday, October 12th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Meritage Homes has an average rating of “Hold” and a consensus price target of $73.56.

About Meritage Homes

Meritage Homes Corporation is a residential construction company that designs and builds single-family homes in the United States. The company primarily serves entry-level and first-time homebuyers, offering homes in a range of floor plans and communities designed around affordability, energy efficiency and modern features.

Meritage Homes sells homes through its own communities and provides related services, including land acquisition and development, home design, construction, sales and customer support.