California State Teachers Retirement System Decreases Holdings in Meritage Homes Co. (NYSE:MTH)

California State Teachers Retirement System cut its stake in shares of Meritage Homes Co. (NYSE:MTHFree Report) by 4.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,120 shares of the construction company’s stock after selling 1,825 shares during the period. California State Teachers Retirement System owned about 0.11% of Meritage Homes worth $6,815,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Lindbrook Capital LLC grew its position in shares of Meritage Homes by 91.6% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the construction company’s stock valued at $36,000 after acquiring an additional 98 shares during the period. Parallel Advisors LLC boosted its holdings in Meritage Homes by 157.6% in the 4th quarter. Parallel Advisors LLC now owns 237 shares of the construction company’s stock worth $41,000 after buying an additional 145 shares during the period. Principal Securities Inc. bought a new position in Meritage Homes in the 4th quarter worth $47,000. Daiwa Securities Group Inc. bought a new position in Meritage Homes in the 4th quarter worth $52,000. Finally, GAMMA Investing LLC bought a new position in Meritage Homes in the 4th quarter worth $96,000. 98.44% of the stock is currently owned by hedge funds and other institutional investors.

Meritage Homes Stock Down 0.4 %

Shares of NYSE MTH opened at $168.62 on Tuesday. The firm’s 50-day moving average price is $169.45 and its 200-day moving average price is $164.27. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 7.87 and a beta of 1.78. Meritage Homes Co. has a 12-month low of $109.23 and a 12-month high of $189.96.

Meritage Homes (NYSE:MTHGet Free Report) last announced its earnings results on Wednesday, April 24th. The construction company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $1.52. Meritage Homes had a net margin of 12.54% and a return on equity of 17.63%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.28 billion. On average, equities research analysts anticipate that Meritage Homes Co. will post 20.27 EPS for the current fiscal year.

Meritage Homes Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Friday, June 14th. Meritage Homes’s dividend payout ratio (DPR) is currently 13.99%.

Wall Street Analyst Weigh In

MTH has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Meritage Homes from $180.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, May 8th. Zelman & Associates upgraded shares of Meritage Homes from a “neutral” rating to an “outperform” rating in a research note on Monday, February 26th. StockNews.com upgraded shares of Meritage Homes from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Finally, Wedbush reiterated an “underperform” rating and issued a $148.00 price target on shares of Meritage Homes in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $178.25.

Read Our Latest Stock Analysis on MTH

Insider Buying and Selling

In related news, CEO Phillippe Lord sold 2,500 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $162.79, for a total value of $406,975.00. Following the sale, the chief executive officer now directly owns 100,266 shares of the company’s stock, valued at approximately $16,322,302.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Meritage Homes Profile

(Free Report)

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.

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

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