Meritage Homes (NYSE:MTH) Stock Picked Up by Analysts at Melius Research

Equities research analysts at Melius Research initiated coverage on shares of Meritage Homes (NYSE:MTH) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “sell” rating and a $59.00 price target on the construction company’s stock. Melius Research’s price objective would suggest a potential downside of 1.72% from the stock’s current price.

Several other brokerages have also recently weighed in on MTH. The Goldman Sachs Group restated a “buy” rating and issued a $93.00 price objective (up from $82.00) on shares of Meritage Homes in a report on Friday, July 10th. Zelman & Associates lowered Meritage Homes from an “outperform” rating to a “neutral” rating in a report on Tuesday, July 7th. Citigroup reissued a “market outperform” rating on shares of Meritage Homes in a research report on Monday, July 6th. Evercore set a $65.00 price target on Meritage Homes in a research note on Friday, September 25th. Finally, Wall Street Zen upgraded Meritage Homes from a “sell” rating to a “hold” rating in a research note on Saturday, July 25th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Meritage Homes has a consensus rating of “Hold” and a consensus target price of $74.78.

Meritage Homes Trading Down 4.4%

NYSE MTH opened at $60.03 on Tuesday. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 4.62 and a beta of 1.33. The stock’s 50 day moving average price is $68.17 and its two-hundred day moving average price is $68.87. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97. Meritage Homes has a 52 week low of $58.03 and a 52 week high of $85.38.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings results on Wednesday, July 29th. The construction company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.12. Meritage Homes had a net margin of 6.11% and a return on equity of 7.13%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same period last year, the business earned $2.04 EPS. The business’s quarterly revenue was down 14.1% on a year-over-year basis. As a group, analysts anticipate that Meritage Homes will post 5.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Meritage Homes

A number of institutional investors and hedge funds have recently modified their holdings of MTH. Congress Asset Management Co. lifted its stake in Meritage Homes by 21.6% in the 3rd quarter. Congress Asset Management Co. now owns 38,296 shares of the construction company’s stock valued at $2,407,000 after purchasing an additional 6,793 shares during the last quarter. Versant Capital Management Inc increased its position in Meritage Homes by 36.8% during the third quarter. Versant Capital Management Inc now owns 1,848 shares of the construction company’s stock worth $116,000 after buying an additional 497 shares during the last quarter. QRG Capital Management Inc. raised its stake in Meritage Homes by 6.3% in the second quarter. QRG Capital Management Inc. now owns 9,377 shares of the construction company’s stock valued at $786,000 after buying an additional 559 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Meritage Homes by 7.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 8,279 shares of the construction company’s stock valued at $694,000 after buying an additional 564 shares during the period. Finally, Sequoia Financial Advisors LLC raised its stake in Meritage Homes by 197.7% in the second quarter. Sequoia Financial Advisors LLC now owns 11,228 shares of the construction company’s stock valued at $941,000 after buying an additional 7,456 shares during the period. 98.44% of the stock is owned by institutional investors.

About Meritage Homes

Meritage Homes Corporation is a residential construction company that designs and builds single-family homes in the United States. The company primarily serves entry-level and first-time move-up buyers, offering homes in a range of floor plans, sizes and price points. Its communities typically feature energy-efficient designs and include standard features intended to improve home performance, comfort and affordability.

Meritage Homes develops communities in selected markets across the South, Southeast and West, including areas of Arizona, California, Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas.