Meritage Homes Corp. (MTH) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Meritage Homes Corp. (NYSE:MTH) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The brokerage currently has $38.00 target price on the stock.
According to Zacks, “Meritage Homes Corp. is one of the nation’s largest single-family homebuilders. “
A number of other brokerages also recently issued reports on MTH. Zelman & Associates downgraded Meritage Homes Corp. from a buy rating to a hold rating in a research report on Monday, July 11th. Deutsche Bank AG downgraded Meritage Homes Corp. from a buy rating to a hold rating and lowered their price target for the stock from $41.00 to $38.00 in a research report on Tuesday, August 2nd. Credit Suisse Group AG restated a hold rating on shares of Meritage Homes Corp. in a research report on Tuesday, June 28th. FBR & Co raised their price target on Meritage Homes Corp. from $36.00 to $41.00 and gave the stock a market perform rating in a research report on Friday, July 29th. Finally, JPMorgan Chase & Co. downgraded Meritage Homes Corp. from an overweight rating to a neutral rating and set a $37.50 price target for the company. in a research report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $38.50.
Shares of Meritage Homes Corp. (NYSE:MTH) opened at 34.66 on Wednesday. The stock has a market capitalization of $1.39 billion, a P/E ratio of 10.08 and a beta of 1.25. Meritage Homes Corp. has a 52-week low of $25.48 and a 52-week high of $41.33. The stock has a 50 day moving average of $34.80 and a 200-day moving average of $36.22.
Meritage Homes Corp. (NYSE:MTH) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.15. The company earned $797.90 million during the quarter, compared to the consensus estimate of $747.14 million. Meritage Homes Corp. had a return on equity of 11.36% and a net margin of 5.05%. Meritage Homes Corp.’s revenue was up 33.5% on a year-over-year basis. During the same period last year, the company earned $0.70 earnings per share. Analysts predict that Meritage Homes Corp. will post $3.56 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Meritage Homes Corp. by 86.4% in the first quarter. BlackRock Inc. now owns 3,053 shares of the company’s stock valued at $112,000 after buying an additional 1,415 shares during the period. Rocky Mountain Advisers LLC bought a new position in Meritage Homes Corp. during the second quarter valued at about $113,000. Bank of Montreal Can bought a new position in Meritage Homes Corp. during the second quarter valued at about $168,000. C M Bidwell & Associates Ltd. bought a new position in Meritage Homes Corp. during the second quarter valued at about $173,000. Finally, PineBridge Investments L.P. raised its position in Meritage Homes Corp. by 4.4% in the second quarter. PineBridge Investments L.P. now owns 4,719 shares of the company’s stock valued at $177,000 after buying an additional 198 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.
About Meritage Homes Corp.
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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