Mackay Shields LLC Sells 17,200 Shares of Meritage Homes Corp (NYSE:MTH)

Mackay Shields LLC reduced its stake in Meritage Homes Corp (NYSE:MTH) by 20.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 67,300 shares of the construction company’s stock after selling 17,200 shares during the period. Mackay Shields LLC owned 0.18% of Meritage Homes worth $4,735,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MTH. Crossmark Global Holdings Inc. boosted its position in shares of Meritage Homes by 2.8% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 11,610 shares of the construction company’s stock worth $596,000 after purchasing an additional 320 shares during the last quarter. Dalton Greiner Hartman Maher & Co. acquired a new stake in Meritage Homes during the 2nd quarter worth $5,839,000. State of Alaska Department of Revenue raised its stake in Meritage Homes by 1.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 18,690 shares of the construction company’s stock worth $959,000 after buying an additional 352 shares during the period. First Quadrant L P CA raised its stake in Meritage Homes by 160.9% during the 2nd quarter. First Quadrant L P CA now owns 14,339 shares of the construction company’s stock worth $736,000 after buying an additional 8,843 shares during the period. Finally, Arizona State Retirement System raised its stake in Meritage Homes by 0.9% during the 2nd quarter. Arizona State Retirement System now owns 55,794 shares of the construction company’s stock worth $2,864,000 after buying an additional 504 shares during the period. Institutional investors and hedge funds own 94.96% of the company’s stock.

In other Meritage Homes news, CEO Steven J. Hilton sold 57,899 shares of Meritage Homes stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $67.19, for a total value of $3,890,233.81. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dana Bradford sold 9,000 shares of Meritage Homes stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $75.80, for a total value of $682,200.00. The disclosure for this sale can be found here. Insiders sold a total of 100,399 shares of company stock worth $6,846,669 in the last three months. Company insiders own 6.10% of the company’s stock.

Several analysts recently commented on MTH shares. JPMorgan Chase & Co. raised Meritage Homes from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $54.50 to $67.50 in a research note on Wednesday, September 11th. Citigroup raised Meritage Homes from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $55.00 to $63.00 in a research note on Thursday, July 25th. ValuEngine downgraded Meritage Homes from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Bank of America raised their price objective on Meritage Homes from $79.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Co raised their price objective on Meritage Homes from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Thursday, October 24th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $61.45.

Meritage Homes stock traded up $0.29 during mid-day trading on Friday, hitting $67.72. 364,150 shares of the company’s stock were exchanged, compared to its average volume of 447,817. The company’s 50 day simple moving average is $71.78 and its 200-day simple moving average is $60.47. Meritage Homes Corp has a fifty-two week low of $33.57 and a fifty-two week high of $76.83. The firm has a market capitalization of $2.62 billion, a P/E ratio of 12.14, a PEG ratio of 1.41 and a beta of 1.00. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.70.

Meritage Homes (NYSE:MTH) last released its quarterly earnings results on Tuesday, October 22nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.30. Meritage Homes had a return on equity of 12.42% and a net margin of 6.29%. The firm had revenue of $940.90 million for the quarter, compared to the consensus estimate of $930.41 million. During the same quarter last year, the business posted $1.33 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts expect that Meritage Homes Corp will post 5.68 EPS for the current year.

Meritage Homes Profile

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; 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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