Legal & General Group Plc Takes Position in M/I Homes, Inc. $MHO

Key Points

• Legal & General Group Plc acquired 60,219 M/I Homes shares worth approximately $9.7 million, taking a 0.24% stake. Institutional investors collectively own 95.14% of the homebuilder.
• M/I Homes slightly beat quarterly expectations with earnings of $3.14 per share versus $3.13 expected and revenue of $1.06 billion, though revenue declined 6% year over year.
• Analyst sentiment remains positive overall, with the stock carrying a “Moderate Buy” consensus rating and a $164.25 average price target; however, CFO Phillip G. Creek sold 20,000 shares for about $3.0 million.

Legal & General Group Plc purchased a new position in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 60,219 shares of the construction company's stock, valued at approximately $9,683,000. Legal & General Group Plc owned 0.24% of M/I Homes as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in M/I Homes during the second quarter valued at about $769,776,000. Donald Smith & CO. Inc. increased its stake in shares of M/I Homes by 5.9% in the fourth quarter. Donald Smith & CO. Inc. now owns 1,463,340 shares of the construction company's stock worth $187,234,000 after purchasing an additional 82,090 shares in the last quarter. State Street Corp increased its stake in shares of M/I Homes by 2.2% in the fourth quarter. State Street Corp now owns 1,337,188 shares of the construction company's stock worth $171,093,000 after purchasing an additional 28,187 shares in the last quarter. Millennium Management LLC raised its position in shares of M/I Homes by 107.5% in the fourth quarter. Millennium Management LLC now owns 434,484 shares of the construction company's stock valued at $55,592,000 after purchasing an additional 225,120 shares during the period. Finally, Royce & Associates LP raised its position in shares of M/I Homes by 5.3% in the fourth quarter. Royce & Associates LP now owns 326,606 shares of the construction company's stock valued at $41,789,000 after purchasing an additional 16,445 shares during the period. Hedge funds and other institutional investors own 95.14% of the company's stock.

Insider Buying and Selling at M/I Homes

In other news, CFO Phillip G. Creek sold 20,000 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $149.56, for a total value of $2,991,200.00. Following the transaction, the chief financial officer owned 30,918 shares of the company's stock, valued at approximately $4,624,096.08. This represents a 39.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.60% of the company's stock.

M/I Homes Price Performance

MHO stock opened at $146.31 on Wednesday. The firm has a 50 day moving average of $151.39 and a 200-day moving average of $139.24. The company has a current ratio of 7.65, a quick ratio of 1.69 and a debt-to-equity ratio of 0.29. M/I Homes, Inc. has a 12 month low of $116.78 and a 12 month high of $163.66. The firm has a market capitalization of $3.70 billion, a P/E ratio of 12.32 and a beta of 1.61.

M/I Homes (NYSE:MHO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The construction company reported $3.14 EPS for the quarter, beating the consensus estimate of $3.13 by $0.01. The company had revenue of $1.06 billion during 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%. M/I Homes's revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.42 earnings per share. As a group, sell-side analysts predict that M/I Homes, Inc. will post 12.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on MHO. Weiss Ratings reaffirmed a "hold (c)" rating on shares of M/I Homes in a report on Wednesday, August 12th. Freedom Capital upgraded M/I Homes to a "strong-buy" rating in a research report on Wednesday, June 24th. Zacks Research raised M/I Homes from a "strong sell" rating to a "hold" rating in a report on Friday, June 26th. Zelman & Associates cut M/I Homes from an "outperform" rating to a "neutral" rating in a research report on Tuesday, July 7th. Finally, New Street Research set a $172.00 price target on M/I Homes in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $164.25.

About M/I Homes

M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.

In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.

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