M/I Homes, Inc. $MHO Stake Lessened by Capelight Capital Asset Management LP

Key Points

• Capelight Capital Asset Management cut its M/I Homes stake by 63.2% in the third quarter, selling 50,600 shares and retaining 29,400 shares valued at approximately $3.97 million. Institutional investors and hedge funds own 95.14% of the company.
• M/I Homes reported third-quarter EPS of $2.70, missing analyst expectations of $3.25, while revenue of $1.08 billion also fell short of estimates and declined 1.9% year over year.
• The stock opened at $124.14, near the lower end of its 52-week range, while analysts maintain a “Moderate Buy” consensus with an average price target of $164.40.

Capelight Capital Asset Management LP cut its position in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) by 63.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 29,400 shares of the construction company's stock after selling 50,600 shares during the quarter. M/I Homes accounts for 1.6% of Capelight Capital Asset Management LP's portfolio, making the stock its 22nd largest position. Capelight Capital Asset Management LP owned about 0.12% of M/I Homes worth $3,973,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Empowered Funds LLC bought a new stake in shares of M/I Homes during the 2nd quarter worth $1,969,000. NewEdge Wealth LLC acquired a new position in shares of M/I Homes in the 2nd quarter worth $1,976,000. Junto Capital Management LP raised its position in shares of M/I Homes by 3.1% during the second quarter. Junto Capital Management LP now owns 338,298 shares of the construction company's stock worth $54,395,000 after purchasing an additional 10,047 shares during the period. Legal & General Group Plc acquired a new stake in shares of M/I Homes during the second quarter worth $9,683,000. Finally, Jupiter Topco LLC acquired a new stake in shares of M/I Homes during the second quarter worth $20,711,000. 95.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Phillip Creek sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $151.28, for a total transaction of $1,512,800.00. Following the transaction, the chief financial officer directly owned 30,918 shares of the company's stock, valued at approximately $4,677,275.04. The trade was a 24.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.60% of the stock is owned by company insiders.

M/I Homes Trading Up 0.1%

NYSE MHO opened at $124.14 on Monday. M/I Homes, Inc. has a twelve month low of $113.40 and a twelve month high of $163.66. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 7.09. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 11.80 and a beta of 1.60. The firm's 50 day moving average price is $138.71 and its two-hundred day moving average price is $139.76.

M/I Homes (NYSE:MHO - Get Free Report) last announced its earnings results on Wednesday, October 21st. The construction company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.25 by ($0.55). M/I Homes had a net margin of 6.59% and a return on equity of 10.12%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm earned $3.92 earnings per share. M/I Homes's revenue for the quarter was down 1.9% compared to the same quarter last year. Equities analysts anticipate that M/I Homes, Inc. will post 12.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MHO. New Street Research set a $172.00 target price on M/I Homes in a report on Tuesday, August 4th. Jefferies Financial Group set a $165.00 price target on M/I Homes in a research note on Thursday, October 8th. Zelman & Associates cut M/I Homes from an "outperform" rating to a "neutral" rating in a research note on Tuesday, July 7th. Citigroup restated a "market outperform" rating on shares of M/I Homes in a report on Thursday, October 8th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of M/I Homes in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $164.40.

About M/I Homes

M/I Homes, Inc is a residential construction company that builds and sells single-family homes for a range of buyers, including first-time, move-up and luxury-home purchasers. Its operations include land acquisition and development, home design, construction, marketing and sales, with communities offered in suburban and metropolitan markets.

The company also provides services that support the homebuying process, including mortgage financing through M/I Financial and title-related services through its affiliated operations.

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