Meritage Homes’ (MTH) “Buy” Rating Reiterated at JMP Securities

Meritage Homes (NYSE:MTH)‘s stock had its “buy” rating reiterated by stock analysts at JMP Securities in a report issued on Thursday. They presently have a $48.00 price target on the construction company’s stock, down from their previous price target of $58.00. JMP Securities’ target price indicates a potential upside of 37.97% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. cut Meritage Homes from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $55.00 to $46.00 in a research note on Friday, September 21st. Wells Fargo & Co reduced their price objective on Meritage Homes from $57.00 to $49.00 and set a “market perform” rating for the company in a research note on Friday, July 27th. ValuEngine cut Meritage Homes from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Citigroup started coverage on Meritage Homes in a research note on Tuesday, June 19th. They issued a “buy” rating and a $55.00 price objective for the company. Finally, Zacks Investment Research cut Meritage Homes from a “buy” rating to a “hold” rating in a research note on Monday, July 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $50.70.

Shares of Meritage Homes stock opened at $34.79 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. Meritage Homes has a 52 week low of $34.54 and a 52 week high of $55.50. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 0.48 and a beta of 1.06.

Meritage Homes (NYSE:MTH) last announced its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.21. Meritage Homes had a return on equity of 12.17% and a net margin of 5.21%. The firm had revenue of $877.50 million during the quarter, compared to analysts’ expectations of $825.47 million. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Meritage Homes will post 5.67 EPS for the current year.

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Meritage Homes by 5.5% during the second quarter. BlackRock Inc. now owns 5,988,652 shares of the construction company’s stock valued at $263,202,000 after buying an additional 311,283 shares during the last quarter. Millennium Management LLC boosted its position in shares of Meritage Homes by 21.1% during the first quarter. Millennium Management LLC now owns 1,843,674 shares of the construction company’s stock valued at $83,426,000 after buying an additional 320,807 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Meritage Homes by 15.5% during the second quarter. Macquarie Group Ltd. now owns 1,813,507 shares of the construction company’s stock valued at $79,704,000 after buying an additional 242,916 shares during the last quarter. Northern Trust Corp boosted its position in shares of Meritage Homes by 1.5% during the second quarter. Northern Trust Corp now owns 858,478 shares of the construction company’s stock valued at $37,730,000 after buying an additional 12,533 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Meritage Homes by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 632,556 shares of the construction company’s stock valued at $27,801,000 after buying an additional 13,614 shares during the last quarter. 93.64% of the stock is currently owned by institutional investors.

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 various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.

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Analyst Recommendations for Meritage Homes (NYSE:MTH)

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