Edgestream Partners L.P. Has $4.32 Million Position in Meritage Homes Corporation (NYSE:MTH)

Edgestream Partners L.P. grew its stake in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 60.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,882 shares of the construction company's stock after acquiring an additional 23,026 shares during the period. Edgestream Partners L.P. owned 0.08% of Meritage Homes worth $4,315,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MTH. Reyes Financial Architecture Inc. increased its holdings in shares of Meritage Homes by 182.0% during the first quarter. Reyes Financial Architecture Inc. now owns 1,255 shares of the construction company's stock worth $89,000 after purchasing an additional 810 shares during the period. CWM LLC increased its holdings in shares of Meritage Homes by 166.3% during the first quarter. CWM LLC now owns 1,108 shares of the construction company's stock worth $79,000 after purchasing an additional 692 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Meritage Homes by 94.9% during the first quarter. Louisiana State Employees Retirement System now owns 34,100 shares of the construction company's stock worth $2,417,000 after purchasing an additional 16,600 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Meritage Homes by 56.5% during the first quarter. New York State Common Retirement Fund now owns 22,834 shares of the construction company's stock worth $1,618,000 after purchasing an additional 8,245 shares during the period. Finally, Mutual of America Capital Management LLC increased its holdings in shares of Meritage Homes by 92.2% during the first quarter. Mutual of America Capital Management LLC now owns 10,537 shares of the construction company's stock worth $747,000 after purchasing an additional 5,056 shares during the period. 98.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Bank of America assumed coverage on shares of Meritage Homes in a report on Monday, May 5th. They set a "buy" rating and a $82.00 target price on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Meritage Homes from $90.00 to $77.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Wall Street Zen cut shares of Meritage Homes from a "hold" rating to a "sell" rating in a research note on Monday, March 24th. UBS Group set a $107.00 price objective on shares of Meritage Homes in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Meritage Homes from $89.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Meritage Homes presently has an average rating of "Hold" and an average target price of $96.13.

Meritage Homes Price Performance

Shares of NYSE MTH traded down $0.81 during midday trading on Friday, reaching $70.22. 138,293 shares of the company were exchanged, compared to its average volume of 946,088. The stock has a market cap of $5.04 billion, a P/E ratio of 5.73 and a beta of 1.37. The stock's 50-day moving average price is $67.19 and its 200-day moving average price is $71.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.35. Meritage Homes Corporation has a one year low of $59.27 and a one year high of $106.99.

Meritage Homes (NYSE:MTH - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.69 EPS for the quarter, missing analysts' consensus estimates of $1.71 by ($0.02). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. Meritage Homes had a return on equity of 14.28% and a net margin of 11.50%. Meritage Homes's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $5.06 EPS. On average, sell-side analysts anticipate that Meritage Homes Corporation will post 9.44 earnings per share for the current fiscal year.

Meritage Homes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $0.43 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.45%. Meritage Homes's dividend payout ratio (DPR) is presently 14.06%.

Insider Activity at Meritage Homes

In other Meritage Homes news, Director Joseph Keough purchased 4,000 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were bought at an average price of $66.16 per share, for a total transaction of $264,640.00. Following the completion of the acquisition, the director owned 41,700 shares in the company, valued at approximately $2,758,872. This trade represents a 10.61% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.20% of the company's stock.

Meritage Homes Company Profile

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.