Panagora Asset Management Inc. Purchases New Shares in M/I Homes, Inc. $MHO

Key Points

• Panagora Asset Management Inc. purchased 23,135 shares of M/I Homes, valued at approximately $2.64 million, representing a 0.09% ownership stake.
• Analysts have mixed ratings for M/I Homes, with two analysts rating it as a Strong Buy and others giving a mix of Buy and Sell ratings, resulting in an average target price of $162.50.
• M/I Homes reported earnings per share (EPS) of $4.42, slightly below the consensus estimate, with revenue up 4.8% compared to the previous year.

Panagora Asset Management Inc. purchased a new stake in shares of M/I Homes, Inc. (NYSE:MHO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 23,135 shares of the construction company's stock, valued at approximately $2,642,000. Panagora Asset Management Inc. owned approximately 0.09% of M/I Homes at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp increased its holdings in shares of M/I Homes by 38.3% during the 1st quarter. Fifth Third Bancorp now owns 379 shares of the construction company's stock valued at $43,000 after acquiring an additional 105 shares during the last quarter. Covestor Ltd increased its holdings in shares of M/I Homes by 134.8% during the 1st quarter. Covestor Ltd now owns 655 shares of the construction company's stock valued at $75,000 after acquiring an additional 376 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of M/I Homes by 57.6% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the construction company's stock valued at $105,000 after acquiring an additional 336 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of M/I Homes by 36.1% during the 1st quarter. National Bank of Canada FI now owns 1,164 shares of the construction company's stock valued at $133,000 after acquiring an additional 309 shares during the last quarter. Finally, CWM LLC boosted its stake in M/I Homes by 75.2% during the 1st quarter. CWM LLC now owns 1,284 shares of the construction company's stock valued at $147,000 after purchasing an additional 551 shares during the period. 95.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MHO. Zacks Research upgraded M/I Homes to a "strong sell" rating in a research note on Tuesday, August 12th. Zelman & Associates upgraded M/I Homes from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $162.50.

M/I Homes Price Performance

Shares of MHO traded down $0.41 during mid-day trading on Monday, reaching $156.50. The company had a trading volume of 73,214 shares, compared to its average volume of 281,441. M/I Homes, Inc. has a twelve month low of $100.22 and a twelve month high of $176.18. The company has a debt-to-equity ratio of 0.32, a current ratio of 7.21 and a quick ratio of 1.78. The company's 50-day moving average is $129.91 and its 200-day moving average is $117.63. The company has a market capitalization of $4.19 billion, a P/E ratio of 8.60 and a beta of 1.66.

M/I Homes (NYSE:MHO - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The construction company reported $4.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.43 by ($0.01). M/I Homes had a return on equity of 17.23% and a net margin of 11.40%.The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.12 billion. M/I Homes's revenue was up 4.8% on a year-over-year basis. On average, equities analysts anticipate that M/I Homes, Inc. will post 18.44 EPS for the current year.

M/I Homes Company Profile

M/I Homes, Inc, together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.