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

M/I Homes, Inc. (NYSE:MHO)’s share 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.

The construction company reported $4.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.96 by $0.82. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. M/I Homes had a return on equity of 20.26% and a net margin of 12.27%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at M/I Homes

In other M/I Homes news, insider Ann Marie Hunker sold 2,461 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $128.51, for a total transaction of $316,263.11. Following the transaction, the insider now owns 2,342 shares of the company’s stock, valued at $300,970.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On M/I Homes

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MHO. Westfield Capital Management Co. LP acquired a new position in M/I Homes during the third quarter worth $82,185,000. Pacer Advisors Inc. boosted its stake in M/I Homes by 49.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,070,909 shares of the construction company’s stock worth $147,507,000 after buying an additional 354,182 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of M/I Homes in the 4th quarter valued at $25,385,000. Comerica Bank acquired a new position in shares of M/I Homes in the 3rd quarter valued at $9,554,000. Finally, American Century Companies Inc. lifted its stake in shares of M/I Homes by 27.0% in the 3rd quarter. American Century Companies Inc. now owns 480,872 shares of the construction company’s stock valued at $40,412,000 after purchasing an additional 102,358 shares during the last quarter. Institutional investors and hedge funds own 95.14% of the company’s stock.

M/I Homes Trading Down 1.7 %

The company has a 50 day moving average price of $123.20 and a 200 day moving average price of $115.80. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 6.92 and a beta of 2.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.68 and a current ratio of 6.51.

About M/I Homes

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.