Royal Bank of Canada Decreases Stock Holdings in M/I Homes, Inc. $MHO

Key Points

• Royal Bank of Canada cut its M/I Homes stake by 88.4% in the first quarter, selling 9,702 shares and retaining 1,272 shares valued at approximately $155,000.
• Institutional investors collectively own 95.14% of M/I Homes, while CFO Phillip G. Creek sold 10,000 shares for about $1.51 million, reducing his direct ownership by 24.44%.
• M/I Homes slightly exceeded quarterly earnings and revenue expectations, but revenue fell 6% year over year and EPS declined from the prior-year period. Analysts maintain a “Moderate Buy” consensus with a $164.25 average price target.

Royal Bank of Canada lowered its stake in M/I Homes, Inc. (NYSE:MHO - Free Report) by 88.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,272 shares of the construction company's stock after selling 9,702 shares during the quarter. Royal Bank of Canada's holdings in M/I Homes were worth $155,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MHO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of M/I Homes by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,868 shares of the construction company's stock valued at $1,812,000 after purchasing an additional 703 shares during the period. United Services Automobile Association acquired a new position in shares of M/I Homes during the 1st quarter worth about $205,000. Strs Ohio purchased a new position in M/I Homes in the 1st quarter valued at about $114,000. EverSource Wealth Advisors LLC lifted its stake in M/I Homes by 90.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 284 shares of the construction company's stock valued at $32,000 after buying an additional 135 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in M/I Homes by 5.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 228,931 shares of the construction company's stock worth $25,668,000 after buying an additional 10,898 shares during the last quarter. Hedge funds and other institutional investors own 95.14% of the company's stock.

Insider Activity

In related news, CFO Phillip G. Creek sold 10,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 30,918 shares in the company, valued at approximately $4,677,275.04. This trade represents a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.60% of the company's stock.

M/I Homes Price Performance

NYSE:MHO opened at $151.72 on Friday. M/I Homes, Inc. has a one year low of $116.78 and a one year high of $163.66. The stock has a market cap of $3.84 billion, a PE ratio of 12.77 and a beta of 1.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.69 and a current ratio of 7.65. The stock has a 50 day moving average price of $151.44 and a 200 day moving average price of $139.22.

M/I Homes (NYSE:MHO - Get Free Report) last issued its earnings results on Wednesday, July 29th. The construction company reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.13 by $0.01. M/I Homes had a return on equity of 11.53% and a net margin of 7.44%.The company had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. During the same period in the prior year, the business earned $4.42 EPS. The firm's quarterly revenue was down 6.0% on a year-over-year basis. Equities research analysts expect that M/I Homes, Inc. will post 12.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of M/I Homes in a report on Wednesday, August 12th. New Street Research set a $172.00 price target on M/I Homes in a research note on Tuesday, August 4th. Zacks Research upgraded M/I Homes from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Zelman & Associates downgraded M/I Homes from an "outperform" rating to a "neutral" rating in a research note on Tuesday, July 7th. Finally, Freedom Capital upgraded M/I Homes to a "strong-buy" rating in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $164.25.

About M/I Homes

M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.

In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.

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