Meritage Homes Corp (MTH) reported quarterly earnings results on Thursday, Apr-28-2016. The company said it had a profit of $0.50 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.06. Analysts had a consensus of $0.44. The company posted revenue of $597.77 million in the period, compared to analysts expectations of $547.38 million. The company’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS.
Many Wall Street Analysts have commented on Meritage Homes Corp. Meritage Homes Corp was Downgraded by FBN Securities to ” Sector Perform” on Apr 18, 2016. Meritage Homes Corp was Downgraded by Sterne Agee CRT to ” Neutral” on Apr 13, 2016. Company shares were Upgraded by Barclays on Apr 7, 2016 to ” Overweight”, Firm has raised the Price Target to $ 42 from a previous price target of $36 .
Meritage Homes Corp opened for trading at $37.88 and hit $38.73 on the upside on Wednesday, eventually ending the session at $38.59, with a gain of 1.69% or 0.64 points. The heightened volatility saw the trading volume jump to 3,98,772 shares. Company has a market cap of $1,535 M.
In a different news, on Feb 18, 2016, Phillippe Lord (Executive Vice President, COO) sold 1,138 shares at $30.78 per share price. According to the SEC, on Feb 18, 2016, C Timothy White (EVP – Gen. Counsel, Secretary) sold 6,812 shares at $30.84 per share price. On Feb 18, 2016, Larry Wayne Seay (Executive VP – CFO) sold 7,957 shares at $30.84 per share price, according to the Form-4 filing with the securities and exchange commission.
Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family detached homes. It operates in two segments: homebuilding and financial services. It has homebuilding operations in three regions. The West region comprises Arizona California and Colorado; Central region include Texas and the East region comprises Florida Georgia North Carolina South Carolina and Tennessee. It has nine homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land constructing homes marketing and selling those homes and providing warranty and customer services. Its homebuilding and marketing activities are conducted under the Meritage Homes brand other than in Tennessee where it operates under the Phillips Builders brand and in the Atlanta and Greenville markets where it operates under the Legendary Communities brand. It also operates as Monterey Homes in some markets.