Meritage Homes (NYSE:MTH) Price Target Raised to $82.00 at Bank of America

Meritage Homes (NYSE:MTH) had its target price increased by Bank of America from $79.00 to $82.00 in a research note released on Wednesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the construction company’s stock.

Other analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Meritage Homes from a hold rating to a strong-buy rating and set a $66.00 price objective on the stock in a research report on Monday, July 29th. JPMorgan Chase & Co. raised shares of Meritage Homes from an underweight rating to a neutral rating and boosted their price objective for the stock from $54.50 to $67.50 in a research report on Wednesday, September 11th. Citigroup raised shares of Meritage Homes from a neutral rating to a buy rating and boosted their price objective for the stock from $55.00 to $63.00 in a research report on Thursday, July 25th. Finally, ValuEngine lowered shares of Meritage Homes from a buy rating to a hold rating in a research report on Thursday, August 1st. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $54.29.

Shares of MTH opened at $70.30 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.48 and a current ratio of 1.48. Meritage Homes has a twelve month low of $32.02 and a twelve month high of $71.32. The firm’s 50 day moving average price is $64.91 and its two-hundred day moving average price is $54.01. The firm has a market cap of $2.70 billion, a P/E ratio of 13.57, a PEG ratio of 1.54 and a beta of 1.03.



Meritage Homes (NYSE:MTH) last announced its quarterly earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.28. The firm had revenue of $864.60 million for the quarter, compared to analyst estimates of $808.02 million. Meritage Homes had a net margin of 5.94% and a return on equity of 11.81%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.32 earnings per share. On average, sell-side analysts anticipate that Meritage Homes will post 5.41 earnings per share for the current fiscal year.

In related news, Director Gerald W. Haddock sold 5,000 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $62.87, for a total transaction of $314,350.00. Following the transaction, the director now directly owns 37,000 shares in the company, valued at $2,326,190. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Raymond Oppel sold 15,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $68.26, for a total transaction of $1,023,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 702,425 shares of company stock worth $44,685,523. 6.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of MTH. Advisory Services Network LLC acquired a new position in Meritage Homes during the second quarter worth $26,000. Rehmann Capital Advisory Group increased its holdings in Meritage Homes by 159.9% during the second quarter. Rehmann Capital Advisory Group now owns 694 shares of the construction company’s stock worth $36,000 after buying an additional 427 shares during the last quarter. Penserra Capital Management LLC acquired a new position in Meritage Homes during the first quarter worth $57,000. NumerixS Investment Technologies Inc acquired a new position in Meritage Homes during the second quarter worth $62,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Meritage Homes by 18.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,068 shares of the construction company’s stock worth $137,000 after buying an additional 481 shares during the last quarter. Institutional investors and hedge funds own 94.79% of the company’s stock.

About Meritage Homes

Meritage Homes Corporation designs and builds single-family 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 first-time and first move-up buyers. The company also offers luxury homes; and title insurance and closing/settlement services to its homebuyers.

Recommended Story: What is a good rate of return for a mutual fund?

Analyst Recommendations for Meritage Homes (NYSE:MTH)

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.