M/I Homes, Inc. (NYSE:MHO – Get Free Report)’s share price fell 5.3% during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $118.82 and last traded at $117.52. 30,161 shares changed hands during trading, a decline of 87% from the average daily volume of 238,596 shares. The stock had previously closed at $124.06.
The construction company reported $2.70 EPS for the quarter, missing the consensus estimate of $3.25 by ($0.55). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.11 billion. M/I Homes had a net margin of 7.44% and a return on equity of 11.53%. M/I Homes’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the company posted $3.92 earnings per share.
Analysts Set New Price Targets
Several brokerages have issued reports on MHO. Zacks Research lowered M/I Homes from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 9th. Zelman & Associates lowered shares of M/I Homes from an “outperform” rating to a “neutral” rating in a report on Tuesday, July 7th. Citigroup restated a “market outperform” rating on shares of M/I Homes in a report on Thursday, October 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of M/I Homes in a research note on Wednesday, August 12th. Finally, Freedom Capital raised shares of M/I Homes to a “strong-buy” rating in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.40.
Get Our Latest Analysis on MHO
Insider Buying and Selling at M/I Homes
In related news, CFO Phillip Creek sold 10,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $151.28, for a total transaction of $1,512,800.00. Following the completion of the sale, the chief financial officer directly owned 30,918 shares in the company, valued at $4,677,275.04. This represents a 24.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.60% of the company’s stock.
Hedge Funds Weigh In On M/I Homes
A number of large investors have recently bought and sold shares of MHO. BlackRock Inc. purchased a new position in shares of M/I Homes in the second quarter worth $769,776,000. Donald Smith & CO. Inc. purchased a new stake in M/I Homes during the 2nd quarter valued at $223,736,000. Junto Capital Management LP boosted its position in M/I Homes by 3.1% during the 2nd quarter. Junto Capital Management LP now owns 338,298 shares of the construction company’s stock valued at $54,395,000 after buying an additional 10,047 shares during the period. Bank of America Corp DE bought a new stake in M/I Homes in the 2nd quarter worth $31,561,000. Finally, Bank of New York Mellon Corp bought a new stake in M/I Homes in the 2nd quarter worth $30,032,000. 95.14% of the stock is owned by hedge funds and other institutional investors.
M/I Homes Price Performance
The business’s 50-day simple moving average is $140.63 and its 200-day simple moving average is $139.79. The stock has a market cap of $2.96 billion, a PE ratio of 9.85 and a beta of 1.60. The company has a quick ratio of 1.69, a current ratio of 7.65 and a debt-to-equity ratio of 0.29.
About M/I Homes
M/I Homes, Inc is a residential construction company that builds and sells single-family homes for a range of buyers, including first-time, move-up and luxury-home purchasers. Its operations include land acquisition and development, home design, construction, marketing and sales, with communities offered in suburban and metropolitan markets.
The company also provides services that support the homebuying process, including mortgage financing through M/I Financial and title-related services through its affiliated operations.
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