Tue, Feb. 24, 8:57 AM
- Ahead of investor conferences this week at which the subject will surely come up, Meritage Homes (NYSE:MTH) reports total orders in January of 606 homes, up 48% from a year ago - with orders per community up 20% and the number of active selling communities up 24%.
- West region: Orders up 39%; East region: Orders up 146%, mostly due to the addition of two new markets; Central region: Orders up 6%, including a 15% increase in Houston's average orders per community - so much for the oil slowdown.
- Source: Press Release
Thu, Feb. 19, 1:14 PM
- Rising demand driven by strong household formation in 2014 H2 should be tailwind, says the report, and the seven names targeted by the team give investors exposure to "move-up buyers."
- "Y/Y growth in average backlog prices was generally ahead of our assumptions in the most recent round of earnings reports, which suggests to us that the move-up buyer is the demographic where our builders can maintain or raise prices."
- PT changes (mostly thanks to boosted multiples): D.R. Horton (DHI +1.1%) to $28 from $23. Lennar (LEN +0.9%) to $44 from $38. Meritage (MTH -0.5%) to $53 from $42. PulteGroup (PHM +0.8%) to $27 from $23. Ryland (RYL +1.1%) to $53 from $45. Standard Pacific (SPF +0.7%) to $9 from $8. Tri Point Homes (TPH -0.2%) to $18 from $15.
Thu, Jan. 29, 8:16 AM
Wed, Jan. 28, 5:30 PM
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Tue, Jan. 20, 9:43 AM
- Hovnanian (HOV -5%), M/I Homes (MHO -3.1%), and Taylor Morrison (TMHC -4.3%) are all cut at JMP Securities, with MHO and TMHC now Market Performs, and HOV now Underperform.
- Credit Suisse, meanwhile, also cuts Taylor Morrison. Alongside, the team downgrades Ryland Group (RYL -3.2%), Meritage Homes (MTH -3.4%), and PulteGroup (PHM -3.3%) to Underperform, noting margin declines (see KB Home and Lennar earnings) and a slowdown in Texas thanks to oil's plunge.
- There's one upgrade, and that's NVR (NVR), which is boosted to Neutral from Underperform at Credit Suisse.
- ETFs: ITB, XHB
- Previously: KB Home: "Work to be done" to meet goals; -12.6% (Jan. 13)
- Previously: Lennar leads homebuilders lower after earnings (Jan. 15)
Tue, Jan. 6, 7:39 AM
Dec. 31, 2014, 3:18 PM
- "We maintain our long-term view that companies with attractive geographic exposures should be outperformers combined with strong capital allocation and timing of land purchases," says analyst Eli Hackel, reiterating Lennar (LEN +1.6%) as a Conviction Buy, while also noting the recent strong momentum for KB Home (NYSE:KBH), Meritage (NYSE:MTH), and Taylor Morrison (NYSE:TMHC).
- While recent housing industry data has turned softer, long-term trends are intact, says Hackel, who - so far - sees little sign lower oil prices are impacting housing in Houston.
Oct. 29, 2014, 9:38 AM
- Net income of $32.6M, or $0.79 per diluted share vs. $38.2M or $0.99 per diluted share in the same quarter a year ago.
- Home orders climbed 15% to 1,500 units from 1,300. Homes closed rose 7% to 1,522 units from 1,418.
- Ending backlog value at Sept. 30 of $1M, up 30% from $805.6K in the prior year period.
- Q3 results
Oct. 29, 2014, 8:20 AM
Oct. 28, 2014, 5:30 PM
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Oct. 6, 2014, 10:31 AM
Sep. 9, 2014, 7:39 AM
- Lennar (NYSE:LEN) and D.R. Horton (NYSE:DHI) are upgraded to Overweight, while PulteGroup (NYSE:PHM) is upgraded to Neutral following a near-9% drop YTD.
- Downgrades from Overweight to Neutral: M/I Homes (NYSE:MHO), Meritage Homes (NYSE:MTH). Downgrades from Neutral to Underweight: M.D.C. Holdings (NYSE:MDC) and Standard Pacific (NYSE:SPF).
Jul. 24, 2014, 8:09 AM
Jul. 11, 2014, 8:41 AM
Jul. 10, 2014, 4:12 PM
- Legendary Communities operates along the I-85 corridor of the Southeast, with a significant presence in the Atlanta and Greenvile-Spartanburg markets, along with a position in Charlotte (where MTH already has a presence). Founded in 2009, Legendary builds homes mostly for first and second move-up buyers in the price range of $120K-$550K. The company closed about 500 homes with $156M of revenue last year, and controls about 4K home sites as of June 30.
- The purchase price is about $130M.
- Source: Press Release
Jun. 30, 2014, 10:34 AM
- Citing the recent underperformance of the stock and improving new home sales in Phoenix, Citigroup upgrades Scottsdale-based Meritage homes (MTH +1.6%) to a Buy.
- The stock is higher on the session, but maybe not because of the upgrade as the whole sector is ahead following a big jump in pending home sales.
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