Meritage Homes (NYSE:MTH) Hits New 1-Year High – Here’s What Happened

Meritage Homes Corporation (NYSE:MTH) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $84.83 and last traded at $84.51, with a volume of 182009 shares trading hands. The stock had previously closed at $83.34.

Wall Street Analyst Weigh In

Several research firms recently commented on MTH. Truist Financial set a $80.00 price target on shares of Meritage Homes and gave the company a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings raised shares of Meritage Homes from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday. Zacks Research cut Meritage Homes from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Bank of America cut their price target on Meritage Homes from $74.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Finally, UBS Group set a $86.00 price target on Meritage Homes and gave the stock a “buy” rating in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Meritage Homes has a consensus rating of “Hold” and a consensus target price of $79.89.

Meritage Homes Trading Up 2.2%

The company has a 50 day simple moving average of $68.63 and a 200 day simple moving average of $69.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.96 and a current ratio of 1.96. The company has a market capitalization of $5.68 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 3.79 and a beta of 1.39.

Meritage Homes (NYSE:MTH) last announced its earnings results on Wednesday, April 22nd. The construction company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.12). The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.55 billion. Meritage Homes had a net margin of 6.86% and a return on equity of 8.08%. Meritage Homes’s revenue was down 17.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.69 EPS. Analysts anticipate that Meritage Homes Corporation will post 4.97 earnings per share for the current year.

Meritage Homes Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Meritage Homes’s dividend payout ratio is currently 35.23%.

Insiders Place Their Bets

In other Meritage Homes news, CAO Alison Sasser sold 1,273 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $62.11, for a total value of $79,066.03. Following the transaction, the chief accounting officer owned 7,634 shares in the company, valued at approximately $474,147.74. This trade represents a 14.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Meritage Homes

A number of large investors have recently modified their holdings of the business. Salomon & Ludwin LLC lifted its stake in shares of Meritage Homes by 63.9% in the fourth quarter. Salomon & Ludwin LLC now owns 372 shares of the construction company’s stock worth $25,000 after buying an additional 145 shares in the last quarter. Essential Partners LLC grew its stake in Meritage Homes by 163.8% during the 1st quarter. Essential Partners LLC now owns 401 shares of the construction company’s stock valued at $25,000 after acquiring an additional 249 shares in the last quarter. Larson Financial Group LLC grew its stake in Meritage Homes by 265.5% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the construction company’s stock valued at $29,000 after acquiring an additional 292 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new stake in Meritage Homes in the 4th quarter valued at about $39,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Meritage Homes by 194.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 699 shares of the construction company’s stock valued at $47,000 after acquiring an additional 462 shares during the last quarter. Hedge funds and other institutional investors own 98.44% of the company’s stock.

Meritage Homes Company Profile

Meritage Homes Corporation is a national homebuilder and residential developer headquartered in Scottsdale, Arizona. Founded in 1985 as Winchester Homes and later rebranded to Meritage Homes, the company specializes in designing, constructing and selling single‐family detached and attached homes. With a focus on energy efficiency and sustainable building practices, Meritage Homes markets its properties under the GreenSmart program, which integrates high‐performance features aimed at reducing long‐term energy and water consumption for homebuyers.

The company’s core activities encompass land acquisition, residential community planning, home design, construction management and real estate sales.