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Meritage Homes Corporation (NYSE:MTH) Position Lifted by Avantax Advisory Services Inc.

Meritage Homes logo with Construction background

Key Points

  • Avantax Advisory Services Inc. increased its stake in Meritage Homes Corporation by 163.4%, now owning 17,170 shares valued at $1,217,000.
  • The stock recently traded up 5.7%, reaching $71.21, and reported earnings of $2.04 per share, exceeding analysts' expectations.
  • Analysts have mixed opinions on Meritage Homes, with ratings ranging from a sell to a strong buy, and an average price target of $91.13.
  • MarketBeat previews the top five stocks to own by September 1st.

Avantax Advisory Services Inc. grew its position in Meritage Homes Corporation (NYSE:MTH - Free Report) by 163.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,170 shares of the construction company's stock after acquiring an additional 10,652 shares during the period. Avantax Advisory Services Inc.'s holdings in Meritage Homes were worth $1,217,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MTH. LPL Financial LLC lifted its holdings in Meritage Homes by 56.1% in the 4th quarter. LPL Financial LLC now owns 10,265 shares of the construction company's stock valued at $1,579,000 after purchasing an additional 3,687 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Meritage Homes by 33.1% in the 4th quarter. JPMorgan Chase & Co. now owns 314,323 shares of the construction company's stock valued at $48,349,000 after buying an additional 78,087 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Meritage Homes by 38.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,122 shares of the construction company's stock worth $173,000 after acquiring an additional 314 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Meritage Homes by 17.4% during the 4th quarter. Franklin Resources Inc. now owns 266,967 shares of the construction company's stock worth $41,065,000 after acquiring an additional 39,522 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Meritage Homes by 2.0% during the 4th quarter. Wells Fargo & Company MN now owns 246,813 shares of the construction company's stock valued at $37,965,000 after acquiring an additional 4,831 shares during the last quarter. Institutional investors and hedge funds own 98.44% of the company's stock.

Insider Buying and Selling

In related news, Director Joseph Keough purchased 4,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was acquired at an average price of $66.16 per share, for a total transaction of $264,640.00. Following the acquisition, the director directly owned 41,700 shares of the company's stock, valued at $2,758,872. This trade represents a 10.61% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis V. Arriola bought 2,200 shares of the stock in a transaction on Friday, July 25th. The stock was purchased at an average cost of $70.00 per share, for a total transaction of $154,000.00. Following the acquisition, the director directly owned 9,512 shares of the company's stock, valued at $665,840. The trade was a 30.09% increase in their position. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MTH has been the topic of a number of analyst reports. UBS Group set a $107.00 target price on shares of Meritage Homes in a research note on Friday, April 25th. Wedbush reduced their price target on shares of Meritage Homes from $103.00 to $90.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Zelman & Associates upgraded Meritage Homes to a "strong-buy" rating in a research report on Thursday, July 24th. Evercore ISI raised their target price on Meritage Homes from $97.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. decreased their price target on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $91.13.

View Our Latest Stock Analysis on Meritage Homes

Meritage Homes Stock Up 5.7%

Meritage Homes stock traded up $3.87 during mid-day trading on Friday, reaching $71.21. 1,856,789 shares of the company's stock were exchanged, compared to its average volume of 1,280,884. The company has a quick ratio of 2.28, a current ratio of 2.16 and a debt-to-equity ratio of 0.35. The company has a market cap of $5.07 billion, a P/E ratio of 6.40 and a beta of 1.29. The company has a fifty day moving average of $67.90 and a 200-day moving average of $70.29. Meritage Homes Corporation has a twelve month low of $59.27 and a twelve month high of $106.99.

Meritage Homes (NYSE:MTH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.05. The company 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%. Meritage Homes's revenue for the quarter was down 4.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.15 EPS. Sell-side analysts expect that Meritage Homes Corporation will post 9.44 EPS for the current year.

Meritage Homes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, June 16th. Meritage Homes's dividend payout ratio (DPR) is presently 15.47%.

About Meritage Homes

(Free Report)

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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Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

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