Summit Global Investments Buys 119 Shares of Meritage Homes Co. (NYSE:MTH)

Summit Global Investments increased its position in shares of Meritage Homes Co. (NYSE:MTH) by 1.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,358 shares of the construction company’s stock after purchasing an additional 119 shares during the quarter. Summit Global Investments’ holdings in Meritage Homes were worth $1,353,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MTH. Lindbrook Capital LLC raised its position in Meritage Homes by 91.6% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the construction company’s stock valued at $36,000 after purchasing an additional 98 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Meritage Homes by 157.6% in the fourth quarter. Parallel Advisors LLC now owns 237 shares of the construction company’s stock valued at $41,000 after buying an additional 145 shares during the last quarter. Principal Securities Inc. acquired a new position in Meritage Homes during the 4th quarter worth about $47,000. Daiwa Securities Group Inc. bought a new stake in Meritage Homes during the 4th quarter worth about $52,000. Finally, GAMMA Investing LLC bought a new position in shares of Meritage Homes in the fourth quarter worth about $96,000. Institutional investors own 98.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MTH. Keefe, Bruyette & Woods boosted their price objective on shares of Meritage Homes from $195.00 to $210.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group upped their price target on Meritage Homes from $173.00 to $197.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Raymond James lifted their price objective on Meritage Homes from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Evercore ISI upped their target price on shares of Meritage Homes from $219.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Finally, Wolfe Research raised Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 target price on the stock in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $208.00.

Meritage Homes Stock Up 4.0 %

Shares of NYSE:MTH traded up $7.32 during trading on Wednesday, hitting $192.61. 236,469 shares of the company’s stock traded hands, compared to its average volume of 424,432. The company has a 50-day moving average price of $176.18 and a 200-day moving average price of $168.66. Meritage Homes Co. has a 52 week low of $109.23 and a 52 week high of $210.58. The company has a current ratio of 1.93, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 8.64 and a beta of 1.80.

Meritage Homes (NYSE:MTH) last issued its quarterly earnings data on Wednesday, July 24th. The construction company reported $6.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $1.14. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.57 billion. Meritage Homes had a net margin of 12.98% and a return on equity of 17.99%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.02 earnings per share. As a group, research analysts forecast that Meritage Homes Co. will post 20.83 EPS for the current fiscal year.

Insider Transactions at Meritage Homes

In related news, EVP Javier Feliciano sold 3,000 shares of Meritage Homes stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $198.36, for a total value of $595,080.00. Following the sale, the executive vice president now owns 14,307 shares of the company’s stock, valued at approximately $2,837,936.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Javier Feliciano sold 3,000 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $198.36, for a total transaction of $595,080.00. Following the completion of the transaction, the executive vice president now owns 14,307 shares in the company, valued at $2,837,936.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Hilla Sferruzza sold 2,500 shares of Meritage Homes stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $205.00, for a total transaction of $512,500.00. Following the completion of the sale, the chief financial officer now owns 44,570 shares in the company, valued at $9,136,850. The disclosure for this sale can be found here. Insiders sold 15,500 shares of company stock valued at $3,111,080 over the last three months. Company insiders own 2.00% of the company’s stock.

Meritage Homes Company Profile

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