Brokerages Set Meritage Homes Co. (NYSE:MTH) Target Price at $115.38

Meritage Homes Co. (NYSE:MTH) has received a consensus recommendation of “Hold” from the eleven research firms that are currently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $115.38.

A number of research analysts have recently commented on MTH shares. Wolfe Research upgraded Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $130.00 price target for the company in a report on Wednesday, August 4th. The Goldman Sachs Group cut their price target on Meritage Homes from $117.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, June 30th. Zacks Investment Research upgraded Meritage Homes from a “hold” rating to a “strong-buy” rating and set a $128.00 target price for the company in a research note on Wednesday, August 25th. Finally, KeyCorp upped their target price on Meritage Homes from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, July 30th.

MTH traded down $1.91 on Tuesday, hitting $102.59. The company had a trading volume of 243,967 shares, compared to its average volume of 419,767. The company’s fifty day moving average price is $104.01 and its 200 day moving average price is $99.84. Meritage Homes has a 1-year low of $78.00 and a 1-year high of $120.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.67 and a quick ratio of 1.67. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 7.02 and a beta of 1.71.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings results on Wednesday, July 28th. The construction company reported $4.36 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.91. Meritage Homes had a return on equity of 23.24% and a net margin of 11.38%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.16 billion. On average, sell-side analysts forecast that Meritage Homes will post 18.96 EPS for the current year.

In other news, COO Clinton Szubinski sold 875 shares of the stock in a transaction on Monday, August 16th. The stock was sold at an average price of $114.75, for a total transaction of $100,406.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of MTH. State of New Jersey Common Pension Fund D boosted its holdings in Meritage Homes by 0.5% in the first quarter. State of New Jersey Common Pension Fund D now owns 28,184 shares of the construction company’s stock valued at $2,591,000 after acquiring an additional 138 shares during the last quarter. Comerica Bank lifted its stake in Meritage Homes by 72.7% in the first quarter. Comerica Bank now owns 68,463 shares of the construction company’s stock valued at $6,432,000 after buying an additional 28,829 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in Meritage Homes by 412.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 20,923 shares of the construction company’s stock valued at $1,930,000 after buying an additional 16,841 shares during the period. Meeder Asset Management Inc. raised its position in shares of Meritage Homes by 6,065.1% during the first quarter. Meeder Asset Management Inc. now owns 3,884 shares of the construction company’s stock worth $358,000 after purchasing an additional 3,821 shares during the period. Finally, Cornerstone Wealth Management LLC acquired a new stake in shares of Meritage Homes during the first quarter worth about $281,000. Institutional investors and hedge funds own 95.87% of the company’s stock.

Meritage Homes Company Profile

Meritage Homes Corp. is a holding company, which engages in the development and sale of residential properties. It operates through two segments: Homebuilding and Financial Services. The Homebuilding segment acquires constructs and markets single-detached houses. The Financial Services segment includes the operations of the company’s subsidiary, Carefree Title.

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Analyst Recommendations for Meritage Homes (NYSE:MTH)

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