Alyeska Investment Group L.P. Invests $29.97 Million in Meritage Homes Corporation $MTH

Key Points

• Alyeska Investment Group L.P. invested approximately $29.97 million in Meritage Homes Corporation, acquiring about 422,841 shares, which represents 0.59% of the company.
• Meritage Homes recently reported $2.04 earnings per share (EPS), beating analysts' estimates, and had a revenue of $1.62 billion for the last quarter.
• The company announced a quarterly dividend of $0.43 per share, with a dividend yield of 2.2%, set to be paid on September 30th.

Alyeska Investment Group L.P. acquired a new position in Meritage Homes Corporation (NYSE:MTH - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 422,841 shares of the construction company's stock, valued at approximately $29,971,000. Alyeska Investment Group L.P. owned approximately 0.59% of Meritage Homes at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in MTH. Salem Investment Counselors Inc. raised its position in shares of Meritage Homes by 100.0% in the 1st quarter. Salem Investment Counselors Inc. now owns 380 shares of the construction company's stock worth $27,000 after acquiring an additional 190 shares in the last quarter. Assetmark Inc. increased its position in Meritage Homes by 166.5% in the 1st quarter. Assetmark Inc. now owns 581 shares of the construction company's stock valued at $41,000 after buying an additional 363 shares in the last quarter. Versant Capital Management Inc increased its position in Meritage Homes by 77.7% in the 1st quarter. Versant Capital Management Inc now owns 606 shares of the construction company's stock valued at $43,000 after buying an additional 265 shares in the last quarter. Byrne Asset Management LLC increased its position in Meritage Homes by 329.9% in the 1st quarter. Byrne Asset Management LLC now owns 619 shares of the construction company's stock valued at $44,000 after buying an additional 475 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in Meritage Homes by 246.4% in the 1st quarter. Harbor Capital Advisors Inc. now owns 634 shares of the construction company's stock valued at $45,000 after buying an additional 451 shares in the last quarter. 98.44% of the stock is owned by institutional investors.

Insider Transactions at Meritage Homes

In other news, CEO Phillippe Lord sold 6,950 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $80.01, for a total value of $556,069.50. Following the transaction, the chief executive officer owned 221,320 shares in the company, valued at $17,707,813.20. The trade was a 3.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dennis V. Arriola bought 2,200 shares of the business's stock in a transaction dated Friday, July 25th. The stock was acquired at an average price of $70.00 per share, for a total transaction of $154,000.00. Following the purchase, the director directly owned 9,512 shares in the company, valued at approximately $665,840. The trade was a 30.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MTH. Zelman & Associates raised Meritage Homes to a "strong-buy" rating in a research report on Thursday, July 24th. Evercore ISI boosted their target price on Meritage Homes from $97.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. decreased their target price on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Wedbush decreased their target price on Meritage Homes from $103.00 to $90.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods decreased their target price on Meritage Homes from $77.00 to $75.00 and set a "market perform" rating for the company in a research report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $87.71.

Meritage Homes Price Performance

MTH stock opened at $76.75 on Thursday. The company has a market capitalization of $5.46 billion, a P/E ratio of 6.90 and a beta of 1.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.16 and a current ratio of 2.16. Meritage Homes Corporation has a 52-week low of $59.27 and a 52-week high of $106.99. The business has a 50-day simple moving average of $73.02 and a two-hundred day simple moving average of $69.91.

Meritage Homes (NYSE:MTH - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.05. The business had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.60 billion. Meritage Homes had a return on equity of 12.37% and a net margin of 10.27%.The company's quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.15 EPS. Research analysts expect that Meritage Homes Corporation will post 9.44 EPS for the current fiscal year.

Meritage Homes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 16th. Meritage Homes's payout ratio is presently 15.47%.

About Meritage Homes

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.