Jennison Associates LLC Has $1.31 Million Position in Meritage Homes Corporation $MTH

Jennison Associates LLC boosted its stake in shares of Meritage Homes Corporation (NYSE:MTH) by 67.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,203 shares of the construction company’s stock after purchasing an additional 8,509 shares during the period. Jennison Associates LLC’s holdings in Meritage Homes were worth $1,311,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in Meritage Homes by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,901,851 shares of the construction company’s stock worth $190,943,000 after buying an additional 16,338 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Meritage Homes by 58.9% in the second quarter. Balyasny Asset Management L.P. now owns 1,423,013 shares of the construction company’s stock worth $95,299,000 after acquiring an additional 527,265 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Meritage Homes by 58.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,058,850 shares of the construction company’s stock worth $75,051,000 after acquiring an additional 391,297 shares in the last quarter. Norges Bank acquired a new stake in Meritage Homes during the fourth quarter valued at $63,053,000. Finally, Bank of New York Mellon Corp grew its stake in Meritage Homes by 7.7% in the fourth quarter. Bank of New York Mellon Corp now owns 855,679 shares of the construction company’s stock valued at $56,304,000 after purchasing an additional 61,342 shares in the last quarter. Institutional investors and hedge funds own 98.44% of the company’s stock.

Meritage Homes Trading Up 0.8%

Shares of MTH stock opened at $72.25 on Thursday. Meritage Homes Corporation has a 12 month low of $58.03 and a 12 month high of $85.38. The company has a market cap of $4.82 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 3.17 and a beta of 1.35. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $72.38 and its two-hundred day moving average is $70.36.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings data on Wednesday, April 22nd. The construction company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.12). The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.55 billion. Meritage Homes had a return on equity of 8.08% and a net margin of 6.86%.Meritage Homes’s quarterly revenue was down 17.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.69 earnings per share. Equities analysts predict that Meritage Homes Corporation will post 5 EPS for the current year.

Meritage Homes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, June 16th. Meritage Homes’s dividend payout ratio (DPR) is 35.23%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Bank of America cut their price target on Meritage Homes from $74.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Truist Financial set a $80.00 price objective on Meritage Homes and gave the stock a “buy” rating in a report on Thursday, April 16th. Weiss Ratings raised shares of Meritage Homes from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 24th. Zacks Research raised shares of Meritage Homes from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $93.00 target price (up from $82.00) on shares of Meritage Homes in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Meritage Homes has an average rating of “Hold” and a consensus price target of $80.22.

Insider Buying and Selling

In other Meritage Homes news, CAO Alison Sasser sold 1,273 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $62.11, for a total transaction of $79,066.03. Following the completion of the transaction, the chief accounting officer owned 7,634 shares of the company’s stock, valued at $474,147.74. The trade was a 14.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is owned by company insiders.

Meritage Homes 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.