Summit Global Investments Purchases New Holdings in Meritage Homes Corporation $MTH

Summit Global Investments acquired a new stake in shares of Meritage Homes Corporation (NYSE:MTH) in the first quarter, HoldingsChannel reports. The fund acquired 13,286 shares of the construction company’s stock, valued at approximately $822,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. SEB Asset Management AB acquired a new stake in shares of Meritage Homes during the first quarter worth approximately $209,000. Jennison Associates LLC increased its stake in shares of Meritage Homes by 67.0% in the first quarter. Jennison Associates LLC now owns 21,203 shares of the construction company’s stock worth $1,311,000 after buying an additional 8,509 shares during the last quarter. California Public Employees Retirement System raised its holdings in Meritage Homes by 7.1% in the first quarter. California Public Employees Retirement System now owns 119,408 shares of the construction company’s stock valued at $7,384,000 after acquiring an additional 7,935 shares in the last quarter. Assetmark Inc. raised its holdings in Meritage Homes by 43.9% in the first quarter. Assetmark Inc. now owns 774 shares of the construction company’s stock valued at $48,000 after acquiring an additional 236 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Meritage Homes by 110.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,222 shares of the construction company’s stock valued at $3,802,000 after acquiring an additional 32,125 shares during the last quarter. 98.44% of the stock is currently owned by hedge funds and other institutional investors.

Meritage Homes Stock Performance

Meritage Homes stock opened at $71.74 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.96 and a quick ratio of 1.96. Meritage Homes Corporation has a 12 month low of $58.03 and a 12 month high of $85.38. The company has a fifty day moving average price of $72.17 and a two-hundred day moving average price of $70.31. The company has a market cap of $4.79 billion, a PE ratio of 13.16, a P/E/G ratio of 3.15 and a beta of 1.35.

Meritage Homes (NYSE:MTH) last issued its earnings results on Wednesday, April 22nd. The construction company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.12). Meritage Homes had a return on equity of 8.08% and a net margin of 6.86%.The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period last year, the company posted $1.69 earnings per share. The firm’s revenue for the quarter was down 17.5% on a year-over-year basis. Research analysts expect that Meritage Homes Corporation will post 5 earnings per share for the current year.

Meritage Homes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.48 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.92 annualized dividend and a dividend yield of 2.7%. Meritage Homes’s payout ratio is 35.23%.

Insider Buying and Selling at Meritage Homes

In related news, CAO Alison Sasser sold 1,273 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $62.11, for a total transaction of $79,066.03. Following the completion of the sale, the chief accounting officer owned 7,634 shares of the company’s stock, valued at $474,147.74. This represents a 14.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTH. Wall Street Zen downgraded shares of Meritage Homes from a “hold” rating to a “sell” rating in a research report on Saturday, June 20th. UBS Group set a $86.00 price target on shares of Meritage Homes and gave the stock a “buy” rating in a research report on Friday, April 24th. Truist Financial set a $80.00 price target on Meritage Homes and gave the stock a “buy” rating in a research note on Thursday, April 16th. Zacks Research raised Meritage Homes from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, Bank of America cut their price objective on Meritage Homes from $74.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Meritage Homes has a consensus rating of “Hold” and an average price target of $80.22.

About Meritage Homes

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.