After Forming Multiple Bottom Pattern, Is Meritage Homes Corporation (MTH)’s Near-Term Analysis Negative?

July 14, 2018 - By Margaret Downey

Meritage Homes Corporation (NYSE:MTH) Logo

Investors sentiment increased to 1.78 in Q1 2018. Its up 0.39, from 1.39 in 2017Q4. It increased, as 18 investors sold Meritage Homes Corporation shares while 40 reduced holdings. 37 funds opened positions while 66 raised stakes. 37.41 million shares or 1.12% less from 37.83 million shares in 2017Q4 were reported.
Schwab Charles Invest Mgmt accumulated 293,687 shares. Renaissance Technology Limited Company has invested 0.02% in Meritage Homes Corporation (NYSE:MTH). Laurion Limited Partnership holds 0% or 8,577 shares in its portfolio. Advsr Asset Mgmt invested 0% in Meritage Homes Corporation (NYSE:MTH). 244,624 are held by Prudential Financial Incorporated. Mason Street Limited Liability Corp holds 10,517 shares. Qs Lc owns 11 shares. Jpmorgan Chase & holds 0% or 49,826 shares in its portfolio. Northwestern Mutual Wealth Mngmt invested in 1,000 shares or 0% of the stock. Financial Bank Of Mellon holds 0.01% or 618,942 shares. Wells Fargo And Mn accumulated 339,377 shares or 0% of the stock. Profund Limited Liability owns 6,932 shares or 0.01% of their US portfolio. Teachers Retirement Of The State Of Kentucky reported 13,315 shares. Tiaa Cref Inv Management Lc holds 279,652 shares or 0.01% of its portfolio. Advisory Svcs Network accumulated 112 shares or 0% of the stock.

Since February 12, 2018, it had 0 insider purchases, and 8 insider sales for $1.56 million activity. $24,272 worth of stock was sold by Lord Phillippe on Tuesday, February 13. 7,333 shares were sold by WHITE C TIMOTHY, worth $331,452 on Monday, February 12. Sferruzza Hilla had sold 363 shares worth $16,462.

The stock of Meritage Homes Corporation (MTH) shows a multiple bottoms pattern with $43.10 target or 6.00 % below today’s $45.85 share price. The 5 months chart pattern indicates high risk for the $1.86 billion company. It was reported on Jul, 14 by If the $43.10 price target is reached, the company will be worth $111.84M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock decreased 0.86% or $0.4 during the last trading session, reaching $45.85. About 253,489 shares traded. Meritage Homes Corporation (NYSE:MTH) has risen 13.33% since July 14, 2017 and is uptrending. It has outperformed by 0.76% the S&P500.

Analysts await Meritage Homes Corporation (NYSE:MTH) to report earnings on August, 7. They expect $1.11 EPS, up 13.27 % or $0.13 from last year’s $0.98 per share. MTH’s profit will be $45.13 million for 10.33 P/E if the $1.11 EPS becomes a reality. After $1.07 actual EPS reported by Meritage Homes Corporation for the previous quarter, Wall Street now forecasts 3.74 % EPS growth.

Meritage Homes Corporation (NYSE:MTH) Ratings Coverage

Among 11 analysts covering Meritage Corp (NYSE:MTH), 7 have Buy rating, 0 Sell and 4 Hold. Therefore 64% are positive. Meritage Corp has $60 highest and $50.0 lowest target. $54.56’s average target is 19.00% above currents $45.85 stock price. Meritage Corp had 16 analyst reports since January 17, 2018 according to SRatingsIntel. The stock has “Hold” rating by Barclays Capital on Friday, February 2. The firm has “Overweight” rating given on Wednesday, March 7 by JP Morgan. JMP Securities maintained it with “Market Outperform” rating and $58 target in Friday, April 27 report. Citigroup maintained the shares of MTH in report on Wednesday, June 20 with “Buy” rating. The stock of Meritage Homes Corporation (NYSE:MTH) has “Outperform” rating given on Monday, January 22 by Credit Suisse. Bank of America upgraded the shares of MTH in report on Monday, May 14 to “Buy” rating. The firm has “Hold” rating given on Wednesday, March 21 by Keefe Bruyette & Woods. Bank of America maintained it with “Underperform” rating and $55 target in Friday, February 2 report. The rating was maintained by Keefe Bruyette & Woods on Thursday, February 1 with “Hold”. The stock has “Outperform” rating by Credit Suisse on Thursday, April 26.

Another recent and important Meritage Homes Corporation (NYSE:MTH) news was published by which published an article titled: “Opendoor forges partnership with Phoenix home builders” on July 10, 2018.

Meritage Homes Corporation designs and manufactures single-family homes in the United States. The company has market cap of $1.86 billion. The firm operates through two divisions, Homebuilding and Financial Services. It has a 11.67 P/E ratio. It acquires and develops land; and constructs, markets, and sells homes for various homebuyers, including first-time, move-up, active adult, and luxury under the Meritage Homes and Monterey Homes brand names.

Meritage Homes Corporation (NYSE:MTH) Institutional Positions Chart

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