Meritage Homes (NYSE:MTH) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, The Fly reports. The brokerage presently has a $143.00 price objective on the construction company’s stock, down from their previous price objective of $158.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 40.78% from the stock’s previous close.
A number of other research analysts have also recently weighed in on the stock. KeyCorp lifted their price objective on shares of Meritage Homes from $120.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, July 30th. Zacks Investment Research cut shares of Meritage Homes from a “buy” rating to a “hold” rating and set a $102.00 target price for the company. in a research note on Tuesday, October 5th. The Goldman Sachs Group cut their target price on shares of Meritage Homes from $117.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, June 30th. Finally, Wolfe Research raised shares of Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $130.00 target price for the company in a research note on Wednesday, August 4th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Meritage Homes currently has an average rating of “Hold” and an average target price of $117.67.
NYSE MTH opened at $101.58 on Thursday. The company has a market capitalization of $3.82 billion, a PE ratio of 6.95 and a beta of 1.71. The company has a fifty day moving average of $105.57 and a 200 day moving average of $101.54. 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.
In other Meritage Homes news, COO Clinton Szubinski sold 875 shares of the business’s stock in a transaction dated Monday, August 16th. The shares were sold at an average price of $114.75, for a total value of $100,406.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.80% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Eaton Vance Management purchased a new stake in Meritage Homes during the 1st quarter worth approximately $29,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Meritage Homes in the 2nd quarter valued at approximately $32,000. Van ECK Associates Corp increased its position in shares of Meritage Homes by 128.4% in the 2nd quarter. Van ECK Associates Corp now owns 482 shares of the construction company’s stock valued at $45,000 after purchasing an additional 271 shares during the last quarter. Private Capital Group LLC increased its position in shares of Meritage Homes by 13.4% in the 3rd quarter. Private Capital Group LLC now owns 1,055 shares of the construction company’s stock valued at $102,000 after purchasing an additional 125 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Meritage Homes by 13.4% in the 2nd quarter. US Bancorp DE now owns 1,292 shares of the construction company’s stock valued at $122,000 after purchasing an additional 153 shares during the last quarter. 95.87% of the stock is currently owned by hedge funds and other institutional investors.
About Meritage Homes
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.
Featured Article: What is a stock buyback?
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.