Meritage Homes Corp (NYSE:MTH) Short Interest Down 19.3% in June

Meritage Homes Corp (NYSE:MTH) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 1,056,700 shares, a drop of 19.3% from the May 30th total of 1,309,800 shares. Based on an average daily volume of 328,100 shares, the short-interest ratio is presently 3.2 days. Approximately 3.0% of the shares of the stock are short sold.

Shares of NYSE:MTH traded up $1.48 during trading on Friday, reaching $55.22. The stock had a trading volume of 10,887 shares, compared to its average volume of 299,435. Meritage Homes has a 52 week low of $32.02 and a 52 week high of $53.88. The firm has a 50-day simple moving average of $51.58. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $2.08 billion, a PE ratio of 9.82, a PEG ratio of 1.16 and a beta of 1.08.

Meritage Homes (NYSE:MTH) last posted its earnings results on Tuesday, April 23rd. The construction company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. Meritage Homes had a net margin of 6.00% and a return on equity of 12.18%. The company had revenue of $699.00 million during the quarter, compared to analysts’ expectations of $636.66 million. During the same quarter in the previous year, the company posted $1.07 earnings per share. Meritage Homes’s quarterly revenue was down 4.0% compared to the same quarter last year. Equities research analysts anticipate that Meritage Homes will post 4.81 earnings per share for the current fiscal year.

A number of brokerages have commented on MTH. Zelman & Associates upgraded shares of Meritage Homes from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. ValuEngine cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $44.31.

In other Meritage Homes news, CFO Hilla Sferruzza sold 5,300 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $50.75, for a total transaction of $268,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Phillippe Lord sold 3,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $50.75, for a total transaction of $152,250.00. The disclosure for this sale can be found here. 6.10% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. Macquarie Group Ltd. raised its position in Meritage Homes by 2.4% in the 4th quarter. Macquarie Group Ltd. now owns 1,882,295 shares of the construction company’s stock worth $69,118,000 after purchasing an additional 44,260 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its position in Meritage Homes by 92.7% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 294,548 shares of the construction company’s stock worth $13,169,000 after purchasing an additional 141,700 shares during the last quarter. Shell Asset Management Co. bought a new position in Meritage Homes in the 1st quarter worth approximately $464,000. Great West Life Assurance Co. Can raised its position in Meritage Homes by 11.3% in the 4th quarter. Great West Life Assurance Co. Can now owns 51,421 shares of the construction company’s stock worth $1,744,000 after purchasing an additional 5,226 shares during the last quarter. Finally, BlackRock Inc. raised its position in Meritage Homes by 0.8% in the 4th quarter. BlackRock Inc. now owns 6,221,109 shares of the construction company’s stock worth $228,438,000 after purchasing an additional 52,149 shares during the last quarter. Institutional investors own 96.60% of the company’s stock.

Meritage Homes Company Profile

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 first-time and first move-up buyers. The company also offers luxury homes; and title insurance and closing/settlement services to its homebuyers.

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