Meritage Corporation (MTH) Price Target Raised to $51.00
Meritage Corporation (NYSE:MTH) had its target price lifted by investment analysts at Citigroup Inc. from $46.00 to $51.00 in a report released on Monday. The brokerage currently has a “neutral” rating on the construction company’s stock. Citigroup Inc.’s target price indicates a potential upside of 5.92% from the company’s previous close.
A number of other equities analysts have also weighed in on the company. UBS AG began coverage on Meritage Corporation in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 target price on the stock. Zacks Investment Research cut Meritage Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. Barclays PLC reiterated an “underweight” rating and issued a $38.00 price objective (up from $36.00) on shares of Meritage Corporation in a report on Wednesday, August 2nd. Deutsche Bank AG upped their price objective on Meritage Corporation from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Finally, BidaskClub cut Meritage Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $43.20.
Meritage Corporation (NYSE MTH) traded up 1.04% during mid-day trading on Monday, reaching $48.65. The company had a trading volume of 435,123 shares. The stock has a market capitalization of $1.96 billion, a P/E ratio of 13.39 and a beta of 1.48. The stock has a 50 day moving average price of $44.79 and a 200-day moving average price of $41.89. Meritage Corporation has a 12-month low of $29.70 and a 12-month high of $50.10.
Meritage Corporation (NYSE:MTH) last announced its earnings results on Friday, October 27th. The construction company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.09. The business had revenue of $805.60 million for the quarter, compared to analyst estimates of $827.40 million. Meritage Corporation had a return on equity of 10.81% and a net margin of 5.04%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. Equities analysts anticipate that Meritage Corporation will post $3.77 EPS for the current fiscal year.
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In related news, EVP Javier Feliciano sold 1,009 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $35.55, for a total transaction of $35,869.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. NJ State Employees Deferred Compensation Plan boosted its holdings in Meritage Corporation by 33.3% during the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 20,000 shares of the construction company’s stock valued at $888,000 after acquiring an additional 5,000 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in Meritage Corporation during the 3rd quarter valued at about $682,000. Aperio Group LLC boosted its holdings in Meritage Corporation by 4.7% during the 3rd quarter. Aperio Group LLC now owns 26,873 shares of the construction company’s stock valued at $1,193,000 after acquiring an additional 1,195 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Meritage Corporation by 12.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,909 shares of the construction company’s stock valued at $123,000 after acquiring an additional 328 shares during the period. Finally, Piedmont Investment Advisors LLC purchased a new stake in Meritage Corporation during the 2nd quarter valued at about $346,000. Institutional investors own 98.35% of the company’s stock.
Meritage Corporation Company Profile
Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services.
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