Meritage Homes (NYSE:MTH) Posts Quarterly Earnings Results, Beats Estimates By $0.29 EPS

Meritage Homes (NYSE:MTH) released its earnings results on Tuesday. The construction company reported $5.34 earnings per share for the quarter, beating the consensus estimate of $5.05 by $0.29, Briefing.com reports. Meritage Homes had a net margin of 12.98% and a return on equity of 17.99%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the company earned $5.98 earnings per share. The firm’s revenue was down 1.5% on a year-over-year basis. Meritage Homes updated its Q4 guidance to $4.10 to $4.60 EPS and its Q4 2024 guidance to 4.100-4.600 EPS.

Meritage Homes Stock Down 0.1 %

MTH stock traded down $0.11 during midday trading on Wednesday, hitting $180.43. The company’s stock had a trading volume of 196,151 shares, compared to its average volume of 405,986. The company’s fifty day moving average price is $196.82 and its 200 day moving average price is $181.89. Meritage Homes has a twelve month low of $109.23 and a twelve month high of $213.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market capitalization of $6.55 billion, a P/E ratio of 8.42 and a beta of 1.80.

Meritage Homes Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date was Monday, September 16th. Meritage Homes’s dividend payout ratio (DPR) is currently 13.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Evercore ISI lifted their price objective on Meritage Homes from $219.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Raymond James increased their price objective on shares of Meritage Homes from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Wedbush upgraded shares of Meritage Homes from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $160.00 to $195.00 in a research report on Tuesday, October 15th. The Goldman Sachs Group upped their target price on shares of Meritage Homes from $173.00 to $197.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, StockNews.com cut shares of Meritage Homes from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $213.83.

Meritage Homes Company Profile

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.