Wedge Capital Management L L P NC lifted its position in shares of Meritage Homes Co. (NYSE:MTH – Get 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.
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
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.
- Get a free copy of the StockNews.com research report on Meritage Homes (MTH)
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