Brokerages forecast that Meritage Homes Co. (NYSE:MTH) will report sales of $1.25 billion for the current fiscal quarter, according to Zacks Investment Research. Eleven analysts have provided estimates for Meritage Homes' earnings. The lowest sales estimate is $1.21 billion and the highest is $1.35 billion. Meritage Homes reported sales of $1.14 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.6%. The firm is expected to issue its next quarterly earnings results on Wednesday, October 20th.
According to Zacks, analysts expect that Meritage Homes will report full year sales of $5.12 billion for the current year, with estimates ranging from $4.81 billion to $5.23 billion. For the next financial year, analysts expect that the business will report sales of $5.98 billion, with estimates ranging from $5.37 billion to $6.88 billion. Zacks Investment Research's sales calculations are an average based on a survey of research firms that follow Meritage Homes.
Meritage Homes (NYSE:MTH) last released its quarterly earnings data on Wednesday, July 28th. The construction company reported $4.36 earnings per share for the quarter, topping the consensus estimate of $3.45 by $0.91. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.16 billion. Meritage Homes had a net margin of 11.38% and a return on equity of 23.24%.
Several research firms have recently issued reports on MTH. Zacks Investment Research upgraded shares of Meritage Homes from a "hold" rating to a "strong-buy" rating and set a $128.00 price objective for the company in a report on Wednesday, August 25th. Wolfe Research upgraded shares of Meritage Homes from a "peer perform" rating to an "outperform" rating and set a $130.00 price objective for the company in a report on Wednesday, August 4th. KeyCorp increased their price objective on shares of Meritage Homes from $120.00 to $130.00 and gave the company an "overweight" rating in a report on Friday, July 30th. Finally, The Goldman Sachs Group decreased their price objective on shares of Meritage Homes from $117.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, June 30th. Seven investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $117.56.
In related news, COO Clinton Szubinski sold 875 shares of the firm's stock in a transaction on Monday, August 16th. The shares were sold at an average price of $114.75, for a total value of $100,406.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MTH. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Meritage Homes by 0.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,044 shares of the construction company's stock worth $2,732,000 after acquiring an additional 115 shares during the period. First Bank & Trust lifted its holdings in shares of Meritage Homes by 7.6% during the 2nd quarter. First Bank & Trust now owns 1,833 shares of the construction company's stock worth $172,000 after acquiring an additional 130 shares during the period. The PNC Financial Services Group Inc. lifted its holdings in shares of Meritage Homes by 5.6% during the 1st quarter. The PNC Financial Services Group Inc. now owns 2,459 shares of the construction company's stock worth $227,000 after acquiring an additional 131 shares during the period. CWM Advisors LLC lifted its holdings in shares of Meritage Homes by 3.1% during the 2nd quarter. CWM Advisors LLC now owns 5,016 shares of the construction company's stock worth $472,000 after acquiring an additional 152 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Meritage Homes by 13.4% during the 2nd quarter. US Bancorp DE now owns 1,292 shares of the construction company's stock worth $122,000 after acquiring an additional 153 shares during the period. Institutional investors own 95.87% of the company's stock.
NYSE MTH opened at $102.59 on Wednesday. Meritage Homes has a 52 week low of $78.00 and a 52 week high of $120.19. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.44. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 7.02 and a beta of 1.71. The company has a 50-day moving average price of $104.01 and a two-hundred day moving average price of $99.84.
About Meritage Homes
Meritage Homes Corp. is a holding company, which engages in the development and sale of residential properties. It operates through two segments: Homebuilding and Financial Services. The Homebuilding segment acquires constructs and markets single-detached houses. The Financial Services segment includes the operations of the company's subsidiary, Carefree Title.
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