Palisade Capital Management LP Makes New $3 Million Investment in M/I Homes, Inc. $MHO

Palisade Capital Management LP acquired a new stake in shares of M/I Homes, Inc. (NYSE:MHO) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 18,679 shares of the construction company’s stock, valued at approximately $3,003,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hilton Head Capital Partners LLC bought a new stake in shares of M/I Homes in the 4th quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its stake in shares of M/I Homes by 90.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 284 shares of the construction company’s stock worth $32,000 after purchasing an additional 135 shares during the period. Langley Wealth Management LLC bought a new position in M/I Homes during the 2nd quarter valued at about $45,000. Aster Capital Management DIFC Ltd bought a new position in M/I Homes during the 4th quarter valued at about $49,000. Finally, Caitong International Asset Management Co. Ltd raised its position in M/I Homes by 1,090.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 500 shares of the construction company’s stock worth $64,000 after purchasing an additional 458 shares during the period. Hedge funds and other institutional investors own 95.14% of the company’s stock.

M/I Homes Trading Up 1.4%

MHO stock opened at $154.22 on Wednesday. The company has a market capitalization of $3.90 billion, a PE ratio of 12.98 and a beta of 1.60. M/I Homes, Inc. has a 12 month low of $116.78 and a 12 month high of $163.66. The firm’s 50-day moving average is $151.17 and its 200 day moving average is $138.99. The company has a debt-to-equity ratio of 0.29, a current ratio of 7.65 and a quick ratio of 1.69.

M/I Homes (NYSE:MHO) last announced its quarterly earnings data on Wednesday, July 29th. The construction company reported $3.14 earnings per share for the quarter, beating analysts’ consensus estimates of $3.13 by $0.01. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. M/I Homes had a net margin of 7.44% and a return on equity of 11.53%. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter last year, the business posted $4.42 EPS. On average, research analysts anticipate that M/I Homes, Inc. will post 12.62 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at M/I Homes

In other news, CFO Phillip G. Creek sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $149.56, for a total transaction of $2,991,200.00. Following the transaction, the chief financial officer directly owned 30,918 shares of the company’s stock, valued at approximately $4,624,096.08. This trade represents a 39.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.60% of the company’s stock.

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.