Meritage Homes Corporation $MTH Shares Acquired by Swiss National Bank

Key Points

• Swiss National Bank significantly increased its stake in Meritage Homes by 96.4% in the first quarter, now holding 140,200 shares valued at approximately $9.94 million.
• Several other investors have also increased their positions in Meritage Homes, leading to 98.44% of the stock being owned by institutional investors.
• Meritage Homes reported a quarterly earnings per share of $2.04, surpassing analysts' expectations, but its revenue was down 4.6% compared to the same quarter last year.

Swiss National Bank increased its holdings in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 96.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,200 shares of the construction company's stock after acquiring an additional 68,800 shares during the quarter. Swiss National Bank owned about 0.20% of Meritage Homes worth $9,937,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MTH. LPL Financial LLC boosted its holdings in Meritage Homes by 56.1% in the 4th quarter. LPL Financial LLC now owns 10,265 shares of the construction company's stock valued at $1,579,000 after purchasing an additional 3,687 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Meritage Homes in the 4th quarter valued at about $6,531,000. Townsquare Capital LLC boosted its holdings in Meritage Homes by 84.6% in the 4th quarter. Townsquare Capital LLC now owns 3,006 shares of the construction company's stock valued at $462,000 after purchasing an additional 1,378 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in Meritage Homes by 5.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,758 shares of the construction company's stock valued at $578,000 after purchasing an additional 186 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Meritage Homes in the 4th quarter valued at about $13,446,000. 98.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Dennis V. Arriola acquired 2,200 shares of the company's stock in a transaction on Friday, July 25th. The shares were bought at an average cost of $70.00 per share, with a total value of $154,000.00. Following the transaction, the director owned 9,512 shares in the company, valued at approximately $665,840. This trade represents a 30.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Keough bought 4,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was bought at an average price of $66.16 per share, with a total value of $264,640.00. Following the acquisition, the director owned 41,700 shares in the company, valued at approximately $2,758,872. This represents a 10.61% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.20% of the company's stock.

Meritage Homes Stock Down 0.3%

MTH traded down $0.2150 during trading hours on Thursday, hitting $74.7750. 681,316 shares of the company's stock were exchanged, compared to its average volume of 1,215,552. Meritage Homes Corporation has a 12-month low of $59.27 and a 12-month high of $106.99. The firm has a 50 day moving average of $70.63 and a 200 day moving average of $69.73. The firm has a market cap of $5.32 billion, a P/E ratio of 6.72 and a beta of 1.29. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.35.

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

Meritage Homes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. Meritage Homes's dividend payout ratio is presently 15.47%.

Wall Street Analysts Forecast Growth

MTH has been the topic of several recent analyst reports. Wedbush decreased their target price on shares of 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 target 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. UBS Group set a $107.00 price target on shares of Meritage Homes in a research note on Friday, April 25th. Evercore ISI boosted their price target on shares of Meritage Homes from $97.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Bank of America began coverage on shares of Meritage Homes in a research note on Monday, May 5th. They issued a "buy" rating and a $82.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $87.71.

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.