Meritage Homes Co. (NYSE:MTH) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in Meritage Homes Co. (NYSE:MTH) by 32.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 47,546 shares of the construction company’s stock after buying an additional 11,558 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Meritage Homes were worth $9,750,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Meritage Homes in the 3rd quarter worth about $28,000. Headlands Technologies LLC increased its position in Meritage Homes by 1,033.3% during the 2nd quarter. Headlands Technologies LLC now owns 272 shares of the construction company’s stock worth $44,000 after purchasing an additional 248 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Meritage Homes during the 2nd quarter worth approximately $61,000. Picton Mahoney Asset Management purchased a new position in Meritage Homes in the second quarter valued at approximately $64,000. Finally, CWM LLC lifted its position in Meritage Homes by 15.5% during the third quarter. CWM LLC now owns 433 shares of the construction company’s stock valued at $89,000 after buying an additional 58 shares in the last quarter. Institutional investors and hedge funds own 98.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MTH. Keefe, Bruyette & Woods increased their price objective on shares of Meritage Homes from $195.00 to $210.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 30th. Raymond James increased their price target on Meritage Homes from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Wolfe Research raised 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. Evercore ISI upped their target price on Meritage Homes from $219.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Finally, Wedbush upgraded Meritage Homes from an “underperform” rating to a “neutral” rating and raised their target price for the company from $160.00 to $195.00 in a report on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Meritage Homes presently has a consensus rating of “Hold” and an average target price of $213.83.

Insider Activity

In related news, CFO Hilla Sferruzza sold 2,500 shares of Meritage Homes stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $205.00, for a total value of $512,500.00. Following the completion of the sale, the chief financial officer now owns 44,570 shares in the company, valued at approximately $9,136,850. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.00% of the company’s stock.

Meritage Homes Stock Performance

Shares of MTH stock opened at $182.84 on Friday. 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 company’s fifty day moving average price is $196.96 and its two-hundred day moving average price is $181.38. The firm has a market capitalization of $6.64 billion, a P/E ratio of 8.04 and a beta of 1.80. Meritage Homes Co. has a 12 month low of $109.23 and a 12 month high of $213.98.

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

Meritage Homes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Monday, September 16th. Meritage Homes’s payout ratio is 13.20%.

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.