QRG Capital Management Inc. Raises Stake in Meritage Homes Corporation (NYSE:MTH)

QRG Capital Management Inc. boosted its stake in shares of Meritage Homes Corporation (NYSE:MTH - Free Report) by 100.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,450 shares of the construction company's stock after buying an additional 4,229 shares during the period. QRG Capital Management Inc.'s holdings in Meritage Homes were worth $599,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Pinnacle Holdings LLC purchased a new stake in shares of Meritage Homes in the fourth quarter worth $31,000. Allworth Financial LP boosted its stake in Meritage Homes by 545.5% in the 4th quarter. Allworth Financial LP now owns 213 shares of the construction company's stock worth $33,000 after purchasing an additional 180 shares in the last quarter. Salem Investment Counselors Inc. grew its position in Meritage Homes by 100.0% during the 1st quarter. Salem Investment Counselors Inc. now owns 380 shares of the construction company's stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in Meritage Homes during the 4th quarter valued at about $92,000. Finally, Versant Capital Management Inc increased its stake in Meritage Homes by 77.7% during the 1st quarter. Versant Capital Management Inc now owns 606 shares of the construction company's stock valued at $43,000 after purchasing an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 98.44% of the company's stock.

Meritage Homes Stock Performance

Shares of NYSE MTH traded down $1.70 during midday trading on Wednesday, hitting $65.81. 757,555 shares of the stock traded hands, compared to its average volume of 872,854. The firm has a market capitalization of $4.73 billion, a P/E ratio of 5.38 and a beta of 1.37. Meritage Homes Corporation has a one year low of $59.27 and a one year high of $106.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a 50-day moving average of $66.11 and a two-hundred day moving average of $73.04.

Meritage Homes (NYSE:MTH - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.69 EPS for the quarter, missing analysts' consensus estimates of $1.71 by ($0.02). The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.34 billion. Meritage Homes had a net margin of 11.50% and a return on equity of 14.28%. The firm's revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $5.06 EPS. On average, equities analysts forecast that Meritage Homes Corporation will post 9.44 EPS for the current fiscal year.

Meritage Homes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Monday, June 16th. Meritage Homes's payout ratio is 14.06%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MTH shares. UBS Group set a $107.00 target price on shares of Meritage Homes in a research note on Friday, April 25th. Seaport Res Ptn raised Meritage Homes from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 6th. Bank of America started coverage on Meritage Homes in a report on Monday, May 5th. They issued a "buy" rating and a $82.00 target price for the company. Wall Street Zen cut Meritage Homes from a "hold" rating to a "sell" rating in a research note on Monday, March 24th. Finally, Keefe, Bruyette & Woods lowered their price target on Meritage Homes from $90.00 to $77.00 and set a "market perform" rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $97.72.

Insider Activity at Meritage Homes

In related news, Director Joseph Keough bought 4,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were bought at an average cost of $66.16 per share, for a total transaction of $264,640.00. Following the completion of the transaction, the director now owns 41,700 shares of the company's stock, valued at approximately $2,758,872. This trade represents a 10.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.20% of the stock is currently owned by company insiders.

Meritage Homes Profile

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.