CIBC Asset Management Inc Acquires New Shares in Meritage Homes Co. (NYSE:MTH)

CIBC Asset Management Inc bought a new position in shares of Meritage Homes Co. (NYSE:MTH) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,057 shares of the construction company’s stock, valued at approximately $217,000.

Other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Meritage Homes during the 3rd quarter valued at $28,000. Assetmark Inc. boosted its stake in shares of Meritage Homes by 53.6% during the third quarter. Assetmark Inc. now owns 172 shares of the construction company’s stock valued at $35,000 after purchasing an additional 60 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Meritage Homes by 1,033.3% during the second quarter. Headlands Technologies LLC now owns 272 shares of the construction company’s stock worth $44,000 after purchasing an additional 248 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Meritage Homes in the second quarter valued at approximately $61,000. Finally, Picton Mahoney Asset Management bought a new position in Meritage Homes in the 2nd quarter valued at approximately $64,000. Institutional investors and hedge funds own 98.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MTH shares. Keefe, Bruyette & Woods decreased their price target on shares of Meritage Homes from $210.00 to $198.00 and set a “market perform” rating for the company in a research report on Tuesday, November 5th. Raymond James lowered Meritage Homes from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 7th. Wolfe Research upgraded Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 price target on the stock in a research report on Wednesday, August 14th. Wedbush upgraded Meritage Homes from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $160.00 to $195.00 in a research report on Tuesday, October 15th. Finally, The Goldman Sachs Group upgraded Meritage Homes from a “neutral” rating to a “buy” rating and upped their target price for the company from $205.00 to $235.00 in a report on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $218.17.

Meritage Homes Price Performance

Shares of NYSE MTH opened at $184.44 on Friday. The firm’s 50-day moving average price is $192.28 and its 200-day moving average price is $184.26. The firm has a market capitalization of $6.67 billion, a P/E ratio of 8.35 and a beta of 1.82. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.26. Meritage Homes Co. has a 1-year low of $137.70 and a 1-year high of $213.98.

Meritage Homes (NYSE:MTH) last released its quarterly earnings data on Tuesday, October 29th. The construction company reported $5.34 earnings per share for the quarter, topping the consensus estimate of $5.05 by $0.29. Meritage Homes had a net margin of 12.63% and a return on equity of 16.89%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $5.98 earnings per share. The business’s revenue was down 1.5% on a year-over-year basis. Equities research analysts anticipate that Meritage Homes Co. will post 21.27 earnings per share for the current fiscal year.

Meritage Homes Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.75 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.63%. Meritage Homes’s dividend payout ratio is presently 13.58%.

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.