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

Key Points

• California State Teachers Retirement System increased its M/I Homes stake by 13,917% in the second quarter, acquiring 4.47 million additional shares and reaching 17.8% ownership, valued at approximately $723.5 million.
• Institutional investors collectively own 95.14% of M/I Homes. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $164.25, although ratings range from “Strong Buy” to “Strong Sell.”
• M/I Homes slightly exceeded quarterly earnings expectations, reporting EPS of $3.14 versus the $3.13 consensus and revenue of $1.06 billion, but revenue declined 6% year over year; CFO Phillip Creek also sold 20,000 shares for about $3.0 million.

California State Teachers Retirement System lifted its stake in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) by 13,917.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,499,869 shares of the construction company's stock after acquiring an additional 4,467,766 shares during the period. California State Teachers Retirement System owned 17.80% of M/I Homes worth $723,534,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MHO. BlackRock Inc. acquired a new position in M/I Homes in the second quarter valued at approximately $769,776,000. Donald Smith & CO. Inc. grew its holdings in shares of M/I Homes by 5.9% during the 4th quarter. Donald Smith & CO. Inc. now owns 1,463,340 shares of the construction company's stock worth $187,234,000 after purchasing an additional 82,090 shares during the period. State Street Corp grew its holdings in shares of M/I Homes by 2.2% during the 4th quarter. State Street Corp now owns 1,337,188 shares of the construction company's stock worth $171,093,000 after purchasing an additional 28,187 shares during the period. Millennium Management LLC increased its position in shares of M/I Homes by 107.5% during the 4th quarter. Millennium Management LLC now owns 434,484 shares of the construction company's stock worth $55,592,000 after purchasing an additional 225,120 shares during the last quarter. Finally, Royce & Associates LP increased its position in shares of M/I Homes by 5.3% during the 4th quarter. Royce & Associates LP now owns 326,606 shares of the construction company's stock worth $41,789,000 after purchasing an additional 16,445 shares during the last quarter. Institutional investors and hedge funds own 95.14% of the company's stock.

Analysts Set New Price Targets

MHO has been the subject of a number of research analyst reports. Zacks Research cut shares of M/I Homes from a "hold" rating to a "strong sell" rating in a research report on Wednesday, September 9th. Freedom Capital upgraded M/I Homes to a "strong-buy" rating in a research note on Wednesday, June 24th. Zelman & Associates lowered M/I Homes from an "outperform" rating to a "neutral" rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of M/I Homes in a research note on Wednesday, August 12th. Finally, New Street Research set a $172.00 price objective on M/I Homes in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $164.25.

Insider Activity

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

M/I Homes Trading Up 0.2%

NYSE:MHO opened at $140.12 on Monday. The firm has a market cap of $3.54 billion, a PE ratio of 11.80 and a beta of 1.61. The stock has a fifty day moving average price of $149.05 and a 200 day moving average price of $139.18. M/I Homes, Inc. has a 12-month low of $116.78 and a 12-month high of $163.66. 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 (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 analysts' consensus estimates of $3.13 by $0.01. M/I Homes had a net margin of 7.44% and a return on equity of 11.53%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the previous year, the firm earned $4.42 earnings per share. The firm's quarterly revenue was down 6.0% on a year-over-year basis. Sell-side analysts anticipate that M/I Homes, Inc. will post 12.12 earnings per share for the current fiscal year.

About M/I Homes

M/I Homes, Inc is a residential construction company that builds and sells new single-family homes. Its operations include land acquisition and development, home design and construction, sales and marketing, and customer service. The company offers homes in a range of designs and price points, with options and features that can be customized by buyers in many communities.

M/I Homes also provides complementary services through affiliated operations, including mortgage financing and title services.

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