Summit Global Investments Invests $264,000 in M/I Homes, Inc. $MHO

Summit Global Investments bought a new position in shares of M/I Homes, Inc. (NYSE:MHO) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,354 shares of the construction company’s stock, valued at approximately $264,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of M/I Homes by 109.4% during the first quarter. Millennium Management LLC now owns 500,207 shares of the construction company’s stock worth $57,114,000 after purchasing an additional 261,381 shares during the period. Donald Smith & CO. Inc. grew its position in shares of M/I Homes by 10.2% in the 1st quarter. Donald Smith & CO. Inc. now owns 1,282,967 shares of the construction company’s stock valued at $146,489,000 after buying an additional 118,778 shares during the last quarter. Nuveen LLC acquired a new stake in shares of M/I Homes in the first quarter valued at about $11,829,000. American Century Companies Inc. increased its stake in shares of M/I Homes by 10.7% in the second quarter. American Century Companies Inc. now owns 844,865 shares of the construction company’s stock valued at $94,726,000 after buying an additional 81,838 shares during the period. Finally, Voss Capital LP bought a new position in shares of M/I Homes during the first quarter worth about $4,838,000. 95.14% of the stock is currently owned by institutional investors and hedge funds.

M/I Homes Stock Performance

NYSE:MHO opened at $139.72 on Thursday. The company has a quick ratio of 1.52, a current ratio of 7.17 and a debt-to-equity ratio of 0.29. M/I Homes, Inc. has a twelve month low of $100.22 and a twelve month high of $169.51. The company has a fifty day moving average of $134.61 and a 200-day moving average of $127.70. The firm has a market capitalization of $3.65 billion, a P/E ratio of 8.20 and a beta of 1.66.

M/I Homes (NYSE:MHO) last posted its quarterly earnings results on Wednesday, October 22nd. The construction company reported $3.92 EPS for the quarter, missing analysts’ consensus estimates of $4.37 by ($0.45). M/I Homes had a return on equity of 15.72% and a net margin of 10.56%.The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.16 billion. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that M/I Homes, Inc. will post 18.44 EPS for the current year.

M/I Homes declared that its Board of Directors has initiated a stock repurchase program on Wednesday, November 12th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 7.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MHO has been the topic of several analyst reports. Zelman & Associates upgraded M/I Homes from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Zacks Research raised shares of M/I Homes from a “strong sell” rating to a “hold” rating in a research note on Friday, September 26th. Raymond James Financial lifted their target price on shares of M/I Homes from $150.00 to $155.00 and gave the stock a “strong-buy” rating in a research note on Friday, October 24th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of M/I Homes in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $155.00.

M/I Homes Profile

M/I Homes, Inc, together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.