State of Alaska Department of Revenue Cuts Stock Holdings in Meritage Homes Co. (NYSE:MTH)


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State of Alaska Department of Revenue reduced its position in shares of Meritage Homes Co. (NYSE:MTH) by 16.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,515 shares of the construction company’s stock after selling 5,966 shares during the period. State of Alaska Department of Revenue’s holdings in Meritage Homes were worth $2,527,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its position in shares of Meritage Homes by 5.0% in the second quarter. PNC Financial Services Group Inc. now owns 2,595 shares of the construction company’s stock valued at $198,000 after purchasing an additional 123 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Meritage Homes by 0.8% in the third quarter. State Board of Administration of Florida Retirement System now owns 17,126 shares of the construction company’s stock valued at $1,891,000 after purchasing an additional 130 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Meritage Homes by 0.3% in the third quarter. California State Teachers Retirement System now owns 56,225 shares of the construction company’s stock valued at $6,207,000 after purchasing an additional 154 shares in the last quarter. Glenmede Trust Co. NA grew its position in shares of Meritage Homes by 56.1% in the second quarter. Glenmede Trust Co. NA now owns 701 shares of the construction company’s stock valued at $52,000 after purchasing an additional 252 shares in the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of Meritage Homes by 4.8% in the third quarter. Pacer Advisors Inc. now owns 6,765 shares of the construction company’s stock valued at $747,000 after purchasing an additional 309 shares in the last quarter. Institutional investors and hedge funds own 87.88% of the company’s stock.

A number of research firms have recently issued reports on MTH. BidaskClub lowered Meritage Homes from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 12th. Credit Suisse Group increased their price objective on Meritage Homes from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Friday, October 23rd. ValuEngine lowered Meritage Homes from a “sell” rating to a “strong sell” rating in a research report on Friday, October 23rd. Zelman & Associates lowered Meritage Homes from a “buy” rating to a “hold” rating in a research report on Tuesday, October 13th. Finally, JPMorgan Chase & Co. lowered Meritage Homes from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $114.00 to $137.00 in a research report on Thursday, October 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Meritage Homes presently has a consensus rating of “Hold” and an average price target of $106.44.

NYSE:MTH opened at $81.81 on Thursday. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average is $86.24 and its two-hundred day moving average is $93.68. Meritage Homes Co. has a 52 week low of $25.24 and a 52 week high of $117.06. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 0.32 and a beta of 1.70.

Meritage Homes (NYSE:MTH) last released its quarterly earnings results on Wednesday, October 21st. The construction company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.42 by $0.42. Meritage Homes had a return on equity of 18.16% and a net margin of 8.88%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. On average, sell-side analysts expect that Meritage Homes Co. will post 10.4 EPS for the current fiscal year.

In other news, COO Phillippe Lord sold 1,080 shares of the stock in a transaction on Thursday, November 19th. The stock was sold at an average price of $91.37, for a total value of $98,679.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.

About Meritage Homes

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 first-time and first move-up buyers. The company also offers luxury homes under the Monterey Homes brand name; and title insurance and closing/settlement services to its homebuyers.

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Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

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