Bank of New York Mellon Corp Reduces Holdings in Meritage Homes Co. (NYSE:MTH)

Posted by Defense World Staff on Mar 11th, 2023

Bank of New York Mellon Corp reduced its holdings in shares of Meritage Homes Co. (NYSE:MTH – Get Rating) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 715,768 shares of the construction company’s stock after selling 5,541 shares during the period. Bank of New York Mellon Corp owned approximately 1.96% of Meritage Homes worth $50,298,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Edgestream Partners L.P. purchased a new position in Meritage Homes during the 2nd quarter worth $1,413,000. Grantham Mayo Van Otterloo & Co. LLC grew its position in Meritage Homes by 110.8% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 51,158 shares of the construction company’s stock worth $3,709,000 after purchasing an additional 26,895 shares during the last quarter. EMC Capital Management grew its position in Meritage Homes by 51.5% during the 2nd quarter. EMC Capital Management now owns 1,383 shares of the construction company’s stock worth $100,000 after purchasing an additional 470 shares during the last quarter. Macquarie Group Ltd. grew its position in Meritage Homes by 0.6% during the 2nd quarter. Macquarie Group Ltd. now owns 870,721 shares of the construction company’s stock worth $63,127,000 after purchasing an additional 4,989 shares during the last quarter. Finally, Watershed Asset Management L.L.C. grew its position in Meritage Homes by 5.6% during the 3rd quarter. Watershed Asset Management L.L.C. now owns 3,590 shares of the construction company’s stock worth $252,000 after purchasing an additional 190 shares during the last quarter. 95.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MTH. KeyCorp raised their target price on shares of Meritage Homes from $104.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, February 6th. JPMorgan Chase & Co. upgraded shares of Meritage Homes from a “neutral” rating to an “overweight” rating and set a $129.00 target price for the company in a research note on Monday, March 6th. TheStreet upgraded shares of Meritage Homes from a “c+” rating to a “b-” rating in a research note on Thursday, December 8th. The Goldman Sachs Group raised their target price on shares of Meritage Homes from $87.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, January 12th. Finally, StockNews.com upgraded shares of Meritage Homes from a “hold” rating to a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $110.86.

Insiders Place Their Bets

In other Meritage Homes news, CEO Phillippe Lord sold 5,400 shares of Meritage Homes stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $110.00, for a total transaction of $594,000.00. Following the completion of the transaction, the chief executive officer now owns 44,441 shares in the company, valued at $4,888,510. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Meritage Homes news, CEO Phillippe Lord sold 5,400 shares of Meritage Homes stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $110.00, for a total transaction of $594,000.00. Following the completion of the transaction, the chief executive officer now owns 44,441 shares in the company, valued at $4,888,510. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Raymond Oppel sold 5,000 shares of Meritage Homes stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $110.22, for a total transaction of $551,100.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $1,102,200. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,683 shares of company stock worth $1,290,994. Insiders own 1.80% of the company’s stock.

Meritage Homes Stock Down 2.4 %

Shares of NYSE MTH opened at $106.49 on Friday. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.29. Meritage Homes Co. has a 52 week low of $62.51 and a 52 week high of $117.22. The firm has a 50-day moving average price of $105.98 and a 200 day moving average price of $88.75. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 3.98 and a beta of 1.56.

Meritage Homes (NYSE:MTH – Get Rating) last announced its quarterly earnings data on Wednesday, February 1st. The construction company reported $7.09 EPS for the quarter, beating the consensus estimate of $7.03 by $0.06. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.98 billion. Meritage Homes had a net margin of 15.79% and a return on equity of 27.92%. The business’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same quarter last year, the business earned $6.25 earnings per share. Equities research analysts anticipate that Meritage Homes Co. will post 12.97 EPS for the current fiscal year.

Meritage Homes Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Tuesday, March 14th.

Meritage Homes Company Profile

(Get Rating)

Meritage Homes Corp. engages in the design and construction of single family attached and detached homes. It operates through the Homebuilding and Financial Services segments. The Homebuilding segment acquires and develops lands, constructs homes, markets and sells those homes, and provides warranty and customer services.