M/I Homes (NYSE:MHO) Reaches New 12-Month Low After Earnings Miss

M/I Homes, Inc. (NYSE:MHO) shares reached a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $113.64 and last traded at $114.2330, with a volume of 906,681 shares traded. The stock had previously closed at $124.06.

The construction company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.25 by ($0.55). M/I Homes had a return on equity of 10.12% and a net margin of 6.59%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the business posted $3.92 EPS. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MHO. New Street Research set a $172.00 target price on shares of M/I Homes in a report on Tuesday, August 4th. Citigroup reiterated a “market outperform” rating on shares of M/I Homes in a research note on Thursday, October 8th. Zacks Research lowered shares of M/I Homes from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 9th. Freedom Broker cut their price objective on shares of M/I Homes from $172.00 to $155.00 and set a “buy” rating on the stock in a report on Friday. Finally, Jefferies Financial Group set a $165.00 target price on shares of M/I Homes in a research note on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, M/I Homes presently has an average rating of “Moderate Buy” and a consensus target price of $164.40.

Insiders Place Their Bets

In other M/I Homes news, CFO Phillip Creek sold 20,000 shares of the company’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 transaction, the chief financial officer owned 30,918 shares in the company, valued at approximately $4,624,096.08. This represents a 39.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MHO. Inspire Investing LLC lifted its holdings in shares of M/I Homes by 11.4% during the 3rd quarter. Inspire Investing LLC now owns 4,705 shares of the construction company’s stock valued at $636,000 after buying an additional 480 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of M/I Homes by 14.9% in the third quarter. Nisa Investment Advisors LLC now owns 2,501 shares of the construction company’s stock worth $338,000 after acquiring an additional 325 shares during the period. SummerHaven Investment Management LLC increased its position in M/I Homes by 3.1% during the third quarter. SummerHaven Investment Management LLC now owns 6,329 shares of the construction company’s stock valued at $855,000 after acquiring an additional 188 shares during the last quarter. GAMMA Investing LLC increased its position in M/I Homes by 4.8% during the third quarter. GAMMA Investing LLC now owns 2,222 shares of the construction company’s stock valued at $300,000 after acquiring an additional 101 shares during the last quarter. Finally, Gradient Investments LLC increased its position in M/I Homes by 6.4% during the third quarter. Gradient Investments LLC now owns 129,757 shares of the construction company’s stock valued at $17,534,000 after acquiring an additional 7,846 shares during the last quarter. 95.14% of the stock is owned by hedge funds and other institutional investors.

M/I Homes Stock Performance

The business has a fifty day simple moving average of $138.71 and a two-hundred day simple moving average of $139.64. The company has a quick ratio of 1.69, a current ratio of 7.09 and a debt-to-equity ratio of 0.29. The company has a market cap of $3.14 billion, a P/E ratio of 10.02 and a beta of 1.60.

M/I Homes Company Profile

M/I Homes, Inc is a residential construction company that builds and sells single-family homes for a range of buyers, including first-time, move-up and luxury-home purchasers. Its operations include land acquisition and development, home design, construction, marketing and sales, with communities offered in suburban and metropolitan markets.

The company also provides services that support the homebuying process, including mortgage financing through M/I Financial and title-related services through its affiliated operations.