CIBC Asset Management Inc Purchases New Shares in Meritage Homes Co. (NYSE:MTH)

CIBC Asset Management Inc acquired a new position in Meritage Homes Co. (NYSE:MTH) in the third quarter, Holdings Channel reports. The fund acquired 1,057 shares of the construction company’s stock, valued at approximately $217,000.

A number of other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Meritage Homes in the 3rd quarter worth approximately $28,000. Assetmark Inc. lifted its holdings in Meritage Homes by 53.6% during the third quarter. Assetmark Inc. now owns 172 shares of the construction company’s stock worth $35,000 after acquiring an additional 60 shares during the period. Headlands Technologies LLC boosted its position in Meritage Homes by 1,033.3% in the second quarter. Headlands Technologies LLC now owns 272 shares of the construction company’s stock worth $44,000 after purchasing an additional 248 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Meritage Homes in the 2nd quarter valued at $61,000. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Meritage Homes during the 2nd quarter valued at $64,000. 98.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

MTH has been the topic of a number of research analyst reports. The Goldman Sachs Group raised shares of Meritage Homes from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $205.00 to $235.00 in a report on Thursday, October 31st. Raymond James cut shares of Meritage Homes from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods decreased their price target on shares of Meritage Homes from $210.00 to $198.00 and set a “market perform” rating for the company in a research note on Tuesday, November 5th. Wolfe Research upgraded Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 price objective on the stock in a research note on Wednesday, August 14th. Finally, Wedbush raised Meritage Homes from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $160.00 to $195.00 in a research report on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Meritage Homes presently has a consensus rating of “Hold” and a consensus target price of $218.17.

Meritage Homes Stock Up 3.8 %

MTH opened at $184.44 on Friday. Meritage Homes Co. has a 12 month low of $137.70 and a 12 month high of $213.98. The company has a market cap of $6.67 billion, a PE ratio of 8.35 and a beta of 1.82. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.26. The company has a 50 day moving average of $192.28 and a 200 day moving average of $184.26.

Meritage Homes (NYSE:MTH) last posted its quarterly earnings results on Tuesday, October 29th. The construction company reported $5.34 EPS for the quarter, topping analysts’ consensus estimates of $5.05 by $0.29. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Meritage Homes had a return on equity of 16.89% and a net margin of 12.63%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period last year, the company earned $5.98 earnings per share. On average, sell-side analysts expect that Meritage Homes Co. will post 21.27 EPS for the current year.

Meritage Homes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Tuesday, December 17th. Meritage Homes’s payout ratio is 13.58%.

Meritage Homes 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.