Principal Financial Group Inc. cut its holdings in Meritage Homes Corporation (NYSE:MTH – Free Report) by 3.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 324,684 shares of the construction company’s stock after selling 10,848 shares during the period. Principal Financial Group Inc. owned 0.49% of Meritage Homes worth $20,078,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Meritage Homes in the fourth quarter valued at $63,053,000. Balyasny Asset Management L.P. grew its holdings in shares of Meritage Homes by 58.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,423,013 shares of the construction company’s stock worth $95,299,000 after purchasing an additional 527,265 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Meritage Homes by 58.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,058,850 shares of the construction company’s stock worth $75,051,000 after purchasing an additional 391,297 shares during the period. Sophron Capital Management L.P. acquired a new stake in shares of Meritage Homes during the 2nd quarter worth about $17,613,000. Finally, Millennium Management LLC increased its position in shares of Meritage Homes by 49.6% during the 4th quarter. Millennium Management LLC now owns 792,731 shares of the construction company’s stock worth $52,162,000 after purchasing an additional 262,928 shares during the last quarter. 98.44% of the stock is currently owned by hedge funds and other institutional investors.
Meritage Homes Price Performance
MTH opened at $71.74 on Wednesday. The stock’s 50-day moving average price is $72.17 and its 200 day moving average price is $70.31. Meritage Homes Corporation has a 12-month low of $58.03 and a 12-month high of $85.38. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 3.15 and a beta of 1.35. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.36.
Meritage Homes Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.48 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.92 annualized dividend and a dividend yield of 2.7%. Meritage Homes’s dividend payout ratio (DPR) is presently 35.23%.
Insider Activity at Meritage Homes
In related news, CAO Alison Sasser sold 1,273 shares of Meritage Homes stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $62.11, for a total value of $79,066.03. Following the completion of the transaction, the chief accounting officer owned 7,634 shares in the company, valued at approximately $474,147.74. The trade was a 14.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.50% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $93.00 target price (up from $82.00) on shares of Meritage Homes in a research report on Friday, July 10th. Truist Financial set a $80.00 price target on shares of Meritage Homes and gave the company a “buy” rating in a research report on Thursday, April 16th. Wall Street Zen downgraded shares of Meritage Homes from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Citigroup restated a “market outperform” rating on shares of Meritage Homes in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Meritage Homes from $62.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, April 28th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Meritage Homes currently has an average rating of “Hold” and an average target price of $80.22.
Check Out Our Latest Stock Analysis on Meritage Homes
Meritage Homes Profile
Meritage Homes Corporation is a national homebuilder and residential developer headquartered in Scottsdale, Arizona. Founded in 1985 as Winchester Homes and later rebranded to Meritage Homes, the company specializes in designing, constructing and selling single‐family detached and attached homes. With a focus on energy efficiency and sustainable building practices, Meritage Homes markets its properties under the GreenSmart program, which integrates high‐performance features aimed at reducing long‐term energy and water consumption for homebuyers.
The company’s core activities encompass land acquisition, residential community planning, home design, construction management and real estate sales.
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