Meritage Homes (NYSE:MTH) Upgraded by Truist Financial to Strong-Buy Rating

Meritage Homes (NYSE:MTH) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other analysts have also commented on the company. Bank of America reissued a “neutral” rating and set a $82.00 price target (up from $75.00) on shares of Meritage Homes in a research note on Friday, January 16th. Citizens Jmp initiated coverage on shares of Meritage Homes in a research report on Wednesday, January 7th. They set a “market outperform” rating and a $90.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on shares of Meritage Homes from $60.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. The Goldman Sachs Group reiterated a “buy” rating and set a $90.00 price target on shares of Meritage Homes in a report on Tuesday, January 13th. Finally, Citigroup began coverage on Meritage Homes in a research report on Wednesday, January 7th. They set an “outperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Meritage Homes presently has an average rating of “Moderate Buy” and an average price target of $84.33.

Meritage Homes Stock Performance

NYSE:MTH opened at $71.32 on Tuesday. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.28 and a beta of 1.46. The stock has a fifty day moving average price of $73.35 and a 200-day moving average price of $72.48. Meritage Homes has a fifty-two week low of $59.27 and a fifty-two week high of $84.74. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.10 and a current ratio of 2.10.

Meritage Homes (NYSE:MTH) last posted its quarterly earnings results on Wednesday, January 28th. The construction company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.12. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Meritage Homes had a return on equity of 9.28% and a net margin of 7.73%.Meritage Homes’s revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.72 EPS. As a group, equities analysts anticipate that Meritage Homes will post 9.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Javier Feliciano sold 3,580 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $76.24, for a total transaction of $272,939.20. Following the completion of the sale, the executive vice president owned 44,935 shares in the company, valued at approximately $3,425,844.40. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Hilla Sferruzza sold 10,928 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $76.35, for a total value of $834,352.80. Following the completion of the sale, the chief financial officer directly owned 124,961 shares of the company’s stock, valued at $9,540,772.35. The trade was a 8.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 47,622 shares of company stock valued at $3,640,273. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Meritage Homes

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC boosted its holdings in Meritage Homes by 63.9% in the 4th quarter. Salomon & Ludwin LLC now owns 372 shares of the construction company’s stock valued at $25,000 after purchasing an additional 145 shares during the period. Larson Financial Group LLC raised its position in shares of Meritage Homes by 265.5% in the third quarter. Larson Financial Group LLC now owns 402 shares of the construction company’s stock worth $29,000 after buying an additional 292 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in Meritage Homes during the second quarter valued at $33,000. Brown Lisle Cummings Inc. bought a new stake in Meritage Homes during the fourth quarter valued at $39,000. Finally, EverSource Wealth Advisors LLC grew its position in Meritage Homes by 194.9% during the second quarter. EverSource Wealth Advisors LLC now owns 699 shares of the construction company’s stock worth $47,000 after buying an additional 462 shares in the last quarter. Hedge funds and other institutional investors own 98.44% of the company’s stock.

Meritage Homes Company Profile

Meritage Homes Corporation is a national homebuilder and residential developer headquartered in Scottsdale, Arizona. Founded in 1985 as Winchester Homes and later rebranded to Meritage Homes, the company specializes in designing, constructing and selling single‐family detached and attached homes. With a focus on energy efficiency and sustainable building practices, Meritage Homes markets its properties under the GreenSmart program, which integrates high‐performance features aimed at reducing long‐term energy and water consumption for homebuyers.

The company’s core activities encompass land acquisition, residential community planning, home design, construction management and real estate sales.