Canada Pension Plan Investment Board Purchases Shares of 22,338 Meritage Homes Corporation $MTH

Canada Pension Plan Investment Board acquired a new stake in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 22,338 shares of the construction company's stock, valued at approximately $1,873,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MTH. Essential Partners LLC boosted its holdings in Meritage Homes by 163.8% in the first quarter. Essential Partners LLC now owns 401 shares of the construction company's stock valued at $25,000 after acquiring an additional 249 shares during the last quarter. Larson Financial Group LLC increased its stake in Meritage Homes by 265.5% during the third quarter. Larson Financial Group LLC now owns 402 shares of the construction company's stock worth $29,000 after acquiring an additional 292 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Meritage Homes by 194.9% during the second quarter. EverSource Wealth Advisors LLC now owns 699 shares of the construction company's stock worth $47,000 after acquiring an additional 462 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Meritage Homes by 43.9% in the 1st quarter. Assetmark Inc. now owns 774 shares of the construction company's stock worth $48,000 after purchasing an additional 236 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of Meritage Homes in the 4th quarter worth about $49,000. 98.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MTH. Weiss Ratings upgraded Meritage Homes from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Wall Street Zen raised shares of Meritage Homes from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Citigroup restated a "market outperform" rating on shares of Meritage Homes in a report on Monday, July 6th. Zelman & Associates cut Meritage Homes from an "outperform" rating to a "neutral" rating in a research note on Tuesday, July 7th. Finally, UBS Group reaffirmed a "buy" rating and issued a $88.00 price objective (up from $86.00) on shares of Meritage Homes in a report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Meritage Homes currently has an average rating of "Hold" and an average target price of $79.25.

Meritage Homes Stock Performance

MTH opened at $71.07 on Monday. The business has a 50 day moving average price of $74.89 and a two-hundred day moving average price of $70.31. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.97 and a quick ratio of 1.97. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 5.20 and a beta of 1.36. Meritage Homes Corporation has a 1-year low of $58.03 and a 1-year high of $85.38.

Meritage Homes (NYSE:MTH - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The construction company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.12. Meritage Homes had a return on equity of 7.13% and a net margin of 6.11%.The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The company's revenue was down 14.1% on a year-over-year basis. Research analysts predict that Meritage Homes Corporation will post 5.04 EPS for the current fiscal year.

Meritage Homes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Meritage Homes's dividend payout ratio (DPR) is presently 40.17%.

About Meritage Homes

Meritage Homes Corporation is a national homebuilder and residential developer headquartered in Scottsdale, Arizona. Founded in 1985 as Winchester Homes and later rebranded to Meritage Homes, the company specializes in designing, constructing and selling single‐family detached and attached homes. With a focus on energy efficiency and sustainable building practices, Meritage Homes markets its properties under the GreenSmart program, which integrates high‐performance features aimed at reducing long‐term energy and water consumption for homebuyers.

The company's core activities encompass land acquisition, residential community planning, home design, construction management and real estate sales.

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