New York State Teachers Retirement System Sells 423 Shares of Meritage Homes Co. (NYSE:MTH)

Posted by Defense World Staff on Jul 22nd, 2023

New York State Teachers Retirement System reduced its holdings in Meritage Homes Co. (NYSE:MTH – Free Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 50,976 shares of the construction company’s stock after selling 423 shares during the quarter. New York State Teachers Retirement System owned about 0.14% of Meritage Homes worth $5,952,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its holdings in Meritage Homes by 0.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 14,821 shares of the construction company’s stock worth $1,366,000 after purchasing an additional 88 shares in the last quarter. Summit Global Investments increased its holdings in Meritage Homes by 1.1% in the fourth quarter. Summit Global Investments now owns 9,034 shares of the construction company’s stock worth $833,000 after purchasing an additional 100 shares in the last quarter. Sei Investments Co. increased its holdings in Meritage Homes by 0.3% in the fourth quarter. Sei Investments Co. now owns 44,065 shares of the construction company’s stock worth $4,063,000 after purchasing an additional 121 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Meritage Homes by 0.6% in the fourth quarter. State of Alaska Department of Revenue now owns 25,465 shares of the construction company’s stock worth $2,347,000 after purchasing an additional 148 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in shares of Meritage Homes by 5.3% during the third quarter. Captrust Financial Advisors now owns 3,451 shares of the construction company’s stock valued at $243,000 after acquiring an additional 173 shares in the last quarter. 98.34% of the stock is currently owned by institutional investors.

Meritage Homes Stock Up 1.8 %

Shares of NYSE:MTH opened at $140.64 on Friday. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 5.74 and a beta of 1.63. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.28. Meritage Homes Co. has a 12-month low of $65.40 and a 12-month high of $148.74. The business’s 50 day moving average is $130.98 and its 200 day moving average is $118.62.

Meritage Homes (NYSE:MTH – Get Free Report) last announced its quarterly earnings data on Wednesday, April 26th. The construction company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $1.03. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.03 billion. Meritage Homes had a return on equity of 23.99% and a net margin of 14.44%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.79 EPS. On average, sell-side analysts forecast that Meritage Homes Co. will post 15.35 earnings per share for the current fiscal year.

Meritage Homes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were paid a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $1.08 dividend on an annualized basis and a yield of 0.77%. Meritage Homes’s dividend payout ratio (DPR) is presently 4.41%.

Analysts Set New Price Targets

MTH has been the subject of several recent research reports. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Meritage Homes in a report on Wednesday, May 3rd. StockNews.com downgraded Meritage Homes from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Wedbush boosted their price objective on Meritage Homes from $137.00 to $141.00 in a report on Friday, July 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Meritage Homes in a report on Wednesday, May 31st. They set a “buy” rating for the company. Finally, Seaport Res Ptn restated a “neutral” rating on shares of Meritage Homes in a report on Wednesday, June 14th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $125.00.

Insider Buying and Selling at Meritage Homes

In other Meritage Homes news, CAO Alison Sasser sold 1,500 shares of the company’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $123.52, for a total value of $185,280.00. Following the completion of the transaction, the chief accounting officer now owns 481 shares in the company, valued at approximately $59,413.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Gerald W. Haddock sold 2,000 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $124.64, for a total transaction of $249,280.00. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at approximately $747,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alison Sasser sold 1,500 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $123.52, for a total value of $185,280.00. Following the transaction, the chief accounting officer now owns 481 shares of the company’s stock, valued at approximately $59,413.12. The disclosure for this sale can be found here. Insiders sold 7,400 shares of company stock worth $926,077 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Meritage Homes Company Profile

(Free Report)

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 first-time and first move-up buyers in Texas, Arizona, California, Colorado, Florida, North Carolina, South Carolina, Georgia, and Tennessee.