Meritage Homes Corp. (NYSE:MTH) shares were down 5.7% during mid-day trading on Thursday . The stock traded as low as $37.67 and last traded at $38.23, with a volume of 507,949 shares. The stock had previously closed at $40.55.

Several research analysts have recently issued reports on MTH shares. TheStreet raised Meritage Homes Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, April 13th. Zacks Investment Research raised Meritage Homes Corp. from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Wednesday, July 6th. FBR & Co reissued a “hold” rating and issued a $36.00 target price on shares of Meritage Homes Corp. in a report on Friday, April 29th. Credit Suisse Group AG reissued a “hold” rating on shares of Meritage Homes Corp. in a report on Tuesday, June 28th. Finally, Zelman & Associates downgraded Meritage Homes Corp. from a “buy” rating to a “hold” rating in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Meritage Homes Corp. currently has a consensus rating of “Hold” and an average price target of $39.89.

The firm has a market cap of $1.46 billion and a P/E ratio of 10.58. The stock has a 50-day moving average of $38.14 and a 200-day moving average of $34.99.

Meritage Homes Corp. (NYSE:MTH) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.15. During the same quarter last year, the firm posted $0.70 EPS. The business earned $797.90 million during the quarter, compared to analyst estimates of $747.14 million. The company’s quarterly revenue was up 33.5% compared to the same quarter last year. On average, equities analysts forecast that Meritage Homes Corp. will post $3.60 earnings per share for the current fiscal year.

In other Meritage Homes Corp. news, Director Peter L. Ax sold 15,000 shares of Meritage Homes Corp. stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $36.71, for a total value of $550,650.00. Following the transaction, the director now owns 45,000 shares in the company, valued at $1,651,950. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert Gary Sarver sold 4,381 shares of Meritage Homes Corp. stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $33.92, for a total transaction of $148,603.52. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at approximately $508,800. The disclosure for this sale can be found here.

A number of institutional investors have recently bought and sold shares of MTH. Nationwide Fund Advisors boosted its position in Meritage Homes Corp. by 7.9% in the fourth quarter. Nationwide Fund Advisors now owns 34,120 shares of the company’s stock valued at $1,160,000 after buying an additional 2,506 shares during the last quarter. Rhumbline Advisers boosted its position in Meritage Homes Corp. by 4.0% in the fourth quarter. Rhumbline Advisers now owns 67,600 shares of the company’s stock valued at $2,298,000 after buying an additional 2,615 shares during the last quarter. Dean Investment Associates LLC boosted its position in Meritage Homes Corp. by 16.0% in the fourth quarter. Dean Investment Associates LLC now owns 71,370 shares of the company’s stock valued at $2,426,000 after buying an additional 9,845 shares during the last quarter. California State Teachers Retirement System boosted its position in Meritage Homes Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 73,481 shares of the company’s stock valued at $2,498,000 after buying an additional 1,160 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in Meritage Homes Corp. by 0.6% in the fourth quarter. New York State Common Retirement Fund now owns 320,007 shares of the company’s stock valued at $10,877,000 after buying an additional 1,800 shares during the last quarter.

Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family detached homes. It operates in two segments: homebuilding and financial services. It offers a range of homes that are designed to offer to a range of homebuyers. It has homebuilding operations in over three regions: West, which includes Arizona, California Central and East; Central region, which includes Texas, and the East region includes Florida, Georgia, North Carolina, South Carolina and Tennessee.

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