M/I Homes (NYSE:MHO) Trading Down 4.6% Following Weak Earnings

M/I Homes, Inc. (NYSE:MHO - Get Free Report) shares traded down 4.6% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $128.72 and last traded at $128.98. 94,123 shares traded hands during trading, a decline of 68% from the average session volume of 294,324 shares. The stock had previously closed at $135.26.

The construction company reported $4.71 earnings per share for the quarter, missing analysts' consensus estimates of $4.96 by ($0.25). M/I Homes had a net margin of 12.54% and a return on equity of 19.94%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wedbush upgraded shares of M/I Homes from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $155.00 to $185.00 in a research note on Monday, November 4th. StockNews.com lowered shares of M/I Homes from a "strong-buy" rating to a "buy" rating in a research note on Thursday, October 31st.

Insider Transactions at M/I Homes

In related news, CFO Phillip G. Creek sold 20,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $160.00, for a total transaction of $3,200,000.00. Following the transaction, the chief financial officer now directly owns 18,545 shares of the company's stock, valued at $2,967,200. This represents a 51.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennessy Advisors Inc. purchased a new stake in M/I Homes in the fourth quarter valued at $43,674,000. Assenagon Asset Management S.A. lifted its stake in shares of M/I Homes by 260.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 199,877 shares of the construction company's stock valued at $34,251,000 after purchasing an additional 144,406 shares during the period. Vision Capital Corp purchased a new stake in M/I Homes during the third quarter worth $12,424,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in M/I Homes by 129.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,546 shares of the construction company's stock valued at $21,342,000 after buying an additional 70,278 shares during the period. Finally, Royce & Associates LP increased its holdings in M/I Homes by 30.0% in the third quarter. Royce & Associates LP now owns 192,907 shares of the construction company's stock valued at $33,057,000 after buying an additional 44,559 shares in the last quarter. Hedge funds and other institutional investors own 95.14% of the company's stock.

M/I Homes Stock Performance

The business's 50-day simple moving average is $144.84 and its two-hundred day simple moving average is $153.56. The company has a quick ratio of 1.60, a current ratio of 6.81 and a debt-to-equity ratio of 0.33. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 6.97 and a beta of 2.29.

M/I Homes Company Profile

M/I Homes, Inc, together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.