Prudential Financial Inc. Increases Holdings in Meritage Corporation (NYSE:MTH)

Prudential Financial Inc. boosted its stake in Meritage Corporation (NYSE:MTH) by 40.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 129,698 shares of the construction company’s stock after purchasing an additional 37,680 shares during the quarter. Prudential Financial Inc. owned about 0.32% of Meritage worth $5,758,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MTH. Arizona State Retirement System lifted its stake in shares of Meritage by 0.5% in the second quarter. Arizona State Retirement System now owns 19,728 shares of the construction company’s stock valued at $833,000 after buying an additional 100 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Meritage by 12.7% in the second quarter. Public Employees Retirement System of Ohio now owns 2,909 shares of the construction company’s stock valued at $123,000 after buying an additional 328 shares in the last quarter. Texas Permanent School Fund lifted its stake in shares of Meritage by 1.3% in the second quarter. Texas Permanent School Fund now owns 27,667 shares of the construction company’s stock valued at $1,168,000 after buying an additional 364 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in shares of Meritage by 1.9% in the second quarter. UBS Asset Management Americas Inc. now owns 23,005 shares of the construction company’s stock valued at $971,000 after buying an additional 419 shares in the last quarter. Finally, Aviance Capital Partners LLC lifted its stake in shares of Meritage by 3.0% in the second quarter. Aviance Capital Partners LLC now owns 16,782 shares of the construction company’s stock valued at $708,000 after buying an additional 488 shares in the last quarter. Institutional investors and hedge funds own 98.20% of the company’s stock.

A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Meritage from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Citigroup raised their price objective on shares of Meritage from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Finally, UBS assumed coverage on shares of Meritage in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $52.00 price objective on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $43.20.

Meritage Corporation (MTH) traded down $2.25 on Wednesday, hitting $51.75. 464,500 shares of the company were exchanged, compared to its average volume of 305,909. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. Meritage Corporation has a one year low of $33.40 and a one year high of $55.50. The company has a market capitalization of $2,177.61, a price-to-earnings ratio of 14.29, a P/E/G ratio of 1.45 and a beta of 1.53.

Meritage (NYSE:MTH) last released its quarterly earnings results on Friday, October 27th. The construction company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.09. Meritage had a net margin of 5.04% and a return on equity of 10.81%. The company had revenue of $805.60 million for the quarter, compared to analyst estimates of $827.40 million. During the same period last year, the firm earned $0.88 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. analysts predict that Meritage Corporation will post 3.8 earnings per share for the current year.

In other Meritage news, EVP Javier Feliciano sold 1,009 shares of Meritage stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $35.55, for a total value of $35,869.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 5.60% of the stock is owned by company insiders.

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About Meritage

Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services.

Institutional Ownership by Quarter for Meritage (NYSE:MTH)

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