Meritage Homes (NYSE:MTH) Announces Quarterly Earnings Results, Beats Estimates By $0.29 EPS

Meritage Homes (NYSE:MTH - Get Free Report) announced its earnings results on Tuesday. The construction company reported $5.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.05 by $0.29, Briefing.com reports. Meritage Homes had a net margin of 12.98% and a return on equity of 17.99%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter in the previous year, the business posted $5.98 earnings per share. Meritage Homes's quarterly revenue was down 1.5% on a year-over-year basis. Meritage Homes updated its Q4 guidance to $4.10 to $4.60 EPS and its Q4 2024 guidance to 4.100-4.600 EPS.

Meritage Homes Price Performance

Meritage Homes stock traded down $1.79 during mid-day trading on Wednesday, reaching $178.75. The company had a trading volume of 431,438 shares, compared to its average volume of 407,233. Meritage Homes has a fifty-two week low of $109.23 and a fifty-two week high of $213.98. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.49 billion, a P/E ratio of 8.35 and a beta of 1.80. The business has a fifty day simple moving average of $196.82 and a 200 day simple moving average of $181.89.

Meritage Homes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.00 dividend on an annualized basis and a yield of 1.68%. Meritage Homes's dividend payout ratio is currently 13.99%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MTH. Evercore ISI increased their target price on shares of Meritage Homes from $219.00 to $221.00 and gave the stock an "outperform" rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods increased their target price on shares of Meritage Homes from $195.00 to $210.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 30th. Wolfe Research upgraded shares of Meritage Homes from a "peer perform" rating to an "outperform" rating and set a $230.00 target price on the stock in a research report on Wednesday, August 14th. StockNews.com lowered shares of Meritage Homes from a "buy" rating to a "hold" rating in a research report on Thursday, July 25th. Finally, Raymond James increased their price target on shares of Meritage Homes from $220.00 to $230.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $213.83.

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.