Meritage Homes (NYSE:MTH) Updates FY 2024 Earnings Guidance

Meritage Homes (NYSE:MTH) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 19.200-20.700 for the period, compared to the consensus EPS estimate of 17.690. The company issued revenue guidance of -. Meritage Homes also updated its FY24 guidance to $19.20-20.70 EPS.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTH. The Goldman Sachs Group upped their target price on shares of Meritage Homes from $151.00 to $182.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. Wedbush restated an underperform rating and set a $148.00 target price on shares of Meritage Homes in a research note on Thursday. Zelman & Associates upgraded shares of Meritage Homes from a neutral rating to an outperform rating in a research note on Monday, February 26th. Seaport Res Ptn cut shares of Meritage Homes from a buy rating to a neutral rating in a research note on Monday, January 22nd. Finally, StockNews.com upgraded shares of Meritage Homes from a hold rating to a buy rating in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $172.67.

Meritage Homes Stock Performance

Shares of MTH stock traded up $4.41 during mid-day trading on Friday, reaching $169.48. 593,929 shares of the company’s stock traded hands, compared to its average volume of 339,394. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.77 and a current ratio of 1.90. The firm has a market capitalization of $6.16 billion, a PE ratio of 7.90 and a beta of 1.77. Meritage Homes has a 12 month low of $109.23 and a 12 month high of $179.68. The firm has a 50 day moving average price of $159.56 and a two-hundred day moving average price of $152.95.

Meritage Homes (NYSE:MTH) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $1.52. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.28 billion. Meritage Homes had a return on equity of 17.63% and a net margin of 12.54%. On average, research analysts forecast that Meritage Homes will post 19.95 EPS for the current year.

Meritage Homes Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Meritage Homes’s previous quarterly dividend of $0.27. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.77%. Meritage Homes’s payout ratio is 13.99%.

Insider Activity at Meritage Homes

In related news, CAO Alison Sasser sold 355 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $152.61, for a total transaction of $54,176.55. Following the completion of the transaction, the chief accounting officer now directly owns 869 shares in the company, valued at approximately $132,618.09. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Alison Sasser sold 355 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $152.61, for a total transaction of $54,176.55. Following the completion of the transaction, the chief accounting officer now directly owns 869 shares in the company, valued at approximately $132,618.09. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Phillippe Lord sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $162.79, for a total value of $406,975.00. Following the transaction, the chief executive officer now owns 100,266 shares of the company’s stock, valued at $16,322,302.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,998 shares of company stock worth $635,171. 2.00% of the stock is owned by company insiders.

About Meritage Homes

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.