Meritage Homes (NYSE:MTH) PT Lowered to $89.00

Meritage Homes (NYSE:MTH – Get Rating) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $111.00 to $89.00 in a report issued on Wednesday, The Fly reports. The firm currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 9.39% from the stock’s current price.

Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Meritage Homes from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a research note on Tuesday, January 4th. The Goldman Sachs Group lowered their price objective on shares of Meritage Homes from $114.00 to $92.00 and set a “neutral” rating on the stock in a research note on Tuesday. KeyCorp lowered shares of Meritage Homes from an “overweight” rating to a “sector weight” rating in a research note on Monday, January 31st. Wedbush initiated coverage on shares of Meritage Homes in a research note on Tuesday, January 18th. They issued an “outperform” rating and a $157.00 price target on the stock. Finally, Credit Suisse Group initiated coverage on shares of Meritage Homes in a research note on Tuesday, April 5th. They issued an “outperform” rating and a $103.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Meritage Homes has an average rating of “Hold” and a consensus price target of $117.63.

Shares of MTH stock opened at $81.36 on Wednesday. The firm has a market capitalization of $2.99 billion, a P/E ratio of 4.22 and a beta of 1.70. The firm’s fifty day moving average price is $89.90 and its two-hundred day moving average price is $103.01. Meritage Homes has a 1 year low of $75.56 and a 1 year high of $125.01. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Meritage Homes (NYSE:MTH – Get Rating) last released its quarterly earnings data on Wednesday, January 26th. The construction company reported $6.25 earnings per share for the quarter, topping the consensus estimate of $6.04 by $0.21. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. Meritage Homes had a net margin of 14.34% and a return on equity of 26.88%. During the same period in the previous year, the business earned $3.97 EPS. As a group, equities research analysts forecast that Meritage Homes will post 24.47 EPS for the current fiscal year.

In other Meritage Homes news, COO Clinton Szubinski sold 280 shares of the business’s stock in a transaction dated Monday, February 14th. The shares were sold at an average price of $92.27, for a total value of $25,835.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Hilla Sferruzza sold 13,927 shares of the business’s stock in a transaction dated Wednesday, March 2nd. The shares were sold at an average price of $101.57, for a total transaction of $1,414,565.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,181 shares of company stock worth $9,116,246. 1.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of MTH. Vestcor Inc bought a new stake in shares of Meritage Homes during the 3rd quarter worth approximately $2,436,000. Voloridge Investment Management LLC lifted its holdings in shares of Meritage Homes by 230.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 38,433 shares of the construction company’s stock worth $3,728,000 after acquiring an additional 26,806 shares during the period. Radnor Capital Management LLC lifted its holdings in shares of Meritage Homes by 25.3% during the 4th quarter. Radnor Capital Management LLC now owns 5,590 shares of the construction company’s stock worth $682,000 after acquiring an additional 1,130 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Meritage Homes by 5.5% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 25,727 shares of the construction company’s stock worth $3,140,000 after acquiring an additional 1,351 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Meritage Homes by 118.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 67,100 shares of the construction company’s stock worth $6,509,000 after acquiring an additional 36,400 shares during the period. 94.62% of the stock is owned by hedge funds and other institutional investors.

Meritage Homes Company Profile (Get Rating)

Meritage Homes Corp. designs and builds single family homes. It offers variety of entry-level and first move-up homes. The firm operates through the following segments: Homebuilding and Financial Services. The Homebuilding segment acquires constructs and markets single-detached houses. The Financial Services segment includes the operations of the company’s subsidiary, Carefree Title.

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