California State Teachers Retirement System Grows Stake in M/I Homes, Inc. $MHO

Key Points

• California State Teachers Retirement System increased its M/I Homes stake by 28.3% in the first quarter, bringing its holdings to 32,103 shares valued at approximately $3.93 million. Institutional investors collectively own 95.14% of the company.
• M/I Homes slightly exceeded quarterly expectations, reporting $3.14 in EPS and $1.06 billion in revenue, though revenue declined 6% year over year and EPS fell from $4.42 in the prior-year quarter.
• Shares opened at $151.40, while analysts maintain a consensus “Moderate Buy” rating with a $164.25 price target. CFO Phillip G. Creek separately sold 10,000 shares worth about $1.51 million.

California State Teachers Retirement System grew its stake in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) by 28.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,103 shares of the construction company's stock after acquiring an additional 7,086 shares during the quarter. California State Teachers Retirement System owned about 0.13% of M/I Homes worth $3,931,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Readystate Asset Management LP purchased a new position in M/I Homes in the 1st quarter worth approximately $2,042,000. Empowered Funds LLC lifted its position in M/I Homes by 5.3% in the 1st quarter. Empowered Funds LLC now owns 15,001 shares of the construction company's stock valued at $1,837,000 after acquiring an additional 750 shares in the last quarter. Quantinno Capital Management LP boosted its stake in M/I Homes by 13.1% during the 1st quarter. Quantinno Capital Management LP now owns 8,346 shares of the construction company's stock valued at $1,022,000 after purchasing an additional 965 shares during the last quarter. SummitTX Capital L.P. boosted its stake in M/I Homes by 19.1% during the 1st quarter. SummitTX Capital L.P. now owns 42,574 shares of the construction company's stock valued at $5,213,000 after purchasing an additional 6,816 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of M/I Homes in the 1st quarter worth $473,000. Hedge funds and other institutional investors own 95.14% of the company's stock.

Insider Buying and Selling

In other M/I Homes news, CFO Phillip G. Creek sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $151.28, for a total value of $1,512,800.00. Following the transaction, the chief financial officer directly owned 30,918 shares in the company, valued at approximately $4,677,275.04. This trade represents a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.60% of the company's stock.

M/I Homes Stock Performance

MHO stock opened at $151.40 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 7.65 and a quick ratio of 1.59. M/I Homes, Inc. has a 1 year low of $116.78 and a 1 year high of $163.66. The company has a market cap of $3.83 billion, a P/E ratio of 12.74 and a beta of 1.60. The stock's fifty day moving average price is $148.17 and its 200-day moving average price is $137.53.

M/I Homes (NYSE:MHO - Get Free Report) last announced its 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 business had revenue of $1.06 billion for the quarter, compared to analysts' expectations 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 revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the firm posted $4.42 earnings per share. On average, equities analysts forecast that M/I Homes, Inc. will post 12.62 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MHO shares. Zelman & Associates downgraded M/I Homes from an "outperform" rating to a "neutral" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "hold (c)" rating on shares of M/I Homes in a research report on Friday, May 15th. Freedom Capital raised M/I Homes to a "strong-buy" rating in a research report on Wednesday, June 24th. New Street Research set a $172.00 target price on shares of M/I Homes in a research note on Tuesday. Finally, Zacks Research raised shares of M/I Homes from a "strong sell" rating to a "hold" rating in a report on Friday, June 26th. Two 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. Based on data from MarketBeat.com, the stock presently 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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