OppenheimerFunds Inc. Has $1.15 Million Holdings in M/I Homes Inc (MHO)
OppenheimerFunds Inc. boosted its stake in M/I Homes Inc (NYSE:MHO) by 10.2% during the second quarter, HoldingsChannel.com reports. The firm owned 43,339 shares of the construction company’s stock after buying an additional 4,006 shares during the period. OppenheimerFunds Inc.’s holdings in M/I Homes were worth $1,148,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. United Services Automobile Association increased its stake in M/I Homes by 67.2% in the 2nd quarter. United Services Automobile Association now owns 137,672 shares of the construction company’s stock worth $3,646,000 after purchasing an additional 55,321 shares during the period. Citadel Advisors LLC increased its stake in M/I Homes by 313.0% in the 2nd quarter. Citadel Advisors LLC now owns 105,242 shares of the construction company’s stock worth $2,786,000 after purchasing an additional 79,757 shares during the period. Legal & General Group Plc increased its stake in M/I Homes by 8.9% in the 2nd quarter. Legal & General Group Plc now owns 56,314 shares of the construction company’s stock worth $1,482,000 after purchasing an additional 4,609 shares during the period. BlackRock Inc. grew its position in shares of M/I Homes by 5.3% in the 2nd quarter. BlackRock Inc. now owns 4,303,019 shares of the construction company’s stock worth $113,943,000 after buying an additional 216,879 shares during the last quarter. Finally, Pinebridge Investments L.P. grew its position in shares of M/I Homes by 15.2% in the 2nd quarter. Pinebridge Investments L.P. now owns 50,929 shares of the construction company’s stock worth $1,349,000 after buying an additional 6,722 shares during the last quarter. 93.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of MHO stock opened at $24.61 on Thursday. The company has a market capitalization of $718.84 million, a PE ratio of 8.65 and a beta of 1.09. M/I Homes Inc has a fifty-two week low of $24.19 and a fifty-two week high of $37.41. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.64 and a current ratio of 6.15.
M/I Homes announced that its board has authorized a stock buyback plan on Tuesday, August 14th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 6.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, CEO Robert H. Schottenstein sold 13,143 shares of M/I Homes stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $26.31, for a total value of $345,792.33. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Phillip G. Creek sold 18,880 shares of M/I Homes stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $26.50, for a total value of $500,320.00. Following the completion of the sale, the insider now owns 6,513 shares in the company, valued at $172,594.50. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by company insiders.
MHO has been the topic of a number of recent analyst reports. ValuEngine lowered M/I Homes from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Zacks Investment Research upgraded M/I Homes from a “sell” rating to a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $40.00.
M/I Homes Company Profile
M/I Homes, Inc, together with its subsidiaries, operates as a builder of single-family homes in Ohio, Indiana, Illinois, Minnesota, Maryland, Virginia, North Carolina, Florida, and Texas, the United States. The company operates through Midwest Homebuilding, Southern Homebuilding, Mid-Atlantic Homebuilding, and Financial Services segments.
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