Choreo LLC Takes Position in Meritage Homes Co. (NYSE:MTH)

Choreo LLC acquired a new stake in shares of Meritage Homes Co. (NYSE:MTH) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,371 shares of the construction company’s stock, valued at approximately $370,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MTH. Norges Bank purchased a new position in shares of Meritage Homes during the 4th quarter valued at $76,297,000. Long Pond Capital LP purchased a new position in Meritage Homes during the first quarter worth about $32,303,000. Swedbank AB bought a new position in Meritage Homes in the 1st quarter worth about $25,495,000. Mizuho Markets Americas LLC purchased a new stake in shares of Meritage Homes in the 2nd quarter valued at about $22,887,000. Finally, Boston Partners bought a new stake in shares of Meritage Homes during the 1st quarter valued at about $23,106,000. Institutional investors own 98.44% of the company’s stock.

Analyst Ratings Changes

MTH has been the topic of several research analyst reports. Wolfe Research upgraded shares of Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 price objective on the stock in a research report on Wednesday, August 14th. Raymond James increased their price target on shares of Meritage Homes from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods lifted their price objective on shares of Meritage Homes from $195.00 to $210.00 and gave the stock a “market perform” rating in a report on Tuesday, July 30th. Wedbush increased their target price on Meritage Homes from $148.00 to $160.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Finally, Evercore ISI lifted their price target on Meritage Homes from $219.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Insiders Place Their Bets

In other news, CEO Phillippe Lord sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $200.35, for a total transaction of $2,003,500.00. Following the transaction, the chief executive officer now directly owns 90,266 shares of the company’s stock, valued at $18,084,793.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Phillippe Lord sold 10,000 shares of Meritage Homes stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $200.35, for a total transaction of $2,003,500.00. Following the sale, the chief executive officer now owns 90,266 shares of the company’s stock, valued at approximately $18,084,793.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Hilla Sferruzza sold 2,500 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $205.00, for a total transaction of $512,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,570 shares of the company’s stock, valued at $9,136,850. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,500 shares of company stock worth $3,111,080. 2.00% of the stock is currently owned by company insiders.

Meritage Homes Stock Down 0.9 %

MTH opened at $201.72 on Tuesday. The business’s 50-day moving average price is $189.29 and its 200-day moving average price is $174.20. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.27. Meritage Homes Co. has a 12 month low of $109.23 and a 12 month high of $210.58. The company has a market cap of $7.33 billion, a P/E ratio of 9.41 and a beta of 1.80.

Meritage Homes (NYSE:MTH) last posted its quarterly earnings results on Wednesday, July 24th. The construction company reported $6.31 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $1.14. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.57 billion. Meritage Homes had a net margin of 12.98% and a return on equity of 17.99%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business posted $5.02 EPS. On average, equities analysts expect that Meritage Homes Co. will post 21.09 EPS for the current year.

Meritage Homes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Monday, September 16th. Meritage Homes’s payout ratio is 13.99%.

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.