Phillip Creek Sells 20,000 Shares of M/I Homes (NYSE:MHO) Stock

Key Points

• CFO Phillip Creek sold 20,000 M/I Homes shares at an average price of $149.56, generating about $2.99 million and reducing his direct stake by 39.28% to 30,918 shares.
• M/I Homes recently exceeded quarterly expectations, reporting $3.14 EPS and $1.06 billion in revenue, though revenue declined 6% year over year and the stock traded near $146.63.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $164.25 average price target; institutional investors own approximately 95.14% of the company.

M/I Homes, Inc. (NYSE:MHO - Get Free Report) CFO Phillip Creek sold 20,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $149.56, for a total transaction of $2,991,200.00. Following the sale, the chief financial officer directly owned 30,918 shares in the company, valued at approximately $4,624,096.08. The trade was a 39.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

M/I Homes Stock Performance

MHO traded down $3.91 during mid-day trading on Thursday, reaching $146.63. 154,326 shares of the company traded hands, compared to its average volume of 247,538. The company's fifty day moving average price is $147.50 and its 200-day moving average price is $137.37. The stock has a market capitalization of $3.71 billion, a P/E ratio of 12.34 and a beta of 1.60. The company has a quick ratio of 1.59, a current ratio of 7.65 and a debt-to-equity ratio of 0.29. M/I Homes, Inc. has a 52-week low of $116.78 and a 52-week high of $163.66.

M/I Homes (NYSE:MHO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The construction company reported $3.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.13 by $0.01. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. M/I Homes had a net margin of 7.44% and a return on equity of 11.53%. The firm's revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the firm posted $4.42 earnings per share. On average, sell-side analysts expect that M/I Homes, Inc. will post 12.62 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on MHO. Freedom Capital raised M/I Homes to a "strong-buy" rating in a report on Wednesday, June 24th. Zelman & Associates lowered shares of M/I Homes from an "outperform" rating to a "neutral" rating in a research report on Tuesday, July 7th. Zacks Research upgraded shares of M/I Homes from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. Weiss Ratings reissued a "hold (c)" rating on shares of M/I Homes in a report on Friday, May 15th. Finally, New Street Research set a $172.00 target price on M/I Homes in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, M/I Homes has a consensus rating of "Moderate Buy" and a consensus price target of $164.25.

Institutional Trading of M/I Homes

Several hedge funds have recently made changes to their positions in MHO. Royal Bank of Canada increased its stake in M/I Homes by 46.3% during the first quarter. Royal Bank of Canada now owns 29,774 shares of the construction company's stock worth $3,400,000 after acquiring an additional 9,422 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of M/I Homes by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,868 shares of the construction company's stock valued at $1,812,000 after purchasing an additional 703 shares during the last quarter. United Services Automobile Association purchased a new position in shares of M/I Homes in the 1st quarter worth approximately $205,000. Strs Ohio purchased a new position in shares of M/I Homes in the 1st quarter worth approximately $114,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of M/I Homes by 90.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 284 shares of the construction company's stock valued at $32,000 after purchasing an additional 135 shares during the last quarter. 95.14% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source