Meritage Homes (NYSE:MTH) Sets New 52-Week Low - Here's What Happened

Meritage Homes Co. (NYSE:MTH - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The company traded as low as $70.69 and last traded at $70.57, with a volume of 435295 shares. The stock had previously closed at $72.47.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MTH. Wedbush reissued a "neutral" rating and set a $103.00 price objective on shares of Meritage Homes in a report on Tuesday, February 4th. Keefe, Bruyette & Woods decreased their price objective on Meritage Homes from $97.00 to $90.00 and set a "market perform" rating for the company in a report on Thursday, February 6th. StockNews.com raised shares of Meritage Homes from a "sell" rating to a "hold" rating in a report on Tuesday. The Goldman Sachs Group reduced their target price on shares of Meritage Homes from $117.50 to $100.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $98.50 price target (down from $110.00) on shares of Meritage Homes in a research note on Friday, December 13th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $106.25.

Meritage Homes Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.75 and a current ratio of 1.61. The firm has a 50-day moving average of $79.56 and a 200-day moving average of $89.23. The firm has a market capitalization of $5.43 billion, a P/E ratio of 5.78 and a beta of 1.88.

Meritage Homes (NYSE:MTH - Get Free Report) last posted its earnings results on Wednesday, January 29th. The construction company reported $4.72 earnings per share for the quarter, topping analysts' consensus estimates of $4.55 by $0.17. Meritage Homes had a net margin of 12.29% and a return on equity of 15.90%. On average, equities research analysts anticipate that Meritage Homes Co. will post 9.44 EPS for the current fiscal year.

Meritage Homes Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Meritage Homes's previous quarterly dividend of $0.38. This represents a $1.72 annualized dividend and a dividend yield of 2.27%. Meritage Homes's payout ratio is 13.16%.

Insiders Place Their Bets

In related news, CAO Alison Sasser sold 676 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $72.03, for a total value of $48,692.28. Following the sale, the chief accounting officer now directly owns 5,933 shares of the company's stock, valued at $427,353.99. This represents a 10.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Clinton Szubinski sold 595 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $73.29, for a total value of $43,607.55. Following the completion of the sale, the chief operating officer now directly owns 30,547 shares in the company, valued at approximately $2,238,789.63. This represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,683 shares of company stock worth $122,547. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Meritage Homes

Several hedge funds and other institutional investors have recently modified their holdings of MTH. Assetmark Inc. increased its position in Meritage Homes by 53.6% during the third quarter. Assetmark Inc. now owns 172 shares of the construction company's stock valued at $35,000 after acquiring an additional 60 shares during the last quarter. Pinnacle Holdings LLC purchased a new stake in Meritage Homes in the 4th quarter worth approximately $31,000. Allworth Financial LP boosted its holdings in Meritage Homes by 545.5% in the 4th quarter. Allworth Financial LP now owns 213 shares of the construction company's stock worth $33,000 after buying an additional 180 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Meritage Homes in the fourth quarter worth about $92,000. Finally, Archer Investment Corp lifted its holdings in Meritage Homes by 42.1% in the 3rd quarter. Archer Investment Corp now owns 675 shares of the construction company's stock worth $138,000 after purchasing an additional 200 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.