M/I Homes (NYSE:MHO) Trading Down 4.6% Following Weak Earnings

M/I Homes, Inc. (NYSE:MHO) shares traded down 4.6% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $128.72 and last traded at $128.98. 94,123 shares traded hands during trading, a decline of 68% from the average session volume of 294,324 shares. The stock had previously closed at $135.26.

The construction company reported $4.71 earnings per share for the quarter, missing analysts’ consensus estimates of $4.96 by ($0.25). M/I Homes had a net margin of 12.54% and a return on equity of 19.94%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wedbush upgraded shares of M/I Homes from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $155.00 to $185.00 in a research note on Monday, November 4th. StockNews.com lowered shares of M/I Homes from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 31st.

Insider Transactions at M/I Homes

In related news, CFO Phillip G. Creek sold 20,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $160.00, for a total transaction of $3,200,000.00. Following the transaction, the chief financial officer now directly owns 18,545 shares of the company’s stock, valued at $2,967,200. This represents a 51.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennessy Advisors Inc. purchased a new stake in M/I Homes in the fourth quarter valued at $43,674,000. Assenagon Asset Management S.A. lifted its stake in shares of M/I Homes by 260.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 199,877 shares of the construction company’s stock valued at $34,251,000 after purchasing an additional 144,406 shares during the period. Vision Capital Corp purchased a new stake in M/I Homes during the third quarter worth $12,424,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in M/I Homes by 129.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,546 shares of the construction company’s stock valued at $21,342,000 after buying an additional 70,278 shares during the period. Finally, Royce & Associates LP increased its holdings in M/I Homes by 30.0% in the third quarter. Royce & Associates LP now owns 192,907 shares of the construction company’s stock valued at $33,057,000 after buying an additional 44,559 shares in the last quarter. Hedge funds and other institutional investors own 95.14% of the company’s stock.

M/I Homes Stock Performance

The business’s 50-day simple moving average is $144.84 and its two-hundred day simple moving average is $153.56. The company has a quick ratio of 1.60, a current ratio of 6.81 and a debt-to-equity ratio of 0.33. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 6.97 and a beta of 2.29.

M/I Homes Company Profile

M/I Homes, Inc, together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.