EMG Holdings L.P. Decreases Stake in Meritage Homes Co. (NYSE:MTH)

EMG Holdings L.P. lowered its position in shares of Meritage Homes Co. (NYSE:MTH) by 69.4% in the second quarter, Holdings Channel reports. The firm owned 10,961 shares of the construction company’s stock after selling 24,805 shares during the period. Meritage Homes makes up about 0.9% of EMG Holdings L.P.’s investment portfolio, making the stock its 17th biggest position. EMG Holdings L.P.’s holdings in Meritage Homes were worth $1,774,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Intech Investment Management LLC purchased a new stake in shares of Meritage Homes during the 2nd quarter worth about $1,686,000. XTX Topco Ltd boosted its holdings in Meritage Homes by 361.6% in the 2nd quarter. XTX Topco Ltd now owns 9,098 shares of the construction company’s stock worth $1,473,000 after acquiring an additional 7,127 shares during the period. Hsbc Holdings PLC boosted its holdings in Meritage Homes by 119.1% in the 2nd quarter. Hsbc Holdings PLC now owns 19,678 shares of the construction company’s stock worth $3,184,000 after acquiring an additional 10,696 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in Meritage Homes in the 2nd quarter worth approximately $259,000. Finally, Edgestream Partners L.P. purchased a new position in Meritage Homes in the 2nd quarter worth approximately $2,194,000. Hedge funds and other institutional investors own 98.44% of the company’s stock.

Insider Activity at Meritage Homes

In related news, CEO Phillippe Lord sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $200.35, for a total transaction of $2,003,500.00. Following the sale, the chief executive officer now directly owns 90,266 shares of the company’s stock, valued at approximately $18,084,793.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Meritage Homes news, CEO Phillippe Lord sold 10,000 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $200.35, for a total value of $2,003,500.00. Following the sale, the chief executive officer now directly owns 90,266 shares of the company’s stock, valued at $18,084,793.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Hilla Sferruzza sold 2,500 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $205.00, for a total value of $512,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,570 shares in the company, valued at $9,136,850. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,500 shares of company stock valued at $3,111,080. Corporate insiders own 2.00% of the company’s stock.

Meritage Homes Stock Performance

MTH stock opened at $213.69 on Friday. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.27. The firm has a market cap of $7.76 billion, a P/E ratio of 9.97 and a beta of 1.81. Meritage Homes Co. has a 12-month low of $109.23 and a 12-month high of $213.98. The stock’s 50 day simple moving average is $191.14 and its 200 day simple moving average is $174.71.

Meritage Homes (NYSE:MTH) last posted its quarterly earnings results on Wednesday, July 24th. The construction company reported $6.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $1.14. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.57 billion. Meritage Homes had a return on equity of 17.99% and a net margin of 12.98%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $5.02 EPS. As a group, equities research analysts predict that Meritage Homes Co. will post 21.09 EPS for the current year.

Meritage Homes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Monday, September 16th. Meritage Homes’s dividend payout ratio is currently 13.99%.

Analyst Ratings Changes

A number of research firms have weighed in on MTH. StockNews.com cut Meritage Homes from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Evercore ISI upped their price target on Meritage Homes from $219.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. The Goldman Sachs Group upped their target price on Meritage Homes from $173.00 to $197.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Wolfe Research raised Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 target price on the stock in a research report on Wednesday, August 14th. Finally, Raymond James upped their target price on Meritage Homes from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Meritage Homes Profile

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached 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 entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.