New York State Teachers Retirement System Sells 30,471 Shares of Meritage Homes Corporation $MTH

Key Points

• New York State Teachers Retirement System cut its Meritage Homes position by 31.7% in the first quarter, selling 30,471 shares and leaving it with 65,767 shares valued at about $4.07 million.
• Meritage Homes reported weaker-than-expected quarterly results, with EPS of $0.86 versus $0.98 expected and revenue of $1.12 billion versus $1.55 billion expected. Revenue also fell 17.5% year over year.
• The company recently paid a quarterly dividend of $0.48 per share, implying an annualized yield of 2.6%, while analysts currently have a consensus rating of Hold with an average price target of $79.89.

New York State Teachers Retirement System decreased its position in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 31.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 65,767 shares of the construction company's stock after selling 30,471 shares during the period. New York State Teachers Retirement System owned about 0.10% of Meritage Homes worth $4,067,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Salomon & Ludwin LLC boosted its position in shares of Meritage Homes by 63.9% during the fourth quarter. Salomon & Ludwin LLC now owns 372 shares of the construction company's stock valued at $25,000 after purchasing an additional 145 shares in the last quarter. Larson Financial Group LLC raised its holdings in Meritage Homes by 265.5% in the third quarter. Larson Financial Group LLC now owns 402 shares of the construction company's stock worth $29,000 after purchasing an additional 292 shares in the last quarter. Brown Lisle Cummings Inc. purchased a new position in Meritage Homes during the fourth quarter valued at $39,000. EverSource Wealth Advisors LLC lifted its position in Meritage Homes by 194.9% during the second quarter. EverSource Wealth Advisors LLC now owns 699 shares of the construction company's stock valued at $47,000 after buying an additional 462 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in shares of Meritage Homes during the 4th quarter valued at $49,000. Institutional investors own 98.44% of the company's stock.

Insiders Place Their Bets

In other Meritage Homes news, CAO Alison Sasser sold 1,273 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $62.11, for a total transaction of $79,066.03. Following the transaction, the chief accounting officer owned 7,634 shares in the company, valued at approximately $474,147.74. This represents a 14.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.50% of the company's stock.

Meritage Homes Price Performance

Shares of NYSE MTH opened at $74.83 on Thursday. The firm has a market cap of $4.99 billion, a P/E ratio of 13.73, a PEG ratio of 3.48 and a beta of 1.35. Meritage Homes Corporation has a twelve month low of $58.03 and a twelve month high of $85.38. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $70.59 and a 200 day moving average of $69.81.

Meritage Homes (NYSE:MTH - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The construction company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.12). The business had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.55 billion. Meritage Homes had a net margin of 6.86% and a return on equity of 8.08%. The business's revenue for the quarter was down 17.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.69 earnings per share. As a group, research analysts expect that Meritage Homes Corporation will post 4.97 EPS for the current fiscal year.

Meritage Homes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.48 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.92 dividend on an annualized basis and a yield of 2.6%. Meritage Homes's payout ratio is 35.23%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Meritage Homes from $62.00 to $58.00 and set a "neutral" rating for the company in a research note on Tuesday, April 28th. Citigroup reissued a "market outperform" rating on shares of Meritage Homes in a research note on Monday. UBS Group set a $86.00 price objective on shares of Meritage Homes and gave the stock a "buy" rating in a report on Friday, April 24th. Zelman & Associates downgraded shares of Meritage Homes from an "outperform" rating to a "neutral" rating in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Meritage Homes from a "hold" rating to a "sell" rating in a report on Saturday, June 20th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $79.89.

Meritage Homes Company Profile

Meritage Homes Corporation is a national homebuilder and residential developer headquartered in Scottsdale, Arizona. Founded in 1985 as Winchester Homes and later rebranded to Meritage Homes, the company specializes in designing, constructing and selling single‐family detached and attached homes. With a focus on energy efficiency and sustainable building practices, Meritage Homes markets its properties under the GreenSmart program, which integrates high‐performance features aimed at reducing long‐term energy and water consumption for homebuyers.

The company's core activities encompass land acquisition, residential community planning, home design, construction management and real estate sales.

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