Assenagon Asset Management S.A. Trims Holdings in M/I Homes, Inc. $MHO

Key Points

• Assenagon Asset Management cut its M/I Homes stake by 81.8% in the second quarter, selling 94,560 shares and retaining 21,103 shares valued at approximately $3.4 million. Institutional investors collectively own 95.14% of the company.
• M/I Homes slightly exceeded quarterly expectations, reporting $3.14 in EPS versus the $3.13 consensus and $1.06 billion in revenue. However, revenue declined 6% year over year.
• Analyst sentiment remains generally positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $164.25, although some firms downgraded it to “neutral” or “hold.”

Assenagon Asset Management S.A. trimmed its stake in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) by 81.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,103 shares of the construction company's stock after selling 94,560 shares during the quarter. Assenagon Asset Management S.A. owned 0.08% of M/I Homes worth $3,393,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in M/I Homes by 46.3% during the 1st quarter. Royal Bank of Canada now owns 29,774 shares of the construction company's stock valued at $3,400,000 after buying an additional 9,422 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of M/I Homes by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,868 shares of the construction company's stock valued at $1,812,000 after buying an additional 703 shares during the period. United Services Automobile Association purchased a new stake in shares of M/I Homes in the first quarter worth about $205,000. Strs Ohio purchased a new stake in shares of M/I Homes in the first quarter worth about $114,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of M/I Homes by 90.6% in the second quarter. EverSource Wealth Advisors LLC now owns 284 shares of the construction company's stock valued at $32,000 after acquiring an additional 135 shares during the period. Hedge funds and other institutional investors own 95.14% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MHO. Zelman & Associates cut shares of M/I Homes from an "outperform" rating to a "neutral" rating in a research note on Tuesday, July 7th. Zacks Research upgraded shares of M/I Homes from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. New Street Research set a $172.00 price target on shares of M/I Homes in a report on Tuesday, August 4th. Weiss Ratings restated a "hold (c)" rating on shares of M/I Homes in a research report on Friday, May 15th. Finally, Freedom Capital raised shares of M/I Homes to a "strong-buy" rating in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $164.25.

M/I Homes Stock Down 0.6%

MHO opened at $151.43 on Thursday. The business's fifty day simple moving average is $148.97 and its 200 day simple moving average is $137.84. M/I Homes, Inc. has a 52 week low of $116.78 and a 52 week high of $163.66. The company has a quick ratio of 1.69, a current ratio of 7.65 and a debt-to-equity ratio of 0.29. The stock has a market cap of $3.83 billion, a PE ratio of 12.75 and a beta of 1.60.

M/I Homes (NYSE:MHO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The construction company reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.13 by $0.01. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. M/I Homes had a return on equity of 11.53% and a net margin of 7.44%.The company's revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.42 earnings per share. As a group, research analysts expect that M/I Homes, Inc. will post 12.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Phillip G. Creek sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $151.28, for a total value of $1,512,800.00. Following the completion of the sale, the chief financial officer owned 30,918 shares in the company, valued at $4,677,275.04. The trade was a 24.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.60% of the stock is owned by insiders.

About M/I Homes

M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.

In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.

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