Bank of New York Mellon Corp Makes New Investment in M/I Homes, Inc. $MHO

Bank of New York Mellon Corp acquired a new stake in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 186,778 shares of the construction company's stock, valued at approximately $30,032,000. Bank of New York Mellon Corp owned about 0.74% of M/I Homes as of its most recent SEC filing.

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

M/I Homes Trading Up 0.5%

NYSE MHO opened at $151.72 on Friday. The company has a market cap of $3.84 billion, a P/E ratio of 12.77 and a beta of 1.60. M/I Homes, Inc. has a 12 month low of $116.78 and a 12 month high of $163.66. The company has a debt-to-equity ratio of 0.29, a current ratio of 7.65 and a quick ratio of 1.69. The company has a 50-day moving average of $151.44 and a 200-day moving average of $139.22.

M/I Homes (NYSE:MHO - Get Free Report) last issued its earnings results on Wednesday, July 29th. The construction company reported $3.14 earnings per share for the quarter, topping the consensus estimate of $3.13 by $0.01. The business had revenue of $1.06 billion for 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 business's quarterly revenue was down 6.0% on a year-over-year basis. During the same period last year, the company posted $4.42 EPS. As a group, equities analysts predict that M/I Homes, Inc. will post 12.62 earnings per share for the current year.

Insider Transactions at M/I Homes

In related news, CFO Phillip G. Creek sold 10,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $151.28, for a total transaction of $1,512,800.00. Following the completion of the sale, the chief financial officer directly owned 30,918 shares of the company's stock, valued at approximately $4,677,275.04. This trade represents a 24.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MHO has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of M/I Homes from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. New Street Research set a $172.00 price target on M/I Homes in a research note on Tuesday, August 4th. Freedom Capital raised M/I Homes to a "strong-buy" rating in a report on Wednesday, June 24th. Zelman & Associates cut M/I Homes from an "outperform" rating to a "neutral" rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of M/I Homes in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $164.25.

M/I Homes Profile

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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