Posts for Ticker ‘MTH’

Looking for Next Homebuilder Merger? (DHI, TOL, NVR, MDC, LEN, KBH, RYL, MTH, HOV, MHO, SPF, XHB, ITB, PKB)

We won’t bother telling you about the homebuilder merger this morning, because we already covered it once.  But in a down and out sector, you will see that traders are looking to see if there will be other mergers in the battered group.  As you will also see, the lower market cap stocks are the ones where traders are guessing as to which will be the next take-out candidate.  Our cut off was a $100 million market cap as of yesterday and every stock in the sector that we track in the U.S. is higher.

DR Horton Inc. (DHI)….. $3.5B; +5.8% at $10.78
Toll Brothers Inc. (TOL). $3.1B; +4.5% at $18.86
NVR Inc. (NVR)……….. $2.6B; +4% at $6.86
MDC Holdings Inc. (MDC).. $1.5B; +4.5% at $30.95
Lennar Corp. (LEN)……. $1.2B; +11% at $7.98
KB Home (KBH)………… $1.1B; +6% at $14.30
Ryland Group Inc. (RYL).. $728.8M; +6% at $16.80
Meritage Homes Corp(MTH). $401.3M; +7.3% at $12.99
Hovnanian (HOV)………. $125.0M; +11% at $1.72
M/I Homes, Inc. (MHO)…. $121.7M; +2.2% at $8.72
Standard Pacific (SPF)… $100.6M; +11% at $1.00

Oddly enough, the SPDR S&P Homebuilders (NYSE: XHB) ETF is only up almost 4% at $11.37.  The other ETF, the iShares Dow Jones US Home Construction (NYSE: ITB) is up 3.5% at $9.25.  This is a slightly different ETF, but the PowerShares Dynamic Building & Construct (NYSE: PKB) is up 1.3% at $9.65 on very thin volume.

JON C. OGG

Posted on: April 8, 2009 – 8:46 am in ETF, Housing, Mergers and Buy Outs, Trading Alert, , , , , , , , , , , , , ,

Credit Suisse Starts Homebuilder Coverage (CTX, DHI, KBH, MDC, NVR, HOV, MTH)

Credit Suisse has issued a new coverage rating systems for its homebuilder universe.  These are some of the calls we saw in the sector:

  • Centex (NYSE: CTX), DR Horton (NYSE: DHI), and KB Home (NYSE: KBH) were all started with "Outperform" ratings.
  • MDC Holdings (NYSE: MDC) and NVR (NYSE: NVR) were both started as Neutral.
  • Hovnanian (NYSE: HOV) and Meritage Homes (NYSE: MTH) were started as "Underperform."

We’ll follow up if we see any of the other calls in the sector out of Credit Suisse.
Jon C. Ogg
June 24, 2008

Posted on: June 24, 2008 – 5:50 am in Analyst Calls, Housing, , , , , , ,

Meritage Secondary Discounted (MTH)

Meritage Homes Corporation (NYSE: MTH) priced offering of 4 million common shares at $20.50 per share after market close yesterday.

The proceeds to the homebuilder from the $82 million offering will be used for working capital and general corporate purposes. Citi is the sole book-running manager granted 60,000 in over-allotments. The offering is expected to close April 23.

Shares are down over 2% today from $20.89 to $20.38. The 52-week range is $7.04 to $38.72.

You can join our open email distribution list to hear about other IPO’s, secondary offerings, buybacks, special financings, restructurings and more.

Rachel Lopez
April 18, 2008

Posted on: April 18, 2008 – 12:40 pm in Housing, Secondary Offering,

Top 10 Pre-Market Analyst Calls (T, CHK, KOF, CMCSA, KEY, LLNW, LUKOY, MTH, PPG, VZ)

These are not the only analyst calls today, but these are the top ten calls that 247WallSt.com is looking at this morning:

  • AT&T (NYSE: T) downgraded to Neutral from Outperform at Credit Suisse.
  • Chesapeake Energy (NYSE: CHK) started as Buy at Jefferies.
  • Coca-Cola FEMSA (NYSE: KOF) downgraded to Hold from Buy at Citigroup.
  • Comcast (NASDAQ: CMCSA) downgraded to Neutral from Outperform at Credit Suisse.
  • KeyCorp. (NYSE: KEY) downgraded to Underperform from Sector Perform at RBC Capital.
  • Limelight Networks (NASDAQ: LLNW) downgraded to Market Perform from Outperform at Oppenheimer.
  • Lukoil (NASDAQ: LUKOY) raised to Buy from Hold at Citigroup.
  • Meritage Homes (NYSE: MTH) raised to Buy from Neutral at UBS.
  • PPG Industries (NYSE: PPG) downgraded to Hold from Buy at Citigroup.
  • Verizon (NYSE: VZ) downgraded to Neutral from Outperform at Credit Suisse.

Jon C. Ogg
February 20, 2008

Posted on: February 20, 2008 – 7:38 am in Analyst Calls, , , , , , , , , ,

Many Homebuilders Up 100% From Lows (MTH, PHM, LEN, WCI, SPF, HOV, XHB)

Everyone knew homebuilders would turn one day and when they turned it would be fast and in a flurry of buying volume.  Much of this may attributed to short covering, but much is because the good old Fed and another 125 basis points in rate cuts within a 10-day period.  You know you can’t pay attention to the headlines on home sales or even the earnings out of these, because that is dismal.  But traders are taking aim here.  In fact some of these are up 100% off of lows already.

  • Meritage Homes (NYSE: MTH) up 12% at $15.26, up over 100% from lows; 52-week range $7.04 to $46.65.
  • Pulte Homes (NYSE: PHM) up 14% at $15.52, up over 80% from lows; 52-week range $8.20 to $35.56.
  • Lennar (NYSE: LEN) up 8% at $19.70, up over 60% from lows; 52-week range $11.98 to $56.54.
  • WCI Communities (NYSE: WCI) up 14.5% at $5.98, up over 200% from lows; 52-week range $1.35 to $24.20.
  • Standard Pacific Corp. (NYSE: SPF) up 22% at $3.78, up over 100% from lows; 52-week range $1.47 to $30.52
  • Hovnanian Enterprises Inc. (NYSE: HOV) up 10% at $9.68, up over 100% from lows; 52-week range $4.25 to $37.58.

We even ran the key ETF for the sector.  The SPDR S&P Homebuilders (AMEX: XHB) is up over 8% today to $22.10.  But even this is up almost 50% from the recent lows; 52-week trading range $15.22 to $40.03.  That low was just on January 9, 2008.

There are many other names that were equally charged.  But these were the ones that fir the screen today.

Jon C. Ogg
January 31, 2008 

Posted on: January 31, 2008 – 2:34 pm in Housing, , , , , , ,

UBS Starts Coverage of Homebuilders (BZH, CTX, DHI, HOV, KBH, MTH, PHM, RYL, SPF, LEN, LOW)

Lennar posted earnings and as expected these were just ugly.  The loss was $3.25 per share after charges, although this includes charges of $3.33 per share.  Revenues were $2.34 Billion.   Lennar’s home sale revenue fell 44% to $2.2 billion. Cancellation rate was 32%; New orders fell 48% to 5,804 homes.  And if this wasn’t foreseeable, the company will be having more job cuts in the coming quarter.  Lennar shares are indicated down $1.30 to 41.70 at what will be another set of 52-week lows.

UBS has initiated coverage of homebuilders:

  • Beazer (BZH) started as Sell;
  • Centex (CTX) started as Buy;
  • D.R.Horton (DHI) started as Sell;
  • Hovnanian (HOV) started as Neutral;
  • KB Home (KBH) started as Buy;
  • Lennar started as Sell;
  • Meritage (MTH) started as Neutral;
  • Pulte (PHM) started as Sell;
  • Ryland (RYL) started as Neutral;
  • Standard Pacific (SPF) started as Sell.

Lowe’s (LOW) earnings warning last night is also pulling the related and tertiary sector down.

Jon C. Ogg
September 25, 2007

Posted on: September 25, 2007 – 6:59 am in Housing, , , , , , , , , , ,

The 52-Week Low Club: Home Builders By The Ton

Already regular members, today’s list includes Meritage (MTH), KB Home (KBH), Pulte (PHM), Lennar (LEN), and  Beazer (BZH).

Circuit City (CC) Electronics retail continues to disappoint. Down to $14.60 from $29.31 as 52-week high.

Office Depot (ODP) Company blames slow economy for poor sales.

Depomed Inc (DEPO) Biomed company runs into poor clinical trials, drops 60%. Shares down to $1.83 from 52-week high of $5.24.

Physicians Formula (FACE) Cuts Q2 and full-year outlook. Down to $11.32 from 52-week high of $23.25.

Pantry Inc (PTRY) Convenience store cuts outlook due to high gas prices. Drops to $39.55 from 52-week high of $60.35.

Douglas A. McIntyre

Posted on: July 10, 2007 – 3:26 pm in Uncategorized, , , , , , , , , ,

Pre-Market Analyst Calls (June 27, 2007)

BRKR raised to Peer Perform at Bear Stearns.
CYT raised to Buy at Goldman Sachs.
FFIV cut to Neutral at Baird.
FIRE raised to Buy at Jefferies.
KSS raised to Outperform at Baird.
MLNM raised to Mkt Perform at FBR.
MOS cut to Neutral at Goldman Sachs.
MTH started as Hold at Deutsche Bank.
PHM started as Hold at Deutsche Bank.
PRXL raised to Peer Perform at Bear Stearns.
RYL started as Buy at Deutsche Bank.
TRS started as Buy at Goldman Sachs.
TSO cut to Sell at Citigroup.
VLO cut to Sell at Citigroup.
VMSI cut to Peer Perform at Bear Stearns.

Jon C. Ogg
June 27, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: June 27, 2007 – 6:54 am in Analyst Calls, , , , , , , , , , , , , , ,

Massive List of 52-Week Lows (June 20, 2007)

Stock Tickers: AVR, BCRX, CACH, CHCI, COLY, CTIC, FSII, HOV, HR, INFS, LEG, MTH, PEIX, RSYS, SCSS, SEPR, SNY, STAA, USBE, UTSI, VSE, YSI

Once again, many many more losers…..This list is larger than most of recent note.  There is just about any given day where there are fresh 52-week lows:

Aventine Renewable (AVR)…-3.9% to $14.09; $14.60 prior low.  Watch the renewable energy names as they are plentiful on 52-week lows.

BioCryst Pharma (BCRX)…-3.3% at $6.92; prior 52-week low $7.13; follow-on weakness from Peramivir Monday.

Cache (CACH)…-2.7% to $13.92; not lowest intraday but low close.

Comstock Homebuilders (CHCI)…-4.4% to $2.83; another stinking homebuilder.

Coley Pharma (COLY)….-59% to $3.46; $8.00 prior lows; intra-day implosion as Pfizer ditches its cancer drug.

Cell Therapeutics (CTIC)…-9.4% to $3.09; prior 52-week low was $3.38.

FSI International (FSII)….-13% to $3.43; $3.91 was prior low; weak guidance; hedge fund pressures CEo.

Hovnanian Enterprises (HOV)…-3% to $19.08; prior 52-week low $19.53; another stinking homebuilder.

Healthcare Realty (HR) -2.2% to $28.34; prior 52-week low was $28.57; this one goes lower and lower each week it feels like.

InFocus (INFS) -4% to $2.33; follow-on weakness after CFO quit; stock imploding….

Leggett & Platt (LEG)…-0.7% to $21.92; not tru 52-week low but low close; continued weakness after estimates cut from housing.

Meritage Homes (MTH)..-1.5% to $28.75; another stinking homebuilder.

Pacific Ethanol (PEIX)…-2.35 to $12.35; lowest close of late; and we thought ethanol was king…..

Radisys (RSYS)…-3.8% to $12.80; not true low but low close and hit intraday lows; no news today.

Select Comfort (SCSS)…-2.1% to $16.03; prior low $16.09; weak housing must mean weak bed sales; maybe hamocs are the new rage?

Sepracor (SEPR)…-2.5% to $43.67; prior 52-week low $43.84; insiders exercising stock options this week; P/E ratio drifting lower and lower; now down 33% from highs.

Sanofi-Aventis (SNY)…-1.8% to $40.84; prior low $41.09; drug woes continue; worries they’ll dilute to buy Bristol-Myers.

Staar Surgical (STAA)…-2.85% to $4.09; $4.14 prior 52-week lows; no news, but not a ’staar’ after all.

US Bioenergy (USBE)…-2.6% to $10.67; $10.78 prior low; busted IPO looks like worse getting even worse.

UTSarcom (UTSI)…-3.8% to $5.28; $5.43 was prior 52-week low; down more than 50% in last year; the beatings will continue until leadership improves AND until they actually report and open the books.

VeraSun (VSE)…-4.7% to $13.08; $13.69 was prior 52-week low; ethanol slide continues.

u_Store-It Trust (YSI)…-2.9% to $16.97; $17.05 was prior intra-day low; no news, but they obviously aren’t storing enough.

Jon C. Ogg
June 20, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 20, 2007 – 3:38 pm in HI/LOW, , , , , , , , , , , , , , , , , , , , , ,