Assenagon Asset Management S.A. Increases Stake in Meritage Homes Co. (NYSE:MTH)

Assenagon Asset Management S.A. lifted its position in Meritage Homes Co. (NYSE:MTH - Free Report) by 177.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,287 shares of the construction company's stock after acquiring an additional 21,285 shares during the period. Assenagon Asset Management S.A.'s holdings in Meritage Homes were worth $2,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in MTH. Van ECK Associates Corp boosted its stake in Meritage Homes by 37.5% during the 4th quarter. Van ECK Associates Corp now owns 30,322 shares of the construction company's stock worth $4,664,000 after purchasing an additional 8,271 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Meritage Homes by 4.6% in the fourth quarter. Rhumbline Advisers now owns 111,115 shares of the construction company's stock worth $17,092,000 after buying an additional 4,838 shares in the last quarter. Congress Asset Management Co. boosted its position in Meritage Homes by 10.0% during the fourth quarter. Congress Asset Management Co. now owns 13,207 shares of the construction company's stock worth $2,032,000 after acquiring an additional 1,199 shares during the last quarter. Allworth Financial LP grew its stake in Meritage Homes by 545.5% during the 4th quarter. Allworth Financial LP now owns 213 shares of the construction company's stock valued at $33,000 after acquiring an additional 180 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in Meritage Homes by 241.9% in the 4th quarter. CIBC Asset Management Inc now owns 3,614 shares of the construction company's stock valued at $556,000 after acquiring an additional 2,557 shares during the last quarter. 98.44% of the stock is currently owned by hedge funds and other institutional investors.

Meritage Homes Trading Down 3.2%

Shares of MTH traded down $2.06 during trading on Tuesday, reaching $62.52. 975,463 shares of the company traded hands, compared to its average volume of 931,534. The stock has a 50-day simple moving average of $66.17 and a 200-day simple moving average of $74.09. The stock has a market cap of $4.49 billion, a PE ratio of 4.78 and a beta of 1.37. Meritage Homes Co. has a twelve month low of $59.27 and a twelve month high of $106.99. The company has a quick ratio of 1.75, a current ratio of 1.61 and a debt-to-equity ratio of 0.26.

Meritage Homes (NYSE:MTH - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The construction company reported $1.69 earnings per share for the quarter, missing the consensus estimate of $1.71 by ($0.02). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.34 billion. Meritage Homes had a net margin of 12.29% and a return on equity of 15.90%. The firm's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the business posted $5.06 EPS. On average, analysts anticipate that Meritage Homes Co. will post 9.44 earnings per share for the current year.

Meritage Homes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.43 dividend. The ex-dividend date is Monday, June 16th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.75%. Meritage Homes's payout ratio is presently 14.06%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MTH shares. Wall Street Zen cut Meritage Homes from a "hold" rating to a "sell" rating in a report on Monday, March 24th. Seaport Res Ptn raised Meritage Homes from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 6th. UBS Group set a $107.00 target price on Meritage Homes in a research note on Friday, April 25th. Bank of America began coverage on shares of Meritage Homes in a research report on Monday, May 5th. They set a "buy" rating and a $82.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price objective on shares of Meritage Homes from $89.00 to $70.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Meritage Homes has a consensus rating of "Hold" and a consensus price target of $97.72.

Insider Activity at Meritage Homes

In other news, Director Joseph Keough bought 4,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was bought at an average cost of $66.16 per share, for a total transaction of $264,640.00. Following the acquisition, the director now directly owns 41,700 shares of the company's stock, valued at $2,758,872. The trade was a 10.61% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.20% of the company's stock.

Meritage Homes Company Profile

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.