Nuveen LLC Invests $15.37 Million in Meritage Homes Corporation $MTH

Key Points

• Nuveen LLC has acquired a new stake in Meritage Homes Corporation, purchasing 216,828 shares valued at approximately $15.37 million during the first quarter.
• Several institutional investors, including Invesco Ltd and Mizuho Markets Americas LLC, have significantly increased their positions in Meritage Homes, showcasing strong institutional interest.
• Meritage Homes reported earnings of $2.04 EPS for the last quarter, exceeding analysts' expectations, despite a 4.6% year-over-year revenue decline.

Nuveen LLC acquired a new position in Meritage Homes Corporation (NYSE:MTH - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 216,828 shares of the construction company's stock, valued at approximately $15,369,000. Nuveen LLC owned 0.30% of Meritage Homes as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Crossmark Global Holdings Inc. increased its stake in shares of Meritage Homes by 5.8% during the 1st quarter. Crossmark Global Holdings Inc. now owns 3,439 shares of the construction company's stock worth $244,000 after purchasing an additional 189 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Meritage Homes by 136.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,901 shares of the construction company's stock worth $277,000 after purchasing an additional 2,248 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Meritage Homes by 100.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 30,325 shares of the construction company's stock worth $2,149,000 after purchasing an additional 15,218 shares during the last quarter. Reyes Financial Architecture Inc. increased its stake in shares of Meritage Homes by 182.0% during the 1st quarter. Reyes Financial Architecture Inc. now owns 1,255 shares of the construction company's stock worth $89,000 after purchasing an additional 810 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Meritage Homes by 151.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,202 shares of the construction company's stock worth $440,000 after purchasing an additional 3,731 shares during the last quarter. Hedge funds and other institutional investors own 98.44% of the company's stock.

Meritage Homes Price Performance

NYSE:MTH traded up $5.2330 during mid-day trading on Friday, hitting $80.1230. 2,077,030 shares of the stock traded hands, compared to its average volume of 1,119,729. The business's 50-day moving average price is $70.95 and its 200 day moving average price is $69.75. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.35. The company has a market cap of $5.70 billion, a PE ratio of 7.21 and a beta of 1.29. Meritage Homes Corporation has a 12-month low of $59.27 and a 12-month high of $106.99.

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

Meritage Homes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, September 16th. Meritage Homes's payout ratio is 15.47%.

Analysts Set New Price Targets

MTH has been the subject of several research analyst reports. Zelman & Associates upgraded shares of Meritage Homes to a "strong-buy" rating in a research note on Thursday, July 24th. Evercore ISI raised their price target on shares of Meritage Homes from $97.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods cut their price objective on shares of Meritage Homes from $77.00 to $75.00 and set a "market perform" rating for the company in a report on Monday, July 28th. Bank of America assumed coverage on shares of Meritage Homes in a research note on Monday, May 5th. They issued a "buy" rating and a $82.00 price objective for the company. Finally, Wedbush dropped their target price on Meritage Homes from $103.00 to $90.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. One 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $87.71.

Insider Activity

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

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.