Meritage Corporation (MTH) Rating Reiterated by Barclays PLC
Meritage Corporation (NYSE:MTH)‘s stock had its “underweight” rating reaffirmed by Barclays PLC in a report released on Wednesday. They currently have a $38.00 price target on the construction company’s stock, up from their prior price target of $36.00. Barclays PLC’s target price indicates a potential downside of 13.34% from the company’s previous close.
Several other equities research analysts also recently weighed in on the company. Credit Suisse Group began coverage on Meritage Corporation in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $40.00 price objective on the stock. Zacks Investment Research raised Meritage Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, April 5th. BidaskClub raised Meritage Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $37.00 price objective on shares of Meritage Corporation in a research note on Thursday, April 27th. Finally, Bank of America Corporation reissued an “underperform” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Meritage Corporation in a research note on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $41.13.
Meritage Corporation (NYSE MTH) traded up 0.80% on Wednesday, reaching $43.85. The company’s stock had a trading volume of 184,670 shares. The firm has a market cap of $1.77 billion, a PE ratio of 12.06 and a beta of 1.47. Meritage Corporation has a 52-week low of $29.70 and a 52-week high of $44.45. The stock’s 50 day moving average price is $41.66 and its 200 day moving average price is $38.57.
Meritage Corporation (NYSE:MTH) last issued its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.23. Meritage Corporation had a return on equity of 10.74% and a net margin of 4.94%. The business had revenue of $802 million for the quarter, compared to the consensus estimate of $760.39 million. During the same period in the prior year, the business posted $0.95 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts expect that Meritage Corporation will post $3.77 earnings per share for the current fiscal year.
In related news, EVP Javier Feliciano sold 1,009 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total value of $35,869.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP C Timothy White sold 7,032 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $39.00, for a total value of $274,248.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,541 shares of company stock valued at $620,318. Company insiders own 5.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new position in Meritage Corporation during the first quarter worth $122,000. Victory Capital Management Inc. raised its position in Meritage Corporation by 64.9% in the first quarter. Victory Capital Management Inc. now owns 3,457 shares of the construction company’s stock worth $127,000 after buying an additional 1,361 shares during the last quarter. Point72 Asia Hong Kong Ltd raised its position in Meritage Corporation by 3,388.6% in the first quarter. Point72 Asia Hong Kong Ltd now owns 3,977 shares of the construction company’s stock worth $146,000 after buying an additional 3,863 shares during the last quarter. State of Alaska Department of Revenue raised its position in Meritage Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 4,160 shares of the construction company’s stock worth $153,000 after buying an additional 90 shares during the last quarter. Finally, Fifth Third Bancorp bought a new position in Meritage Corporation during the first quarter worth $153,000. Institutional investors and hedge funds own 97.56% of the company’s stock.
About Meritage Corporation
Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services.
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