Caxton Associates LLP Takes $2.32 Million Position in Meritage Homes Corporation $MTH

Key Points

• Caxton Associates LLP acquired a new stake in Meritage Homes Corporation, purchasing 32,676 shares valued at approximately $2.32 million in the first quarter of the year.
• Meritage Homes recently announced a quarterly dividend of $0.43 per share, which will be paid on September 30, representing a dividend yield of 2.1%.
• Wall Street analysts have mixed ratings for Meritage Homes, with target prices ranging from $60 to $100 and a consensus rating of "Moderate Buy."

Caxton Associates LLP acquired a new stake in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,676 shares of the construction company's stock, valued at approximately $2,316,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Meritage Homes by 96.3% during the first quarter. Vanguard Group Inc. now owns 7,999,889 shares of the construction company's stock valued at $567,032,000 after purchasing an additional 3,925,148 shares during the period. Dimensional Fund Advisors LP grew its holdings in Meritage Homes by 93.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,926,900 shares of the construction company's stock valued at $207,456,000 after purchasing an additional 1,417,024 shares during the period. Greenhaven Associates Inc. grew its holdings in Meritage Homes by 94.1% during the first quarter. Greenhaven Associates Inc. now owns 1,434,368 shares of the construction company's stock valued at $101,668,000 after purchasing an additional 695,355 shares during the period. Earnest Partners LLC grew its holdings in Meritage Homes by 95.7% during the first quarter. Earnest Partners LLC now owns 1,352,648 shares of the construction company's stock valued at $95,876,000 after purchasing an additional 661,310 shares during the period. Finally, Long Pond Capital LP grew its holdings in Meritage Homes by 592.7% during the first quarter. Long Pond Capital LP now owns 1,125,995 shares of the construction company's stock valued at $79,811,000 after purchasing an additional 963,438 shares during the period. 98.44% of the stock is owned by institutional investors.

Meritage Homes Trading Down 0.8%

NYSE:MTH opened at $82.15 on Tuesday. The company has a market cap of $5.85 billion, a P/E ratio of 7.39 and a beta of 1.35. The stock's fifty day moving average price is $73.94 and its two-hundred day moving average price is $70.03. Meritage Homes Corporation has a 1 year low of $59.27 and a 1 year high of $106.99. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.16 and a quick ratio of 2.16.

Meritage Homes (NYSE:MTH - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.05. Meritage Homes had a return on equity of 12.37% and a net margin of 10.27%.The firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the business posted $3.15 earnings per share. The business's quarterly revenue was down 4.6% on a year-over-year basis. As a group, analysts expect that Meritage Homes Corporation will post 9.44 EPS for the current year.

Meritage Homes Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, September 16th. Meritage Homes's dividend payout ratio (DPR) is 15.47%.

Insider Buying and Selling

In related news, CEO Phillippe Lord sold 6,950 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $80.01, for a total value of $556,069.50. Following the sale, the chief executive officer owned 221,320 shares in the company, valued at approximately $17,707,813.20. This trade represents a 3.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dennis V. Arriola acquired 2,200 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was acquired at an average price of $70.00 per share, for a total transaction of $154,000.00. Following the transaction, the director directly owned 9,512 shares of the company's stock, valued at $665,840. This represents a 30.09% increase in their position. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MTH shares. Evercore ISI increased their price objective on Meritage Homes from $97.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Wedbush reduced their price objective on Meritage Homes from $103.00 to $90.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Keefe, Bruyette & Woods dropped their target price on Meritage Homes from $77.00 to $75.00 and set a "market perform" rating on the stock in a research report on Monday, July 28th. JPMorgan Chase & Co. dropped their target price on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Finally, Zelman & Associates upgraded Meritage Homes to a "strong-buy" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.71.

About Meritage Homes

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.