Brokerages expect that Meritage Homes Corp (NYSE:MTH) will announce sales of $1.08 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Meritage Homes’ earnings. The lowest sales estimate is $1.02 billion and the highest is $1.18 billion. Meritage Homes posted sales of $939.19 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 15%. The business is scheduled to report its next earnings results on Tuesday, October 27th.
According to Zacks, analysts expect that Meritage Homes will report full-year sales of $4.24 billion for the current financial year, with estimates ranging from $4.14 billion to $4.47 billion. For the next financial year, analysts anticipate that the company will post sales of $4.58 billion, with estimates ranging from $4.27 billion to $4.92 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Meritage Homes.
Meritage Homes (NYSE:MTH) last released its quarterly earnings data on Wednesday, July 22nd. The construction company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.86. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $890.96 million. Meritage Homes had a return on equity of 16.93% and a net margin of 8.35%.
MTH has been the subject of several recent research reports. Goldman Sachs Group upgraded Meritage Homes from a “sell” rating to a “neutral” rating and increased their price target for the company from $64.00 to $80.00 in a report on Thursday, July 16th. ValuEngine upgraded Meritage Homes from a “strong sell” rating to a “sell” rating in a report on Monday, August 3rd. Zacks Investment Research upgraded Meritage Homes from a “sell” rating to a “hold” rating and set a $72.00 price target for the company in a report on Tuesday, May 26th. BTIG Research upgraded Meritage Homes from a “neutral” rating to a “buy” rating and set a $109.00 price target for the company in a report on Tuesday, July 21st. Finally, Credit Suisse Group increased their price target on Meritage Homes from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $82.33.
In other news, COO Phillippe Lord sold 10,500 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $95.06, for a total transaction of $998,130.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gerald W. Haddock sold 6,500 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $95.95, for a total transaction of $623,675.00. The disclosure for this sale can be found here. Insiders have sold 201,300 shares of company stock worth $20,491,499 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Invesco Ltd. lifted its holdings in Meritage Homes by 1.7% in the first quarter. Invesco Ltd. now owns 200,282 shares of the construction company’s stock worth $7,312,000 after acquiring an additional 3,404 shares during the last quarter. Rhumbline Advisers lifted its holdings in Meritage Homes by 6.0% in the first quarter. Rhumbline Advisers now owns 134,215 shares of the construction company’s stock worth $4,900,000 after acquiring an additional 7,594 shares during the last quarter. First Trust Advisors LP lifted its holdings in Meritage Homes by 66.0% in the first quarter. First Trust Advisors LP now owns 50,964 shares of the construction company’s stock worth $1,861,000 after acquiring an additional 20,263 shares during the last quarter. Royal Bank of Canada lifted its holdings in Meritage Homes by 218.4% in the first quarter. Royal Bank of Canada now owns 17,738 shares of the construction company’s stock worth $647,000 after acquiring an additional 12,167 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in Meritage Homes by 4.4% in the second quarter. State of Alaska Department of Revenue now owns 33,337 shares of the construction company’s stock worth $2,537,000 after acquiring an additional 1,410 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.
MTH stock opened at $103.50 on Thursday. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 0.59 and a beta of 1.79. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.49. The business has a fifty day simple moving average of $99.60 and a 200-day simple moving average of $70.42. Meritage Homes has a 52 week low of $25.24 and a 52 week high of $106.99.
Meritage Homes Company Profile
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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