Meritage Homes (NYSE:MTH)‘s stock had its “buy” rating reaffirmed by JMP Securities in a research report issued to clients and investors on Thursday. They presently have a $48.00 price target on the construction company’s stock, down from their previous price target of $58.00. JMP Securities’ price target would suggest a potential upside of 37.97% from the company’s current price.
A number of other research analysts also recently weighed in on the stock. Bank of America set a $51.00 target price on shares of Meritage Homes and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research downgraded shares of Meritage Homes from a “hold” rating to a “sell” rating in a research report on Wednesday. ValuEngine downgraded shares of Meritage Homes from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. JPMorgan Chase & Co. downgraded shares of Meritage Homes from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $46.00 in a research report on Friday, September 21st. Finally, Wells Fargo & Co reduced their target price on shares of Meritage Homes from $57.00 to $49.00 and set a “market perform” rating for the company in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $50.70.
Meritage Homes stock opened at $34.79 on Thursday. Meritage Homes has a twelve month low of $34.54 and a twelve month high of $55.50. The company has a market cap of $1.62 billion, a PE ratio of 8.97, a P/E/G ratio of 0.48 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.
Meritage Homes (NYSE:MTH) last released its earnings results on Wednesday, July 25th. The construction company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.21. Meritage Homes had a net margin of 5.21% and a return on equity of 12.17%. The firm had revenue of $877.50 million during the quarter, compared to the consensus estimate of $825.47 million. During the same period in the prior year, the firm earned $0.98 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Meritage Homes will post 5.67 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in MTH. Mount Yale Investment Advisors LLC purchased a new stake in shares of Meritage Homes during the 1st quarter valued at approximately $104,000. PNC Financial Services Group Inc. lifted its stake in shares of Meritage Homes by 46.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,987 shares of the construction company’s stock valued at $175,000 after buying an additional 1,256 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of Meritage Homes during the 2nd quarter valued at approximately $205,000. Paloma Partners Management Co purchased a new stake in shares of Meritage Homes during the 2nd quarter valued at approximately $232,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Meritage Homes during the 2nd quarter valued at approximately $252,000. Institutional investors own 93.64% of the company’s stock.
About Meritage Homes
Meritage Homes Corporation designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.
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