Wedge Capital Management L L P NC Purchases 44,251 Shares of Meritage Homes Co. (NYSE:MTH)

Wedge Capital Management L L P NC lifted its position in shares of Meritage Homes Co. (NYSE:MTHGet Rating) by 63.4% in the 2nd quarter, Holdings Channel reports. The fund owned 114,093 shares of the construction company’s stock after buying an additional 44,251 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Meritage Homes were worth $8,272,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MTH. HighTower Advisors LLC bought a new position in shares of Meritage Homes during the 4th quarter worth $235,000. Teacher Retirement System of Texas boosted its stake in Meritage Homes by 19.7% in the 4th quarter. Teacher Retirement System of Texas now owns 7,238 shares of the construction company’s stock worth $883,000 after purchasing an additional 1,189 shares during the period. TD Asset Management Inc. boosted its stake in Meritage Homes by 14.6% in the 4th quarter. TD Asset Management Inc. now owns 16,500 shares of the construction company’s stock worth $2,014,000 after purchasing an additional 2,100 shares during the period. Citigroup Inc. boosted its stake in Meritage Homes by 0.8% in the 4th quarter. Citigroup Inc. now owns 53,841 shares of the construction company’s stock worth $6,572,000 after purchasing an additional 420 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in Meritage Homes by 54.0% in the 4th quarter. Qube Research & Technologies Ltd now owns 6,728 shares of the construction company’s stock worth $821,000 after purchasing an additional 2,358 shares during the period. Institutional investors own 96.40% of the company’s stock.

Meritage Homes Stock Performance

Shares of NYSE MTH opened at $76.05 on Tuesday. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 3.16 and a beta of 1.63. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.34. Meritage Homes Co. has a 1-year low of $62.51 and a 1-year high of $125.01. The stock’s 50-day moving average is $82.48 and its 200 day moving average is $82.16.

Meritage Homes (NYSE:MTHGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The construction company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $5.86 by $0.91. Meritage Homes had a return on equity of 29.09% and a net margin of 16.53%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the firm posted $4.36 EPS. Meritage Homes’s revenue for the quarter was up 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Meritage Homes Co. will post 26.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alison Sasser sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $87.92, for a total transaction of $87,920.00. Following the transaction, the chief accounting officer now directly owns 1,443 shares in the company, valued at approximately $126,868.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MTH has been the subject of several analyst reports. StockNews.com downgraded Meritage Homes from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. The Goldman Sachs Group lowered their price target on Meritage Homes from $100.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, June 23rd. JPMorgan Chase & Co. lowered their price target on Meritage Homes from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Tuesday, July 12th. UBS Group raised their price target on Meritage Homes from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Wells Fargo & Company cut Meritage Homes from an “equal weight” rating to an “underweight” rating and set a $65.00 price target on the stock. in a report on Friday, June 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $109.14.

Meritage Homes Company Profile

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Meritage Homes Corporation, together with its subsidiaries, 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.

See Also

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Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

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