Core Viewpoint - Meritage Homes reported strong first-quarter 2024 earnings, with both earnings and total revenues exceeding expectations and showing year-over-year growth, driven by higher deliveries and effective strategies [2][3]. Earnings & Revenue Discussion - Earnings per share (EPS) reached $5.06, surpassing the Zacks Consensus Estimate and the previous year's figure of $3.54 by 42.9% [3]. - Total revenues amounted to $1.472 billion, reflecting a 14.5% increase from $1.285 billion in the prior year [3]. Segment Discussion - Homebuilding revenues were $1.468 billion, a 15% increase from $1.26 billion in the prior-year quarter, exceeding the consensus estimate by 14.5% [4]. - Home closing revenues totaled $1.466 billion, up 16% year-over-year, while land closing revenues fell 87% to $2.31 million [4]. Operational Metrics - The company closed 3,507 homes, a 21% increase from 2,897 units year-over-year, with an average selling price (ASP) of $418,000, down 4% from the previous year [5]. - Total home orders rose 14% to 3,991 homes, with a dollar value increase of 8% to $1.63 billion [6]. Backlog and Margins - The backlog at quarter-end was 3,033 units, down 23% year-over-year, with a backlog value of $1.24 billion, a decrease of 29% [7]. - Adjusted home closing gross margin expanded by 340 basis points to 25.8% [7]. Financial Services - Revenues from the Financial Services segment increased by 11% to $6.35 million compared to the prior-year quarter [8]. Balance Sheet - Cash and cash equivalents at the end of Q1 2024 were $905.3 million, down from $921.2 million at the end of 2023 [10]. - The company owned or controlled 66,400 lots, an increase from 60,900 lots a year ago [10]. Dividend and Share Repurchase - The quarterly cash dividend was raised to 75 cents per share from 27 cents, with $27.2 million paid in dividends during Q1 [11]. - The company repurchased 362,419 shares for $55.9 million, with $129.1 million remaining under the authorized repurchase program [11]. 2024 Outlook - Meritage projects 14,500-15,000 home closings for the year, expecting home closing revenues of $6-$6.2 billion [12]. - EPS is anticipated to be in the range of $19.20-$20.70, with an effective tax rate of 22.5% [12]. Estimate Revisions - Recent estimates for the company have trended upward, with a consensus estimate shift of 21.09% [13]. VGM Scores - Meritage has a subpar Growth Score of D, a Momentum Score of A, and an overall VGM Score of B, indicating a favorable position in the investment strategy [14]. Industry Performance - Meritage operates within the Zacks Building Products - Home Builders industry, where competitor PulteGroup reported revenues of $3.95 billion, a year-over-year increase of 10.5% [16].

Company Overview - Meritage Homes (MTH) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting a favorable outlook for investors [3] Price Performance - Over the past week, MTH shares increased by 1.51%, outperforming the Zacks Building Products - Home Builders industry, which rose by 1.18% [5] - In the last month, MTH's price change was 12.69%, significantly higher than the industry's 4.5% [5] - Over the past quarter, MTH shares have gained 14.13%, and over the last year, they have increased by 54.96%, while the S&P 500 only moved 7.23% and 28.67% respectively [6] Trading Volume - MTH's average 20-day trading volume is 451,433 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Estimates - In the past two months, 9 earnings estimates for MTH have been revised upwards, while none have been lowered, raising the consensus estimate from $17.72 to $20.04 [9] - For the next fiscal year, 8 estimates have increased, with only 1 downward revision during the same period [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, MTH is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a potential candidate for near-term investment [10]

Core Points - Meritage Homes Corporation has declared a quarterly dividend of $0.75 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024 [1] Company Overview - Meritage Homes is the fifth-largest public homebuilder in the U.S., based on homes closed in 2023, offering energy-efficient and affordable entry-level and first move-up homes [2] - The company operates in multiple states including Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee [2] Historical Performance and Recognition - Over its 38-year history, Meritage has delivered more than 180,000 homes and is known for its distinctive style, quality construction, and award-winning customer experience [3] - The company is recognized as an industry leader in energy-efficient homebuilding, having received multiple awards from the U.S. Environmental Protection Agency, including the ENERGY STAR® Partner of the Year for Sustained Excellence Award and the ENERGY STAR® Residential New Construction Market Leader Award [3]

Core Viewpoint - Meritage Homes Corporation has declared a quarterly dividend of $0.75 per share, reflecting its financial stability and commitment to returning value to shareholders [1]. Company Overview - Meritage Homes is the fifth-largest public homebuilder in the U.S., based on homes closed in 2023, and operates in multiple states including Arizona, California, and Texas [2]. - The company specializes in energy-efficient and affordable entry-level and first move-up homes, catering to a diverse market [2]. Historical Performance and Recognition - Over its 38-year history, Meritage has delivered more than 180,000 homes and is recognized for its distinctive style and quality construction [3]. - The company has received numerous awards for its commitment to energy efficiency, including being an eleven-time recipient of the EPA's ENERGY STAR® Partner of the Year for Sustained Excellence Award [3].

SCOTTSDALE, Ariz., May 09, 2024 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH, "Meritage" or the "Company"))), the fifth-largest homebuilder in the U.S., today announced that it has completed its offering and sale of $575 million aggregate principal amount of 1.75% Convertible Senior Notes due 2028. This amount includes the exercise in full by the initial purchasers of their option to purchase up to an additional $75 million aggregate principal amount of notes. The offering was made to persons re ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

SCOTTSDALE, Ariz., May 06, 2024 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH, "Meritage" or the "Company"))), the fifth-largest homebuilder in the U.S., today announced that it has commenced an offering of $500 million aggregate principal amount of its Convertible Senior Notes due 2028 (the "notes"), subject to market and other conditions. The Company also expects to grant the initial purchasers of the notes a 13-day option to purchase up to $75 million of aggregate principal amount of additiona ...

SCOTTSDALE, Ariz., May 01, 2024 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH, “Meritage” or the “Company”), the fifth-largest homebuilder in the U.S., today announced that it will host a two-part series of investor day webcast calls with Phillippe Lord, chief executive officer of Meritage Homes, and Hilla Sferruzza, chief financial officer of Meritage Homes. Each call will be different and distinct in its coverage of key strategic topics for the Company, including the introduction to a new busi ...

SCOTTSDALE, Ariz., May 01, 2024 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH, “Meritage” or the “Company”), the fifth-largest homebuilder in the U.S., today announced that it will host a two-part series of investor day webcast calls with Phillippe Lord, chief executive officer of Meritage Homes, and Hilla Sferruzza, chief financial officer of Meritage Homes. Each call will be different and distinct in its coverage of key strategic topics for the Company, including the introduction to a new busi ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase ...