Keefe, Bruyette & Woods Has Lowered Expectations for Meritage Homes (NYSE:MTH) Stock Price

Meritage Homes (NYSE:MTH) had its price target decreased by stock analysts at Keefe, Bruyette & Woods from $97.00 to $90.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the construction company’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 16.09% from the stock’s previous close.

Several other brokerages also recently weighed in on MTH. The Goldman Sachs Group lowered their price objective on Meritage Homes from $117.50 to $100.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. UBS Group cut their price target on shares of Meritage Homes from $126.00 to $118.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Wedbush reiterated a “neutral” rating and set a $103.00 target price on shares of Meritage Homes in a report on Tuesday. Raymond James downgraded Meritage Homes from an “outperform” rating to a “market perform” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $98.50 target price (down previously from $110.00) on shares of Meritage Homes in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Meritage Homes currently has an average rating of “Hold” and a consensus target price of $106.25.

Meritage Homes Price Performance

MTH stock traded up $0.36 during trading on Thursday, reaching $77.53. 78,612 shares of the company were exchanged, compared to its average volume of 1,002,292. The company has a 50-day moving average of $84.61 and a two-hundred day moving average of $91.97. Meritage Homes has a twelve month low of $73.05 and a twelve month high of $106.99. The company has a market capitalization of $5.61 billion, a price-to-earnings ratio of 5.93 and a beta of 1.88. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.61 and a quick ratio of 1.75.

Meritage Homes (NYSE:MTH) last posted its earnings results on Wednesday, January 29th. The construction company reported $4.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.55 by $0.17. Meritage Homes had a net margin of 12.29% and a return on equity of 15.90%. As a group, equities analysts predict that Meritage Homes will post 10.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Meritage Homes

Several large investors have recently added to or reduced their stakes in MTH. Hennessy Advisors Inc. bought a new stake in Meritage Homes in the fourth quarter worth $43,147,000. Wedge Capital Management L L P NC raised its stake in shares of Meritage Homes by 734.4% during the third quarter. Wedge Capital Management L L P NC now owns 272,122 shares of the construction company’s stock valued at $55,804,000 after acquiring an additional 239,511 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Meritage Homes in the third quarter worth approximately $44,029,000. Point72 Asset Management L.P. purchased a new position in Meritage Homes during the 3rd quarter worth $36,365,000. Finally, FMR LLC raised its stake in shares of Meritage Homes by 75.1% during the 3rd quarter. FMR LLC now owns 347,227 shares of the construction company’s stock worth $71,206,000 after acquiring an additional 148,898 shares in the last quarter. 98.44% of the stock is owned by institutional investors.

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.