Assenagon Asset Management S.A. Has $2.70 Million Stock Position in Meritage Homes Corporation $MTH

Key Points

• Assenagon Asset Management S.A. increased its stake in Meritage Homes Corporation by 21.1%, holding approximately $2.70 million worth of shares.
• Meritage Homes reported a quarterly EPS of $2.04, exceeding analysts' estimates, but experienced a 4.6% decline in revenue compared to the same quarter last year.
• The company recently declared a quarterly dividend of $0.43 per share, translating to an annual yield of 2.4%, with a payout ratio of 15.47%.

Assenagon Asset Management S.A. grew its stake in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 21.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,298 shares of the construction company's stock after purchasing an additional 7,011 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Meritage Homes worth $2,699,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. GTS Securities LLC bought a new stake in shares of Meritage Homes in the 4th quarter worth $229,000. Public Employees Retirement System of Ohio boosted its holdings in Meritage Homes by 156.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 20,607 shares of the construction company's stock worth $3,170,000 after buying an additional 12,583 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Meritage Homes during the 4th quarter worth about $7,151,000. Wealth Enhancement Advisory Services LLC lifted its stake in Meritage Homes by 8.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,279 shares of the construction company's stock worth $2,042,000 after purchasing an additional 1,050 shares in the last quarter. Finally, Greenhaven Associates Inc. boosted its position in shares of Meritage Homes by 94.1% during the 1st quarter. Greenhaven Associates Inc. now owns 1,434,368 shares of the construction company's stock valued at $101,668,000 after acquiring an additional 695,355 shares during the last quarter. Institutional investors and hedge funds own 98.44% of the company's stock.

Meritage Homes Stock Down 2.2%

Shares of MTH stock opened at $71.43 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.16 and a quick ratio of 2.16. Meritage Homes Corporation has a one year low of $59.27 and a one year high of $103.76. The company's fifty day moving average price is $75.14 and its 200-day moving average price is $70.26. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of 6.42 and a beta of 1.35.

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

Meritage Homes Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.72 dividend on an annualized basis and a yield of 2.4%. Meritage Homes's dividend payout ratio is presently 15.47%.

Analyst Ratings Changes

Several equities analysts have recently commented on MTH shares. JPMorgan Chase & Co. reduced their price objective on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Zelman & Associates upgraded shares of Meritage Homes to a "strong-buy" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods decreased their price target on shares of Meritage Homes from $77.00 to $75.00 and set a "market perform" rating for the company in a research note on Monday, July 28th. Bank of America boosted their price objective on shares of Meritage Homes from $79.00 to $85.00 and gave the stock a "buy" rating in a research note on Thursday, September 18th. Finally, Zacks Research raised Meritage Homes from a "strong sell" rating to a "hold" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $88.14.

Insider Transactions at Meritage Homes

In other news, Director Dennis V. Arriola bought 2,200 shares of Meritage Homes stock in a transaction dated Friday, July 25th. The shares were acquired at an average price of $70.00 per share, with a total value of $154,000.00. Following the completion of the purchase, the director owned 9,512 shares in the company, valued at $665,840. The trade was a 30.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Phillippe Lord sold 6,950 shares of the firm'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 sale, the chief executive officer directly owned 221,320 shares of the company's stock, valued at $17,707,813.20. This represents a 3.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.20% of the company's stock.

Meritage Homes 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.

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