Meritage Homes Corp (MTH) was Downgraded by Deutsche Bank to ” Hold” while Lowering the Price Target of the company shares to $ 38 from a previous price target of $41 . Earlier the firm had a rating of “Buy ” on the company shares. Deutsche Bank advised their investors in a research report released on Aug 2, 2016.
Many Wall Street Analysts have commented on Meritage Homes Corp. Meritage Homes Corp was Downgraded by JP Morgan to ” Neutral” on Aug 2, 2016. Company shares were Reiterated by FBR Capital on Jul 29, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 41 from a previous price target of $36 .Meritage Homes Corp was Downgraded by Credit Suisse to ” Underperform” on Jul 11, 2016.
On the company’s financial health, Meritage Homes Corp reported $0.95 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.80. The company had revenue of $797.90 million for the quarter, compared to analysts expectations of $752.60 million. The company’s revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS.
Meritage Homes Corp closed down -1.15 points or -3.06% at $36.39 with 8,53,222 shares getting traded on Friday. Post opening the session at $37.28, the shares hit an intraday low of $36.12 and an intraday high of $37.6 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Jun 15, 2016, Peter L Ax (director) sold 15,000 shares at $36.71 per share price. According to the SEC, on Jun 10, 2016, Gerald W Haddock (director) sold 7,500 shares at $38.10 per share price. On May 18, 2016, Robert Gary Sarver (director) sold 4,381 shares at $33.92 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.