Envestnet Portfolio Solutions Inc. Increases Holdings in Meritage Homes Corporation $MTH

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in Meritage Homes Corporation by 169.3% in Q2, holding 9,101 shares valued at $609,000.
• Meritage Homes reported $2.04 EPS for its latest quarter, exceeding expectations, although revenue fell 4.6% compared to the previous year.
• The company announced a quarterly dividend of $0.43 per share, translating to an annual yield of 2.4% with a payout ratio of 15.47%.

Envestnet Portfolio Solutions Inc. lifted its position in Meritage Homes Corporation (NYSE:MTH - Free Report) by 169.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,101 shares of the construction company's stock after buying an additional 5,722 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Meritage Homes were worth $609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Assetmark Inc. lifted its holdings in Meritage Homes by 166.5% in the first quarter. Assetmark Inc. now owns 581 shares of the construction company's stock valued at $41,000 after acquiring an additional 363 shares during the period. Signaturefd LLC increased its position in shares of Meritage Homes by 54.9% during the 2nd quarter. Signaturefd LLC now owns 618 shares of the construction company's stock valued at $41,000 after purchasing an additional 219 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Meritage Homes by 100.0% in the 1st quarter. Whittier Trust Co. now owns 660 shares of the construction company's stock worth $47,000 after purchasing an additional 330 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Meritage Homes by 41.7% in the first quarter. Farther Finance Advisors LLC now owns 676 shares of the construction company's stock worth $48,000 after buying an additional 199 shares during the last quarter. Finally, SVB Wealth LLC purchased a new position in shares of Meritage Homes in the first quarter worth approximately $48,000. Institutional investors own 98.44% of the company's stock.

Meritage Homes Stock Performance

NYSE MTH opened at $70.45 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.35. Meritage Homes Corporation has a twelve month low of $59.27 and a twelve month high of $101.59. The business has a 50-day moving average price of $74.94 and a 200-day moving average price of $70.19. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 6.34 and a beta of 1.42.

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

Meritage Homes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 16th. Meritage Homes's dividend payout ratio (DPR) is presently 15.47%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research firms have weighed in on MTH. Weiss Ratings reiterated a "hold (c+)" rating on shares of Meritage Homes in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their price objective on Meritage Homes from $70.00 to $60.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. Evercore ISI downgraded Meritage Homes from an "outperform" rating to an "in-line" rating and lowered their target price for the company from $100.00 to $82.00 in a research report on Tuesday, October 7th. Zacks Research raised Meritage Homes from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 23rd. Finally, Zelman & Associates raised Meritage Homes to a "strong-buy" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $84.86.

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.

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