Russell Investments Group Ltd. Has $7.65 Million Holdings in Meritage Homes Corporation $MTH

Key Points

• Russell Investments Group Ltd. increased its stake in Meritage Homes by 48.7%, now holding approximately 107,975 shares valued at around $7.65 million.
• Meritage Homes recently reported earnings of $2.04 per share, exceeding expectations, and a revenue of $1.62 billion, though it marks a 4.6% year-over-year decline.
• The company declared a quarterly dividend of $0.43, yielding 2.2%, and has a low payout ratio of 15.47%.

Russell Investments Group Ltd. increased its holdings in Meritage Homes Corporation (NYSE:MTH - Free Report) by 48.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,975 shares of the construction company's stock after purchasing an additional 35,381 shares during the quarter. Russell Investments Group Ltd. owned 0.15% of Meritage Homes worth $7,653,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MTH. Raymond James Financial Inc. acquired a new stake in shares of Meritage Homes during the fourth quarter valued at approximately $6,531,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Meritage Homes by 2.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 43,405 shares of the construction company's stock valued at $6,671,000 after acquiring an additional 952 shares during the period. First Trust Advisors LP raised its holdings in shares of Meritage Homes by 61.6% during the fourth quarter. First Trust Advisors LP now owns 571,120 shares of the construction company's stock valued at $87,850,000 after acquiring an additional 217,618 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Meritage Homes by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 21,576 shares of the construction company's stock valued at $3,319,000 after acquiring an additional 1,182 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Meritage Homes by 173.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the construction company's stock valued at $420,000 after acquiring an additional 1,734 shares during the period. 98.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTH. Keefe, Bruyette & Woods cut their price target on shares of Meritage Homes from $77.00 to $75.00 and set a "market perform" rating on the stock in a report on Monday, July 28th. Bank of America initiated 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 on the stock. UBS Group set a $107.00 price objective on shares of Meritage Homes in a research note on Friday, April 25th. JPMorgan Chase & Co. dropped their price objective on shares of Meritage Homes from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Finally, Zelman & Associates upgraded shares of Meritage Homes to a "strong-buy" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $87.71.

Insider Buying and Selling

In other news, Director Joseph Keough acquired 4,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was acquired at an average cost of $66.16 per share, with a total value of $264,640.00. Following the acquisition, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis V. Arriola acquired 2,200 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were purchased at an average cost of $70.00 per share, with a total value of $154,000.00. Following the completion of the acquisition, the director owned 9,512 shares in the company, valued at $665,840. This trade represents a 30.09% increase in their position. The disclosure for this purchase can be found here. 2.20% of the stock is owned by insiders.

Meritage Homes Stock Up 7.0%

MTH stock traded up $5.2330 during trading hours on Friday, hitting $80.1230. The company's stock had a trading volume of 2,077,030 shares, compared to its average volume of 1,119,729. 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 capitalization 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. The stock has a 50 day moving average price of $70.95 and a two-hundred day moving average price of $69.75.

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

Meritage Homes Announces Dividend

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

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.