Principal Financial Group Inc. Sells 22,757 Shares of Meritage Homes Co. (NYSE:MTH)

Principal Financial Group Inc. reduced its stake in shares of Meritage Homes Co. (NYSE:MTHGet Rating) by 9.1% in the 2nd quarter, Holdings Channel reports. The firm owned 226,639 shares of the construction company’s stock after selling 22,757 shares during the quarter. Principal Financial Group Inc.’s holdings in Meritage Homes were worth $16,432,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Lazard Asset Management LLC raised its position in Meritage Homes by 171.5% during the 2nd quarter. Lazard Asset Management LLC now owns 2,995 shares of the construction company’s stock worth $217,000 after purchasing an additional 1,892 shares during the last quarter. Eqis Capital Management Inc. raised its position in Meritage Homes by 3.3% during the 2nd quarter. Eqis Capital Management Inc. now owns 4,907 shares of the construction company’s stock worth $356,000 after purchasing an additional 156 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Meritage Homes by 18.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 30,100 shares of the construction company’s stock worth $2,182,000 after purchasing an additional 4,774 shares during the last quarter. Texas Permanent School Fund raised its position in Meritage Homes by 0.5% during the 2nd quarter. Texas Permanent School Fund now owns 26,595 shares of the construction company’s stock worth $1,928,000 after purchasing an additional 143 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Meritage Homes by 26.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,016 shares of the construction company’s stock worth $436,000 after purchasing an additional 1,247 shares during the last quarter. 96.40% of the stock is owned by institutional investors.

Meritage Homes Stock Performance

Shares of MTH opened at $85.77 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a 50-day moving average of $74.75 and a 200-day moving average of $78.70. The company has a market cap of $3.14 billion, a PE ratio of 3.31 and a beta of 1.57. Meritage Homes Co. has a one year low of $62.51 and a one year high of $125.01.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MTH. JPMorgan Chase & Co. lifted their price objective on Meritage Homes from $78.00 to $90.00 in a research report on Tuesday. The Goldman Sachs Group lowered their price objective on Meritage Homes from $93.00 to $82.00 and set a “neutral” rating for the company in a research report on Wednesday, October 12th. StockNews.com lowered Meritage Homes from a “buy” rating to a “hold” rating in a research report on Tuesday, November 8th. Wedbush lowered their price objective on Meritage Homes from $130.00 to $102.00 and set an “outperform” rating for the company in a research report on Monday, October 10th. Finally, UBS Group lifted their price objective on Meritage Homes from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. One 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $94.00.

About Meritage Homes

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Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family 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 first-time and first move-up buyers.

Further Reading

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Institutional Ownership by Quarter for Meritage Homes (NYSE:MTH)

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