M/I Homes (NYSE:MHO) Shares Gap Up After Strong Earnings

M/I Homes, Inc. (NYSE:MHO)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $119.47, but opened at $126.90. M/I Homes shares last traded at $123.68, with a volume of 95,748 shares changing hands.

The construction company reported $4.78 earnings per share for the quarter, topping analysts’ consensus estimates of $3.96 by $0.82. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.01 billion. M/I Homes had a net margin of 11.54% and a return on equity of 19.75%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of M/I Homes from a “hold” rating to a “buy” rating in a research note on Monday, February 19th. Wedbush reissued a “neutral” rating and issued a $130.00 target price (up previously from $116.00) on shares of M/I Homes in a research note on Wednesday.

Insider Activity at M/I Homes

In related news, insider Ann Marie Hunker sold 2,461 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $128.51, for a total transaction of $316,263.11. Following the completion of the sale, the insider now directly owns 2,342 shares of the company’s stock, valued at approximately $300,970.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. McGlone Suttner Wealth Management Inc. acquired a new position in M/I Homes during the 4th quarter worth $29,000. GAMMA Investing LLC acquired a new position in M/I Homes during the 4th quarter worth $27,000. USA Financial Formulas grew its holdings in M/I Homes by 578.1% during the 4th quarter. USA Financial Formulas now owns 217 shares of the construction company’s stock worth $30,000 after acquiring an additional 185 shares in the last quarter. Strs Ohio grew its holdings in M/I Homes by 200.0% during the 3rd quarter. Strs Ohio now owns 300 shares of the construction company’s stock worth $25,000 after acquiring an additional 200 shares in the last quarter. Finally, Clearstead Advisors LLC grew its holdings in M/I Homes by 1,979.2% during the 3rd quarter. Clearstead Advisors LLC now owns 499 shares of the construction company’s stock worth $42,000 after acquiring an additional 475 shares in the last quarter. 95.14% of the stock is owned by institutional investors and hedge funds.

M/I Homes Stock Performance

The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 7.41 and a beta of 2.13. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.68 and a current ratio of 6.84. The company’s fifty day simple moving average is $123.20 and its two-hundred day simple moving average is $115.80.

M/I Homes Company Profile

M/I Homes, Inc, together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.