Verity Asset Management Inc. Acquires Shares of 8,392 M/I Homes, Inc. $MHO

Key Points

• Verity Asset Management opened a new position in M/I Homes, buying 8,392 shares valued at about $1.07 million, and overall institutional/hedge fund ownership stands at roughly 95.14%.
• M/I Homes missed quarterly estimates, reporting EPS of $2.55 versus $2.64 expected and revenue of $920.7M versus $1.18B expected, with revenue down 5.8% year-over-year.
• Corporate insiders were net sellers (49,213 shares sold last quarter, including CEO sales), while analysts have a consensus "Moderate Buy" with a $161.67 price target; the stock trades around $131.20 with a P/E of about 9.9 and market cap near $3.36B.

Verity Asset Management Inc. bought a new position in M/I Homes, Inc. (NYSE:MHO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,392 shares of the construction company's stock, valued at approximately $1,074,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. State of New Jersey Common Pension Fund D boosted its holdings in shares of M/I Homes by 13.6% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 17,411 shares of the construction company's stock worth $2,228,000 after acquiring an additional 2,083 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of M/I Homes by 10.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,025 shares of the construction company's stock worth $515,000 after acquiring an additional 383 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of M/I Homes by 34.8% in the 4th quarter. Teacher Retirement System of Texas now owns 51,060 shares of the construction company's stock worth $6,533,000 after acquiring an additional 13,189 shares in the last quarter. Ruffer LLP acquired a new position in shares of M/I Homes in the 4th quarter worth approximately $2,798,000. Finally, Institute for Wealth Management LLC. acquired a new position in shares of M/I Homes in the 4th quarter worth approximately $375,000. 95.14% of the stock is owned by institutional investors and hedge funds.

M/I Homes Trading Up 0.9%

NYSE:MHO traded up $1.21 during trading hours on Thursday, hitting $131.20. 27,617 shares of the stock were exchanged, compared to its average volume of 251,701. The company's 50 day moving average is $129.52 and its two-hundred day moving average is $132.08. M/I Homes, Inc. has a twelve month low of $103.52 and a twelve month high of $158.92. The company has a quick ratio of 1.76, a current ratio of 8.40 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $3.36 billion, a P/E ratio of 9.88 and a beta of 1.77.

M/I Homes (NYSE:MHO - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The construction company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.64 by ($0.09). M/I Homes had a return on equity of 12.91% and a net margin of 8.24%.The firm had revenue of $920.71 million for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the company posted $3.98 EPS. The firm's quarterly revenue was down 5.8% compared to the same quarter last year. On average, sell-side analysts anticipate that M/I Homes, Inc. will post 13.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on MHO shares. Weiss Ratings reissued a "hold (c+)" rating on shares of M/I Homes in a report on Thursday, January 22nd. Seaport Research Partners reissued a "neutral" rating on shares of M/I Homes in a report on Tuesday, April 7th. Zacks Research raised M/I Homes from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Citigroup reissued a "market outperform" rating on shares of M/I Homes in a report on Friday, January 30th. Finally, Citizens Jmp started coverage on M/I Homes in a report on Wednesday, January 7th. They set a "market outperform" rating and a $165.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $161.67.

Insiders Place Their Bets

In other news, CEO Robert H. Schottenstein sold 20,000 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $144.47, for a total value of $2,889,400.00. Following the transaction, the chief executive officer owned 313,874 shares of the company's stock, valued at $45,345,376.78. This represents a 5.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Susan E. Krohne sold 5,000 shares of the stock in a transaction on Friday, January 30th. The shares were sold at an average price of $134.28, for a total value of $671,400.00. Following the completion of the transaction, the insider directly owned 6,167 shares in the company, valued at approximately $828,104.76. This trade represents a 44.77% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 49,213 shares of company stock valued at $7,115,268. 3.60% of the stock is currently owned by corporate insiders.

M/I Homes Company Profile

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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