Millennium Management LLC Increases Stake in Meritage Homes Co. (NYSE:MTH)

Millennium Management LLC raised its holdings in shares of Meritage Homes Co. (NYSE:MTH) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 315,931 shares of the construction company’s stock after acquiring an additional 2,460 shares during the quarter. Millennium Management LLC’s holdings in Meritage Homes were worth $51,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Meritage Homes by 10.6% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 95,218 shares of the construction company’s stock valued at $16,707,000 after purchasing an additional 9,128 shares in the last quarter. Occidental Asset Management LLC purchased a new stake in Meritage Homes in the 1st quarter worth approximately $1,908,000. Comerica Bank raised its stake in Meritage Homes by 5.9% during the 1st quarter. Comerica Bank now owns 79,358 shares of the construction company’s stock worth $13,924,000 after acquiring an additional 4,435 shares during the period. LSV Asset Management lifted its holdings in Meritage Homes by 3.3% during the first quarter. LSV Asset Management now owns 216,400 shares of the construction company’s stock valued at $37,970,000 after purchasing an additional 7,000 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Meritage Homes by 204.5% in the second quarter. Harbor Capital Advisors Inc. now owns 13,378 shares of the construction company’s stock worth $2,165,000 after purchasing an additional 8,985 shares during the period. Institutional investors own 98.44% of the company’s stock.

Meritage Homes Stock Up 0.7 %

Shares of MTH opened at $205.07 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 9.56 and a beta of 1.80. Meritage Homes Co. has a 1 year low of $109.23 and a 1 year high of $213.98. The business’s 50 day simple moving average is $194.12 and its 200-day simple moving average is $177.47.

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

Meritage Homes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.00 annualized dividend and a yield of 1.46%. Meritage Homes’s payout ratio is currently 13.99%.

Insider Buying and Selling at Meritage Homes

In other news, CFO Hilla Sferruzza sold 2,500 shares of Meritage Homes stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $205.00, for a total value of $512,500.00. Following the completion of the transaction, the chief financial officer now owns 44,570 shares in the company, valued at approximately $9,136,850. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Phillippe Lord sold 10,000 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $200.35, for a total value of $2,003,500.00. Following the sale, the chief executive officer now owns 90,266 shares of the company’s stock, valued at $18,084,793.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Hilla Sferruzza sold 2,500 shares of Meritage Homes 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 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. Insiders have sold a total of 15,500 shares of company stock worth $3,111,080 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. StockNews.com downgraded shares of Meritage Homes from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Wolfe Research upgraded 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. Wedbush increased their target price on Meritage Homes from $148.00 to $160.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. Evercore ISI boosted their price target on Meritage Homes from $219.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Finally, Raymond James upped their price target on Meritage Homes from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

Meritage Homes Profile

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.