M/I Homes (NYSE:MHO) Stock Price Down 4.6% After Earnings Miss

M/I Homes, Inc. (NYSE:MHO) fell 4.6% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $128.72 and last traded at $128.98. 94,123 shares were traded during mid-day 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 return on equity of 19.94% and a net margin of 12.54%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MHO shares. StockNews.com downgraded M/I Homes from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 31st. Wedbush upgraded shares of M/I Homes from a “neutral” rating to an “outperform” rating and upped their target price for the company from $155.00 to $185.00 in a report on Monday, November 4th.

Insider Buying and Selling at M/I Homes

In other news, CFO Phillip G. Creek sold 20,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at $2,967,200. This represents a 51.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M/I Homes

Several institutional investors and hedge funds have recently bought and sold shares of MHO. Hennessy Advisors Inc. purchased a new stake in shares of M/I Homes during the 4th quarter valued at $43,674,000. Assenagon Asset Management S.A. boosted its holdings in M/I Homes by 260.3% in the third quarter. Assenagon Asset Management S.A. now owns 199,877 shares of the construction company’s stock valued at $34,251,000 after acquiring an additional 144,406 shares during the last quarter. Vision Capital Corp purchased a new stake in M/I Homes during the third quarter valued at about $12,424,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake 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 worth $21,342,000 after acquiring an additional 70,278 shares during the last quarter. Finally, Royce & Associates LP raised its holdings in shares of M/I Homes by 30.0% in the 3rd quarter. Royce & Associates LP now owns 192,907 shares of the construction company’s stock worth $33,057,000 after purchasing an additional 44,559 shares during the period. Institutional investors and hedge funds own 95.14% of the company’s stock.

M/I Homes Trading Down 4.9 %

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.60 and a current ratio of 6.81. The company has a market capitalization of $3.57 billion, a PE ratio of 6.90 and a beta of 2.29. The business has a fifty day moving average price of $144.44 and a 200 day moving average price of $153.55.

About M/I Homes

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.