Meeder Asset Management Inc. Purchases 7,633 Shares of Meritage Homes Corp (NYSE:MTH)

Meeder Asset Management Inc. grew its position in Meritage Homes Corp (NYSE:MTH) by 917.4% during the third quarter, HoldingsChannel.com reports. The firm owned 8,465 shares of the construction company’s stock after buying an additional 7,633 shares during the quarter. Meeder Asset Management Inc.’s holdings in Meritage Homes were worth $595,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Earnest Partners LLC lifted its holdings in shares of Meritage Homes by 0.6% in the second quarter. Earnest Partners LLC now owns 2,095,284 shares of the construction company’s stock valued at $107,572,000 after purchasing an additional 13,301 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Meritage Homes by 9.1% in the second quarter. Northern Trust Corp now owns 912,599 shares of the construction company’s stock valued at $46,853,000 after purchasing an additional 76,483 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Meritage Homes by 13.0% in the second quarter. Victory Capital Management Inc. now owns 696,210 shares of the construction company’s stock valued at $35,743,000 after purchasing an additional 79,976 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Meritage Homes by 9.8% in the second quarter. LSV Asset Management now owns 575,380 shares of the construction company’s stock valued at $29,540,000 after purchasing an additional 51,480 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Meritage Homes by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 563,009 shares of the construction company’s stock valued at $28,905,000 after purchasing an additional 13,533 shares in the last quarter. Institutional investors own 95.07% of the company’s stock.

MTH has been the topic of a number of research reports. ValuEngine lowered Meritage Homes from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research raised Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 target price on the stock in a research report on Monday, July 29th. Citigroup raised Meritage Homes from a “neutral” rating to a “buy” rating and lifted their target price for the company from $55.00 to $63.00 in a research report on Thursday, July 25th. Bank of America lifted their target price on Meritage Homes from $79.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. raised Meritage Homes from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $54.50 to $67.50 in a research report on Wednesday, September 11th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Meritage Homes currently has an average rating of “Buy” and an average target price of $56.57.

NYSE:MTH opened at $75.00 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.48 and a current ratio of 1.48. The stock’s 50-day simple moving average is $69.35 and its 200 day simple moving average is $57.88. The company has a market cap of $2.85 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.62 and a beta of 1.00. Meritage Homes Corp has a 52-week low of $32.02 and a 52-week high of $75.37.

Meritage Homes (NYSE:MTH) last released its earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.28. The business had revenue of $864.60 million for the quarter, compared to the consensus estimate of $808.02 million. Meritage Homes had a return on equity of 11.81% and a net margin of 5.94%. Meritage Homes’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.32 earnings per share. As a group, equities analysts predict that Meritage Homes Corp will post 5.44 earnings per share for the current fiscal year.

In other Meritage Homes news, CEO Steven J. Hilton sold 166,106 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $63.11, for a total transaction of $10,482,949.66. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP C Timothy White sold 7,946 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $64.35, for a total value of $511,325.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 702,425 shares of company stock worth $44,685,523. Company insiders own 6.10% of the company’s stock.

Meritage Homes Company Profile

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 first-time and first move-up buyers. The company also offers luxury homes; and title insurance and closing/settlement services to its homebuyers.

Recommended Story: Buy Rating

Want to see what other hedge funds are holding MTH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meritage Homes Corp (NYSE:MTH).

Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

Receive News & Ratings for Meritage Homes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meritage Homes and related companies with MarketBeat.com's FREE daily email newsletter.