Royal Bank of Canada Lowers Holdings in M/I Homes, Inc. $MHO

Royal Bank of Canada decreased its holdings in shares of M/I Homes, Inc. (NYSE:MHO) by 88.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,272 shares of the construction company’s stock after selling 9,702 shares during the quarter. Royal Bank of Canada’s holdings in M/I Homes were worth $155,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. grew its holdings in shares of M/I Homes by 5.9% during the 4th quarter. Donald Smith & CO. Inc. now owns 1,463,340 shares of the construction company’s stock worth $187,234,000 after purchasing an additional 82,090 shares during the period. State Street Corp raised its holdings in M/I Homes by 2.2% in the 4th quarter. State Street Corp now owns 1,337,188 shares of the construction company’s stock valued at $171,093,000 after buying an additional 28,187 shares during the period. Millennium Management LLC lifted its position in M/I Homes by 107.5% in the fourth quarter. Millennium Management LLC now owns 434,484 shares of the construction company’s stock valued at $55,592,000 after buying an additional 225,120 shares during the last quarter. Royce & Associates LP lifted its position in M/I Homes by 5.3% in the fourth quarter. Royce & Associates LP now owns 326,606 shares of the construction company’s stock valued at $41,789,000 after buying an additional 16,445 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in M/I Homes by 116.4% during the third quarter. Invesco Ltd. now owns 300,912 shares of the construction company’s stock worth $43,464,000 after buying an additional 161,881 shares during the period. Hedge funds and other institutional investors own 95.14% of the company’s stock.

M/I Homes Stock Performance

Shares of M/I Homes stock opened at $151.72 on Friday. M/I Homes, Inc. has a one year low of $116.78 and a one year high of $163.66. The company has a market cap of $3.84 billion, a PE ratio of 12.77 and a beta of 1.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.69 and a current ratio of 7.65. The business has a 50-day simple moving average of $151.44 and a 200-day simple moving average of $139.22.

M/I Homes (NYSE:MHO) last issued its earnings results on Wednesday, July 29th. The construction company reported $3.14 earnings per share for the quarter, beating the consensus estimate of $3.13 by $0.01. M/I Homes had a net margin of 7.44% and a return on equity of 11.53%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter last year, the company earned $4.42 earnings per share. The firm’s revenue was down 6.0% compared to the same quarter last year. On average, equities research analysts forecast that M/I Homes, Inc. will post 12.62 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Zelman & Associates cut shares of M/I Homes from an “outperform” rating to a “neutral” rating in a research report on Tuesday, July 7th. New Street Research set a $172.00 price objective on shares of M/I Homes in a report on Tuesday, August 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of M/I Homes in a research report on Wednesday, August 12th. Zacks Research raised M/I Homes from a “strong sell” rating to a “hold” rating in a research report on Friday, June 26th. Finally, Freedom Capital upgraded M/I Homes to a “strong-buy” rating in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $164.25.

Insider Buying and Selling

In other M/I Homes news, CFO Phillip G. Creek sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $149.56, for a total value of $2,991,200.00. Following the sale, the chief financial officer directly owned 30,918 shares of the company’s stock, valued at approximately $4,624,096.08. This represents a 39.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.60% of the stock is owned by company insiders.

About M/I Homes

M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.

In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.