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Last $41.76 USD
Change Today +0.38 / 0.92%
Volume 231.4K
As of 8:04 PM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

meritage homes corp (MTH) Snapshot

Open
$41.76
Previous Close
$41.38
Day High
$42.19
Day Low
$41.41
52 Week High
04/6/15 - $49.90
52 Week Low
01/20/15 - $31.69
Market Cap
1.7B
Average Volume 10 Days
446.7K
EPS TTM
$3.14
Shares Outstanding
39.7M
EX-Date
12/26/96
P/E TM
13.3x
Dividend
--
Dividend Yield
--
Current Stock Chart for MERITAGE HOMES CORP (MTH)

meritage homes corp (MTH) Related Businessweek News

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meritage homes corp (MTH) Details

Meritage Homes Corporation designs and builds single-family detached homes in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; constructs, markets, and sells homes; and provides warranty and customer services. The company provides a range of homes for various homebuyers, including first-time, move-up, active adult, and luxury under the Meritage Homes, Phillips Builders, Legendary Communities, and Monterey Homes brands. It also offers title insurance and closing/settlement services for its homebuyers. As of December 31, 2014, Meritage Homes Corporation offered its homes in 229 communities. The company was founded in 1985 and is based in Scottsdale, Arizona.

1,300 Employees
Last Reported Date: 02/17/15
Founded in 1985

meritage homes corp (MTH) Top Compensated Officers

Chairman, Chief Executive Officer and Co-Foun...
Total Annual Compensation: $1.0M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $600.0K
Executive Vice President, General Counsel and...
Total Annual Compensation: $525.0K
Compensation as of Fiscal Year 2014.

meritage homes corp (MTH) Key Developments

Meritage Homes In Talks With Zaida Associates To Acquire 13.3-Acre Site

Meritage Homes Corporation (NYSE:MTH) reportedly has a 13.3-acre site on Tuskawilla road just north of Aloma Avenue under contract to acquire from Zaida Associates, sources said. Randy Morris and Jim Mehta of RM Strategies Inc. is representing the property ownership group.

Meritage Homes Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Year 2015

Meritage Homes Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. Net earnings were $29.1 million or $0.70 per diluted share for the second quarter of 2015, compared to $35.1 million or $0.85 per diluted share in the second quarter of 2014, resulting from higher home closing revenue offset by lower gross margins on closings. Earnings from financial services unconsolidated entities and other, net were $2.8 million against $2.3 million reported last year. Earnings before income taxes were $41.4 million against $55.2 million reported last year. Home closing revenue was $591.03 million against $502.8 million reported last year. Land closing revenue was $6.8 million against $2.8 million reported last year. Total closing revenue was $597.8 million against $505.6 million reported last year. Net debt at the end of the period was $921.8 million against $831.9 million reported a year ago. Net earnings were $45.5 million for the first half of 2015, compared to $60.5 million for the first half of 2014, as a 22% increase in revenue year to date was more than offset by lower home closing gross margins. Earnings from financial services unconsolidated entities and other, net were $5.3 million against $4.35 million reported last year. Earnings before income taxes were $66.7 million against $95 million reported last year. Home closing revenue was $1,108.3 million against $908.6 million reported last year. Land closing revenue was $8.2 million against $5.4 million reported last year. Total closing revenue was $1,116.5 million against $913.9 million reported last year. Net cash used in operating activities was $76.9 million against $170.6 million reported last year. Purchases of property and equipment was $7.8 million against $11.9 million reported last year. The company estimate that approximately 200 home closings that were expected this year will be pushed out until next year. As a result, the company is adjusting its projections for 2015 home closing revenue to $2.65-2.75 billion -- an increase of 24-28% over 2014 -- compared to previous expectation for 25-30% growth, and estimating earnings per diluted share of $3.60-3.90 for the year, compared to previous full year guidance of $3.75-4.00. The company projected target margin of approximately 20% for the full year 2015.

Meritage Homes Corporation Enters into First Amendment to Amended and Restated Credit Agreement

Meritage Homes Corporation entered into the first amendment to amended and restated credit agreement, which amends that certain amended and restated credit agreement, dated as of June 13, 2014, among the company, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent. Among other things, the first amendment revises the pricing in favor of the company, extends the maturity date of the facility from June 2018 to July 9, 2019, and amends the accordion feature to permit the size of the facility to be increased in the future from $500 million up to $600 million. The credit agreement's financial covenants were not modified in connection with the first amendment. As of June 30, 2015 no borrowings were outstanding under the credit agreement, while the company had outstanding letters of credit totaling $17.6 million, leaving $482.4 million available under the credit agreement to be drawn.

 

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Industry Analysis

MTH

Industry Average

Valuation MTH Industry Range
Price/Earnings 13.6x
Price/Sales 0.7x
Price/Book 1.4x
Price/Cash Flow 12.9x
TEV/Sales 0.1x
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