Meritage Homes (MTH) Reaches New 52-Week Low at $33.29

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Meritage Homes Corp (NYSE:MTH)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $33.29 and last traded at $34.12, with a volume of 33863 shares changing hands. The stock had previously closed at $36.00.

MTH has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered Meritage Homes from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $55.00 to $46.00 in a research note on Friday, September 21st. ValuEngine lowered Meritage Homes from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Wells Fargo & Co decreased their price target on Meritage Homes from $57.00 to $49.00 and set a “market perform” rating on the stock in a research note on Friday, July 27th. Zacks Investment Research lowered Meritage Homes from a “buy” rating to a “hold” rating in a research note on Monday, July 9th. Finally, Bank of America set a $51.00 price target on Meritage Homes and gave the company a “buy” rating in a research note on Thursday, October 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Meritage Homes currently has an average rating of “Hold” and an average price target of $49.30.

The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 0.48 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.21. The business had revenue of $877.50 million for the quarter, compared to analyst estimates of $825.47 million. Meritage Homes had a return on equity of 12.17% and a net margin of 5.21%. Meritage Homes’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 EPS. Equities analysts forecast that Meritage Homes Corp will post 5.67 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of MTH. Mount Yale Investment Advisors LLC bought a new stake in Meritage Homes during the 1st quarter worth $104,000. PNC Financial Services Group Inc. grew its position in Meritage Homes by 46.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,987 shares of the construction company’s stock worth $175,000 after acquiring an additional 1,256 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in Meritage Homes during the 2nd quarter worth $205,000. Paloma Partners Management Co bought a new stake in Meritage Homes during the 2nd quarter worth $232,000. Finally, Harbour Capital Advisors LLC bought a new stake in Meritage Homes during the 2nd quarter worth $252,000. Institutional investors and hedge funds own 93.64% of the company’s stock.

About Meritage Homes (NYSE:MTH)

Meritage Homes Corporation designs and builds single-family 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 various homebuyers, including first-time, move-up, active-adult, and luxury homes under the Meritage Homes brand name.

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