Rhumbline Advisers Decreases Stake in Meritage Corporation (MTH)

Rhumbline Advisers reduced its stake in Meritage Corporation (NYSE:MTH) by 0.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 79,316 shares of the construction company’s stock after selling 148 shares during the period. Rhumbline Advisers owned approximately 0.20% of Meritage Corporation worth $3,347,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Meritage Corporation by 53,081.0% in the 1st quarter. BlackRock Inc. now owns 5,361,172 shares of the construction company’s stock valued at $197,292,000 after buying an additional 5,351,091 shares during the period. Vanguard Group Inc. raised its holdings in Meritage Corporation by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 3,297,377 shares of the construction company’s stock valued at $121,343,000 after buying an additional 165,702 shares during the period. Fisher Asset Management LLC raised its holdings in Meritage Corporation by 0.7% in the 2nd quarter. Fisher Asset Management LLC now owns 1,719,947 shares of the construction company’s stock valued at $72,582,000 after buying an additional 12,375 shares during the period. Macquarie Group Ltd. raised its holdings in Meritage Corporation by 12.1% in the 1st quarter. Macquarie Group Ltd. now owns 1,552,594 shares of the construction company’s stock valued at $57,135,000 after buying an additional 167,725 shares during the period. Finally, Earnest Partners LLC raised its holdings in Meritage Corporation by 9.1% in the 1st quarter. Earnest Partners LLC now owns 1,386,256 shares of the construction company’s stock valued at $51,014,000 after buying an additional 115,181 shares during the period. Hedge funds and other institutional investors own 98.18% of the company’s stock.

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In related news, EVP Javier Feliciano sold 1,009 shares of the firm’s 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 filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.

Several brokerages recently issued reports on MTH. Barclays PLC restated 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. Bank of America Corporation restated an “underperform” rating and issued a $38.00 price objective (up from $36.00) on shares of Meritage Corporation in a report on Wednesday, June 28th. Zacks Investment Research downgraded Meritage Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. Deutsche Bank AG lifted their target price on Meritage Corporation from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Finally, BidaskClub downgraded Meritage Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $41.13.

Meritage Corporation (MTH) opened at 40.75 on Friday. The stock’s 50 day moving average price is $41.70 and its 200-day moving average price is $39.97. The firm has a market capitalization of $1.64 billion, a P/E ratio of 11.21 and a beta of 1.46. Meritage Corporation has a 12 month low of $29.70 and a 12 month high of $44.45.

Meritage Corporation (NYSE:MTH) last released its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.23. The company had revenue of $802.00 million for the quarter, compared to the consensus estimate of $760.39 million. Meritage Corporation had a return on equity of 10.74% and a net margin of 4.94%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period last year, the business posted $0.95 EPS. On average, analysts forecast that Meritage Corporation will post $3.80 earnings per share for the current year.

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.

Institutional Ownership by Quarter for Meritage Corporation (NYSE:MTH)

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