Wedge Capital Management L L P NC cut its position in Meritage Homes Co. (NYSE:MTH - Free Report) by 86.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,227 shares of the construction company's stock after selling 247,878 shares during the period. Wedge Capital Management L L P NC owned approximately 0.05% of Meritage Homes worth $2,710,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Pinnacle Holdings LLC purchased a new position in Meritage Homes during the 4th quarter worth approximately $31,000. Allworth Financial LP increased its stake in shares of Meritage Homes by 545.5% in the fourth quarter. Allworth Financial LP now owns 213 shares of the construction company's stock worth $33,000 after acquiring an additional 180 shares during the period. Versant Capital Management Inc raised its holdings in shares of Meritage Homes by 77.7% during the first quarter. Versant Capital Management Inc now owns 606 shares of the construction company's stock worth $43,000 after purchasing an additional 265 shares during the last quarter. Parallel Advisors LLC lifted its position in Meritage Homes by 219.3% during the first quarter. Parallel Advisors LLC now owns 827 shares of the construction company's stock valued at $59,000 after purchasing an additional 568 shares during the period. Finally, Venturi Wealth Management LLC purchased a new stake in Meritage Homes in the fourth quarter valued at $92,000. 98.44% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have weighed in on MTH. Keefe, Bruyette & Woods reduced their price objective on Meritage Homes from $90.00 to $77.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Wall Street Zen lowered Meritage Homes from a "hold" rating to a "sell" rating in a report on Monday, March 24th. Bank of America assumed coverage on Meritage Homes in a report on Monday, May 5th. They issued a "buy" rating and a $82.00 price target for the company. UBS Group set a $107.00 price objective on shares of Meritage Homes in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Meritage Homes from $89.00 to $70.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $97.72.
View Our Latest Report on Meritage Homes
Meritage Homes Price Performance
NYSE MTH traded down $2.13 on Wednesday, hitting $65.63. The company had a trading volume of 891,606 shares, compared to its average volume of 880,684. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.61 and a quick ratio of 1.75. The company's fifty day moving average price is $66.14 and its 200-day moving average price is $75.09. The company has a market capitalization of $4.71 billion, a PE ratio of 5.02 and a beta of 1.37. Meritage Homes Co. has a 12-month low of $59.27 and a 12-month high of $106.99.
Meritage Homes (NYSE:MTH - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The construction company reported $1.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.71 by ($0.02). Meritage Homes had a net margin of 12.29% and a return on equity of 15.90%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business earned $5.06 EPS. The firm's revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, analysts predict that Meritage Homes Co. 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 Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.72 annualized dividend and a yield of 2.62%. Meritage Homes's dividend payout ratio (DPR) is currently 14.06%.
About Meritage Homes
(
Free Report)
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.
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