Rafferty Asset Management LLC Raises Holdings in Meritage Homes Co. (NYSE:MTH)

Rafferty Asset Management LLC boosted its holdings in Meritage Homes Co. (NYSE:MTH - Free Report) by 51.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,466 shares of the construction company's stock after buying an additional 8,262 shares during the quarter. Rafferty Asset Management LLC's holdings in Meritage Homes were worth $3,763,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. M&T Bank Corp boosted its stake in Meritage Homes by 8.1% in the fourth quarter. M&T Bank Corp now owns 2,293 shares of the construction company's stock valued at $353,000 after acquiring an additional 172 shares in the last quarter. Allworth Financial LP boosted its stake in Meritage Homes by 545.5% in the fourth quarter. Allworth Financial LP now owns 213 shares of the construction company's stock valued at $33,000 after acquiring an additional 180 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Meritage Homes by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,758 shares of the construction company's stock valued at $578,000 after acquiring an additional 186 shares in the last quarter. Alpha DNA Investment Management LLC boosted its stake in Meritage Homes by 6.3% in the fourth quarter. Alpha DNA Investment Management LLC now owns 3,219 shares of the construction company's stock valued at $495,000 after acquiring an additional 190 shares in the last quarter. Finally, Pinnacle Holdings LLC acquired a new stake in shares of Meritage Homes during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 98.44% of the company's stock.

Meritage Homes Stock Performance

NYSE:MTH traded down $0.12 during mid-day trading on Friday, reaching $64.23. The stock had a trading volume of 536,392 shares, compared to its average volume of 884,992. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.75 and a current ratio of 1.61. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of 4.91 and a beta of 1.50. Meritage Homes Co. has a twelve month low of $59.27 and a twelve month high of $106.99. The business has a 50 day simple moving average of $67.73 and a 200 day simple moving average of $77.28.

Meritage Homes (NYSE:MTH - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.34 billion. Meritage Homes had a net margin of 12.29% and a return on equity of 15.90%. Meritage Homes's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.06 EPS. On average, analysts expect that Meritage Homes Co. will post 9.44 earnings per share for the current fiscal year.

Meritage Homes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a $0.43 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.72 dividend on an annualized basis and a yield of 2.68%. Meritage Homes's payout ratio is currently 14.06%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. UBS Group set a $107.00 target price on shares of Meritage Homes in a research note on Friday, April 25th. Keefe, Bruyette & Woods decreased their target price on shares of Meritage Homes from $90.00 to $77.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Bank of America assumed coverage on shares of Meritage Homes in a research note on Monday, May 5th. They set a "buy" rating and a $82.00 target price for the company. Wall Street Zen downgraded shares of Meritage Homes from a "hold" rating to a "sell" rating in a research note on Monday, March 24th. Finally, Wedbush reiterated a "neutral" rating and set a $103.00 target price on shares of Meritage Homes in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Meritage Homes currently has an average rating of "Hold" and an average target price of $97.72.

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.