Meritage Homes (NYSE:MTH) Issues Earnings Results

Meritage Homes (NYSE:MTH - Get Free Report) issued its quarterly earnings data on Wednesday. The construction company reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.99 by $0.05, Zacks reports. Meritage Homes had a return on equity of 12.46% and a net margin of 10.27%. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the company earned $3.15 earnings per share. The firm's revenue for the quarter was down 4.6% compared to the same quarter last year.

Meritage Homes Stock Down 1.7%

Shares of MTH traded down $1.19 during mid-day trading on Friday, reaching $69.86. The company's stock had a trading volume of 728,725 shares, compared to its average volume of 967,938. Meritage Homes has a 12-month low of $59.27 and a 12-month high of $106.99. The stock has a market cap of $5.02 billion, a PE ratio of 6.29 and a beta of 1.37. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.28 and a quick ratio of 2.28. The company's 50 day moving average is $67.50 and its 200 day moving average is $70.56.

Meritage Homes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.43 dividend. The ex-dividend date was Monday, June 16th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.46%. Meritage Homes's payout ratio is currently 15.47%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. UBS Group set a $107.00 price objective on Meritage Homes in a research note on Friday, April 25th. Wedbush dropped their target price on shares of Meritage Homes from $103.00 to $90.00 and set a "neutral" rating for the company in a report on Friday. Bank of America started coverage on Meritage Homes in a research note on Monday, May 5th. They set a "buy" rating and a $82.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Meritage Homes from $89.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Evercore ISI upped their price target on Meritage Homes from $97.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Meritage Homes presently has an average rating of "Hold" and a consensus price target of $95.11.

Insider Activity at Meritage Homes

In other Meritage Homes news, Director Joseph Keough acquired 4,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were acquired at an average price of $66.16 per share, for a total transaction of $264,640.00. Following the acquisition, the director owned 41,700 shares in the company, valued at $2,758,872. The trade was a 10.61% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.20% of the company's stock.

Institutional Trading of Meritage Homes

A number of large investors have recently made changes to their positions in MTH. AQR Capital Management LLC boosted its position in shares of Meritage Homes by 51.7% in the 1st quarter. AQR Capital Management LLC now owns 12,937 shares of the construction company's stock valued at $917,000 after purchasing an additional 4,407 shares during the period. Empowered Funds LLC lifted its position in Meritage Homes by 111.0% during the 1st quarter. Empowered Funds LLC now owns 32,971 shares of the construction company's stock worth $2,337,000 after acquiring an additional 17,343 shares during the period. Royal Bank of Canada lifted its position in Meritage Homes by 134.3% during the 1st quarter. Royal Bank of Canada now owns 38,658 shares of the construction company's stock worth $2,740,000 after acquiring an additional 22,162 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Meritage Homes by 102.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 319,150 shares of the construction company's stock worth $22,621,000 after acquiring an additional 161,806 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Meritage Homes by 58.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,058,850 shares of the construction company's stock worth $75,051,000 after acquiring an additional 391,297 shares during the period. 98.44% of the stock is owned by institutional investors and hedge funds.

Meritage Homes Company 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.