Basswood Capital Management L.L.C. Invests $21.93 Million in M/I Homes, Inc. $MHO

Key Points

• Basswood Capital Management acquired 136,364 M/I Homes shares valued at approximately $21.93 million, representing about 0.54% of the company. Institutional investors collectively own 95.14% of M/I Homes.
• M/I Homes reported quarterly EPS of $3.14, narrowly exceeding analyst expectations, while revenue reached $1.06 billion. Revenue declined 6% year over year, and analysts expect full-year EPS of $12.62.
• The stock opened at $152.01, with analysts assigning a “Moderate Buy” consensus rating and an average price target of $164.25. Shares have traded between $116.78 and $163.66 over the past year.

Basswood Capital Management L.L.C. acquired a new stake in M/I Homes, Inc. (NYSE:MHO - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 136,364 shares of the construction company's stock, valued at approximately $21,926,000. Basswood Capital Management L.L.C. owned approximately 0.54% of M/I Homes at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewEdge Wealth LLC bought a new position in M/I Homes in the second quarter worth about $1,976,000. Verity Asset Management Inc. acquired a new stake in M/I Homes in the fourth quarter valued at approximately $1,074,000. Militia Capital Management LLC purchased a new position in M/I Homes in the first quarter worth $2,816,000. First Eagle Investment Management LLC grew its holdings in M/I Homes by 110.1% in the fourth quarter. First Eagle Investment Management LLC now owns 60,100 shares of the construction company's stock worth $7,690,000 after purchasing an additional 31,495 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of M/I Homes by 28.3% during the first quarter. California State Teachers Retirement System now owns 32,103 shares of the construction company's stock worth $3,931,000 after purchasing an additional 7,086 shares in the last quarter. 95.14% of the stock is currently owned by institutional investors.

M/I Homes Stock Down 1.4%

NYSE:MHO opened at $152.01 on Thursday. The company has a current ratio of 7.65, a quick ratio of 1.69 and a debt-to-equity ratio of 0.29. M/I Homes, Inc. has a twelve month low of $116.78 and a twelve month high of $163.66. The company has a market cap of $3.84 billion, a PE ratio of 12.80 and a beta of 1.60. The company's 50 day moving average is $151.35 and its two-hundred day moving average is $139.07.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MHO. Freedom Capital upgraded M/I Homes to a "strong-buy" rating in a report on Wednesday, June 24th. Zelman & Associates downgraded M/I Homes from an "outperform" rating to a "neutral" rating in a research note on Tuesday, July 7th. Zacks Research raised 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 target price on M/I Homes in a research report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of M/I Homes in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $164.25.

Insider Transactions at M/I Homes

In related news, CFO Phillip G. Creek sold 20,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $149.56, for a total value of $2,991,200.00. Following the completion of the transaction, the chief financial officer owned 30,918 shares in the company, valued at $4,624,096.08. This trade represents a 39.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.60% of the stock is owned by company 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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