Meritage Homes (NYSE:MTH) Announces Earnings Results

Meritage Homes (NYSE:MTH) issued its quarterly earnings data on Tuesday. The construction company reported $5.34 EPS for the quarter, beating the consensus estimate of $5.05 by $0.29, Briefing.com reports. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Meritage Homes had a return on equity of 16.89% and a net margin of 12.63%. Meritage Homes’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period last year, the company earned $5.98 earnings per share. 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 Performance

Shares of Meritage Homes stock opened at $181.20 on Friday. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 8.20 and a beta of 1.80. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.75 and a quick ratio of 1.93. The business has a 50-day moving average of $196.25 and a 200 day moving average of $181.86. Meritage Homes has a 12 month low of $109.23 and a 12 month high of $213.98.

Meritage Homes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.75 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.00 annualized dividend and a dividend yield of 1.66%. Meritage Homes’s dividend payout ratio is presently 13.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. StockNews.com cut shares of Meritage Homes from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Raymond James lifted their target price on shares of Meritage Homes from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group upgraded shares of Meritage Homes from a “neutral” rating to a “buy” rating and upped their price target for the stock from $205.00 to $235.00 in a research report on Thursday. Wedbush upgraded Meritage Homes from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $160.00 to $195.00 in a report on Tuesday, October 15th. Finally, Wolfe Research raised Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 target price for the company in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $220.17.

About Meritage Homes

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.