Meritage Homes (NYSE:MTH) Issues FY 2024 Earnings Guidance

Meritage Homes (NYSE:MTH) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 19.200-20.700 for the period, compared to the consensus EPS estimate of 17.690. The company issued revenue guidance of -. Meritage Homes also updated its FY24 guidance to $19.20-20.70 EPS.

Analyst Ratings Changes

A number of brokerages have issued reports on MTH. Zelman & Associates upgraded Meritage Homes from a neutral rating to an outperform rating in a research report on Monday, February 26th. The Goldman Sachs Group upped their price objective on Meritage Homes from $151.00 to $182.00 and gave the company a neutral rating in a research report on Thursday, January 11th. StockNews.com downgraded Meritage Homes from a buy rating to a hold rating in a research report on Wednesday, January 31st. Seaport Res Ptn downgraded Meritage Homes from a buy rating to a neutral rating in a research report on Monday, January 22nd. Finally, Wedbush downgraded Meritage Homes from a neutral rating to an underperform rating and decreased their price objective for the company from $155.00 to $148.00 in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $172.67.

Meritage Homes Trading Down 2.2 %

Shares of MTH traded down $3.50 during mid-day trading on Wednesday, reaching $154.69. 452,787 shares of the company’s stock traded hands, compared to its average volume of 399,753. The stock has a market cap of $5.62 billion, a P/E ratio of 7.94 and a beta of 1.77. The stock’s 50-day moving average is $159.02 and its two-hundred day moving average is $152.48. Meritage Homes has a 12 month low of $109.23 and a 12 month high of $179.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.77 and a quick ratio of 1.77.

Meritage Homes (NYSE:MTH) last released its earnings results on Wednesday, January 31st. The construction company reported $5.38 EPS for the quarter, beating analysts’ consensus estimates of $5.18 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Meritage Homes had a return on equity of 17.03% and a net margin of 12.03%. Research analysts forecast that Meritage Homes will post 17.78 earnings per share for the current fiscal year.

Meritage Homes Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.94%. This is a boost from Meritage Homes’s previous quarterly dividend of $0.27. Meritage Homes’s dividend payout ratio is 15.06%.

Insider Buying and Selling

In related news, CAO Alison Sasser sold 355 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $152.61, for a total value of $54,176.55. Following the transaction, the chief accounting officer now owns 869 shares of the company’s stock, valued at $132,618.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Meritage Homes news, CAO Alison Sasser sold 355 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $152.61, for a total transaction of $54,176.55. Following the sale, the chief accounting officer now owns 869 shares of the company’s stock, valued at approximately $132,618.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Clinton Szubinski sold 797 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $152.62, for a total value of $121,638.14. Following the sale, the chief operating officer now directly owns 5,234 shares in the company, valued at approximately $798,813.08. The disclosure for this sale can be found here. Insiders have sold a total of 3,998 shares of company stock valued at $635,171 over the last quarter. 2.00% of the stock is owned by corporate insiders.

About Meritage Homes

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached 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 entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.