Mackay Shields LLC Has $4.74 Million Stock Position in Meritage Homes Corp (NYSE:MTH)

Mackay Shields LLC reduced its position in shares of Meritage Homes Corp (NYSE:MTH) by 20.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,300 shares of the construction company’s stock after selling 17,200 shares during the period. Mackay Shields LLC’s holdings in Meritage Homes were worth $4,735,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Crossmark Global Holdings Inc. raised its position in Meritage Homes by 2.8% during the second quarter. Crossmark Global Holdings Inc. now owns 11,610 shares of the construction company’s stock valued at $596,000 after purchasing an additional 320 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Meritage Homes by 1.9% during the second quarter. State of Alaska Department of Revenue now owns 18,690 shares of the construction company’s stock worth $959,000 after buying an additional 352 shares in the last quarter. Rehmann Capital Advisory Group increased its holdings in shares of Meritage Homes by 159.9% during the second quarter. Rehmann Capital Advisory Group now owns 694 shares of the construction company’s stock worth $36,000 after buying an additional 427 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Meritage Homes by 0.9% during the second quarter. Arizona State Retirement System now owns 55,794 shares of the construction company’s stock worth $2,864,000 after buying an additional 504 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Meritage Homes during the second quarter worth $26,000. Institutional investors and hedge funds own 94.96% of the company’s stock.

MTH has been the subject of several research analyst reports. Citigroup upgraded shares of Meritage Homes from a “neutral” rating to a “buy” rating and upped their price target for the stock from $55.00 to $63.00 in a report on Thursday, July 25th. Wells Fargo & Co upped their price target on shares of Meritage Homes from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Thursday, October 24th. Zacks Investment Research upgraded shares of Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $66.00 price target for the company in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Meritage Homes from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $54.50 to $67.50 in a report on Wednesday, September 11th. Finally, Bank of America upped their price target on shares of Meritage Homes from $79.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Meritage Homes currently has an average rating of “Buy” and an average price target of $61.45.

MTH traded up $0.29 during trading on Friday, reaching $67.72. 364,150 shares of the stock traded hands, compared to its average volume of 447,817. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $2.62 billion, a PE ratio of 12.14, a P/E/G ratio of 1.41 and a beta of 1.00. The stock’s 50-day moving average is $71.78 and its 200 day moving average is $60.47. Meritage Homes Corp has a 12 month low of $33.57 and a 12 month high of $76.83.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings results on Tuesday, October 22nd. The construction company reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.30. The business had revenue of $940.90 million for the quarter, compared to analysts’ expectations of $930.41 million. Meritage Homes had a net margin of 6.29% and a return on equity of 12.42%. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 earnings per share. As a group, equities research analysts anticipate that Meritage Homes Corp will post 5.68 EPS for the current year.

In other news, CEO Steven J. Hilton sold 57,899 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $67.19, for a total transaction of $3,890,233.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gerald W. Haddock sold 7,500 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $66.29, for a total transaction of $497,175.00. The disclosure for this sale can be found here. Insiders have sold a total of 100,399 shares of company stock worth $6,846,669 in the last three months. 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.

Further Reading: Float

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

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