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.
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.
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