Meritage Homes (MTH) Receives New Coverage from Analysts at Citigroup

Citigroup started coverage on shares of Meritage Homes (NYSE:MTH) in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $55.00 price objective on the construction company’s stock.

Several other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of Meritage Homes from a strong-buy rating to a buy rating in a research note on Monday, April 2nd. Keefe, Bruyette & Woods reissued a hold rating and set a $50.00 target price on shares of Meritage Homes in a research note on Wednesday, March 21st. Zacks Investment Research lowered shares of Meritage Homes from a buy rating to a hold rating in a research note on Wednesday, April 4th. JPMorgan Chase & Co. raised shares of Meritage Homes from a neutral rating to an overweight rating and raised their price target for the company from $44.75 to $58.00 in a research note on Wednesday, March 7th. Finally, Wedbush assumed coverage on shares of Meritage Homes in a research note on Tuesday, March 20th. They issued an outperform rating and a $55.00 price target on the stock. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $52.00.

MTH stock opened at $43.65 on Tuesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.84 and a current ratio of 0.84. Meritage Homes has a 52-week low of $38.80 and a 52-week high of $55.50. The stock has a market cap of $1.81 billion, a PE ratio of 11.25, a PEG ratio of 0.57 and a beta of 1.20.

Meritage Homes (NYSE:MTH) last posted its earnings results on Wednesday, April 25th. The construction company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.34. Meritage Homes had a net margin of 4.96% and a return on equity of 11.76%. The business had revenue of $742.56 million for the quarter, compared to analyst estimates of $707.37 million. During the same period in the prior year, the company posted $0.56 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. sell-side analysts forecast that Meritage Homes will post 5.53 earnings per share for the current fiscal year.

In other Meritage Homes news, EVP C Timothy White sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $46.25, for a total value of $370,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Phillippe Lord sold 5,009 shares of the firm’s stock in a transaction that occurred on Tuesday, April 3rd. The stock was sold at an average price of $43.40, for a total transaction of $217,390.60. Following the completion of the transaction, the insider now directly owns 7,882 shares in the company, valued at $342,078.80. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its stake in Meritage Homes by 4.9% in the 1st quarter. Thrivent Financial for Lutherans now owns 24,544 shares of the construction company’s stock worth $1,111,000 after purchasing an additional 1,153 shares in the last quarter. Profund Advisors LLC lifted its stake in Meritage Homes by 21.6% in the 1st quarter. Profund Advisors LLC now owns 6,932 shares of the construction company’s stock worth $314,000 after purchasing an additional 1,230 shares in the last quarter. California Public Employees Retirement System lifted its stake in Meritage Homes by 2.2% in the 1st quarter. California Public Employees Retirement System now owns 61,544 shares of the construction company’s stock worth $2,785,000 after purchasing an additional 1,301 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Meritage Homes by 24.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 8,970 shares of the construction company’s stock worth $406,000 after purchasing an additional 1,739 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Meritage Homes by 3.0% in the 4th quarter. Swiss National Bank now owns 64,600 shares of the construction company’s stock worth $3,308,000 after purchasing an additional 1,900 shares in the last quarter. 93.10% of the stock is currently owned by institutional investors and hedge funds.

About Meritage Homes

Meritage Homes Corporation designs and builds single-family 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 various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.

Analyst Recommendations for Meritage Homes (NYSE:MTH)

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