M/I Homes (NYSE:MHO) Trading Down 3.8% – Here’s What Happened

by · The Cerbat Gem

M/I Homes, Inc. (NYSE:MHO – Get Free Report)’s stock price dropped 3.8% on Friday . The stock traded as low as $127.57 and last traded at $128.01. Approximately 51,380 shares changed hands during trading, a decline of 81% from the average daily volume of 268,736 shares. The stock had previously closed at $133.00.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Zacks Research upgraded shares of M/I Homes from a “strong sell” rating to a “hold” rating in a research report on Friday, September 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of M/I Homes in a research note on Wednesday, October 8th. Finally, Raymond James Financial raised their price target on M/I Homes from $150.00 to $155.00 and gave the company a “strong-buy” rating in a report on Friday, October 24th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $155.00.

Check Out Our Latest Report on MHO

M/I Homes Trading Down 4.5%

The stock has a market cap of $3.32 billion, a PE ratio of 7.46 and a beta of 1.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.59 and a current ratio of 7.15. The stock has a fifty day moving average price of $131.66 and a 200 day moving average price of $130.41.

M/I Homes (NYSE:MHO – Get Free Report) last issued its quarterly earnings results on Wednesday, October 22nd. The construction company reported $3.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.37 by ($0.45). M/I Homes had a return on equity of 15.72% and a net margin of 10.56%.The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.16 billion. The business’s revenue was down 1.4% compared to the same quarter last year. Equities analysts expect that M/I Homes, Inc. will post 18.44 EPS for the current year.

M/I Homes announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 12th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the construction company to reacquire up to 7.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On M/I Homes

A number of institutional investors and hedge funds have recently modified their holdings of MHO. Nuveen LLC bought a new position in M/I Homes in the 1st quarter valued at $11,829,000. Raymond James Financial Inc. boosted its stake in shares of M/I Homes by 26.0% during the first quarter. Raymond James Financial Inc. now owns 101,133 shares of the construction company’s stock valued at $11,547,000 after purchasing an additional 20,862 shares during the period. Martingale Asset Management L P grew its holdings in shares of M/I Homes by 12.2% in the first quarter. Martingale Asset Management L P now owns 11,943 shares of the construction company’s stock worth $1,364,000 after purchasing an additional 1,301 shares during the last quarter. CW Advisors LLC increased its stake in M/I Homes by 1.1% in the 1st quarter. CW Advisors LLC now owns 16,121 shares of the construction company’s stock worth $1,841,000 after buying an additional 171 shares during the period. Finally, AlphaQuest LLC lifted its holdings in M/I Homes by 54.0% during the 1st quarter. AlphaQuest LLC now owns 14,417 shares of the construction company’s stock valued at $1,646,000 after buying an additional 5,055 shares in the last quarter. 95.14% of the stock is owned by institutional investors.

About M/I Homes

(Get Free Report)

M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.

In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.

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