Congress Asset Management Co. Purchases 24,517 Shares of M/I Homes, Inc. $MHO

Key Points

• Congress Asset Management increased its M/I Homes stake by 21.6%, purchasing 24,517 additional shares to own 137,872 shares valued at approximately $18.6 million. Institutional investors collectively hold 95.14% of the company.
• Analyst sentiment is broadly positive, with M/I Homes receiving a “Moderate Buy” consensus rating and an average price target of $164.25, despite ratings ranging from Strong Buy to Sell.
• M/I Homes reported quarterly EPS of $3.14, narrowly exceeding estimates, while revenue reached $1.06 billion but declined 6% year over year. Shares opened at $133.38, and CFO Phillip Creek sold 20,000 shares at an average price of $149.56.

Congress Asset Management Co. grew its position in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) by 21.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 137,872 shares of the construction company's stock after buying an additional 24,517 shares during the quarter. Congress Asset Management Co. owned approximately 0.55% of M/I Homes worth $18,631,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Cim Investment Management Inc. acquired a new position in shares of M/I Homes in the 2nd quarter worth approximately $233,000. Junto Capital Management LP boosted its stake in M/I Homes by 3.1% in the second quarter. Junto Capital Management LP now owns 338,298 shares of the construction company's stock worth $54,395,000 after purchasing an additional 10,047 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of M/I Homes by 46.1% during the second quarter. Engineers Gate Manager LP now owns 11,138 shares of the construction company's stock worth $1,791,000 after purchasing an additional 3,517 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of M/I Homes during the second quarter worth $26,000. Finally, Nykredit A S bought a new stake in shares of M/I Homes during the second quarter worth $182,000. Institutional investors and hedge funds own 95.14% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Freedom Capital raised M/I Homes to a "strong-buy" rating in a report on Wednesday, June 24th. New Street Research set a $172.00 price objective on shares of M/I Homes in a report on Tuesday, August 4th. Zacks Research downgraded shares of M/I Homes from a "hold" rating to a "strong sell" rating in a research note on Wednesday, September 9th. Zelman & Associates lowered shares of M/I Homes from an "outperform" rating to a "neutral" rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of M/I Homes in a research note on Wednesday, August 12th. Two 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 assigned a Sell rating to the company. According to data from MarketBeat, M/I Homes presently has an average rating of "Moderate Buy" and an average price target of $164.25.

Insider Activity

In other news, CFO Phillip Creek sold 20,000 shares of the company's stock in a transaction dated 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 sale, the chief financial officer directly owned 30,918 shares of the company's stock, valued at $4,624,096.08. This represents a 39.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.60% of the company's stock.

M/I Homes Stock Up 1.0%

Shares of NYSE:MHO opened at $133.38 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 7.65 and a quick ratio of 1.69. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 11.23 and a beta of 1.60. The company has a 50 day moving average of $145.39 and a 200-day moving average of $139.48. M/I Homes, Inc. has a one year low of $116.78 and a one year high of $163.66.

M/I Homes (NYSE:MHO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The construction company reported $3.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.13 by $0.01. The firm had revenue of $1.06 billion for 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 revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the firm earned $4.42 earnings per share. On average, sell-side analysts forecast that M/I Homes, Inc. will post 12.12 earnings per share for the current year.

M/I Homes Profile

M/I Homes, Inc is a homebuilder that constructs and sells single-family homes for a range of buyers, including first-time, move-up and luxury customers. The company offers homes in multiple designs and price ranges, with options that may include different floor plans, elevations, finishes and features. Its operations also include land acquisition, development of residential communities and the construction of homes on customer-owned lots.

Founded in 1976 by Irving and Melvin Schottenstein, M/I Homes is headquartered in Columbus, Ohio.

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