Fox Run Management L.L.C. Acquires 10,232 Shares of Meritage Homes Corporation $MTH

Key Points

• Fox Run Management L.L.C. increased its holdings in Meritage Homes Corporation by 229.2% during Q1, acquiring an additional 10,232 shares to reach a total of 14,696 shares valued at approximately $1,042,000.
• Brokerages have varying opinions on Meritage Homes, with a consensus rating of "Hold" and a price target of $87.71, reflecting adjustments from multiple firms.
• Recently, Meritage Homes announced a quarterly dividend of $0.43 per share, resulting in an annualized dividend of $1.72 and a yield of 2.2%.

Fox Run Management L.L.C. boosted its holdings in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 229.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,696 shares of the construction company's stock after acquiring an additional 10,232 shares during the quarter. Fox Run Management L.L.C.'s holdings in Meritage Homes were worth $1,042,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Meritage Homes by 96.3% in 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. Greenhaven Associates Inc. lifted its holdings in Meritage Homes by 94.1% during the 1st quarter. Greenhaven Associates Inc. now owns 1,434,368 shares of the construction company's stock worth $101,668,000 after buying an additional 695,355 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Meritage Homes by 102.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 985,239 shares of the construction company's stock valued at $69,834,000 after buying an additional 499,063 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Meritage Homes by 75.0% in the first quarter. Bank of New York Mellon Corp now owns 710,281 shares of the construction company's stock valued at $50,345,000 after buying an additional 304,427 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Meritage Homes by 95.9% during the first quarter. Victory Capital Management Inc. now owns 598,694 shares of the construction company's stock worth $42,435,000 after acquiring an additional 293,089 shares during the last quarter. Institutional investors own 98.44% of the company's stock.

Insider Activity

In other news, Director Joseph Keough acquired 4,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was bought at an average cost of $66.16 per share, for a total transaction of $264,640.00. Following the completion of the transaction, the director owned 41,700 shares of the company's stock, valued at $2,758,872. The trade was a 10.61% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis V. Arriola acquired 2,200 shares of Meritage Homes stock in a transaction that occurred on Friday, July 25th. The shares were purchased at an average cost of $70.00 per share, with a total value of $154,000.00. Following the purchase, the director 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 owned by corporate insiders.

Meritage Homes Stock Down 3.2%

NYSE:MTH traded down $2.48 during trading hours on Wednesday, hitting $74.77. 1,355,824 shares of the company traded hands, compared to its average volume of 1,231,485. Meritage Homes Corporation has a one year low of $59.27 and a one year high of $106.99. The company has a market cap of $5.32 billion, a PE ratio of 6.72 and a beta of 1.29. The firm's 50-day simple moving average is $70.45 and its 200-day simple moving average is $69.74. 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 (NYSE:MTH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The construction company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.99 by $0.05. The firm had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.60 billion. Meritage Homes had a net margin of 10.27% and a return on equity of 12.37%. The company's revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the business posted $3.15 EPS. Equities analysts predict that Meritage Homes Corporation will post 9.44 earnings per share for the current year.

Meritage Homes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Monday, June 16th. Meritage Homes's payout ratio is currently 15.47%.

Analyst Upgrades and Downgrades

Several analysts recently commented on MTH shares. Wedbush reduced their target price on Meritage Homes from $103.00 to $90.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Keefe, Bruyette & Woods reduced their price objective on shares of Meritage Homes from $77.00 to $75.00 and set a "market perform" rating on the stock in a research note on Monday, July 28th. JPMorgan Chase & Co. decreased their price objective on shares of Meritage Homes from $70.00 to $60.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Bank of America started coverage on shares of Meritage Homes in a report on Monday, May 5th. They issued a "buy" rating and a $82.00 target price on the stock. Finally, Evercore ISI upped their price target on shares of Meritage Homes from $97.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Meritage Homes has an average rating of "Moderate Buy" and an average price target of $87.71.

Meritage Homes 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.