Why Meritage Homes Shares Popped 15% in September

What happened

Shares of homebuilder Meritage Homes (NYSE:MTH) popped 15% in the month of September, according to data provided by S&P Global Market Intelligence. The U.S. housing market has shirked COVID-19 pandemic woes and is on a surge, with home sales in August soaring 4.8% to highs not seen since 2006 and home prices continuing to hit new levels.

Meritage Homes is making the most of the housing boom, as reflected in its latest September announcement.

So what

On Sep. 21, Meritage announced a whopping 73% year-over-year jump in total home orders for July and August combined. Meritage clocked an average absorption of six homes per month per community for the two months, nearly twice the level in the comparable period in 2019. Absorption rate is simply the rate at which homes are sold in a specific community during a specific time period.

CEO Steven J. Hilton called it “unprecedented

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Zacks Value Trader Highlights: Anthem, Cigna Corp, Gray Television, Hibbett Sports and Meritage Homes

For Immediate Release

Chicago, IL – October 2, 2020 – Zacks Value Trader is a podcast hosted weekly by Zacks Stock Strategist Tracey Ryniec. Every week, Tracey will be joined by guests to discuss the hottest investing topics in stocks, bonds and ETFs and how it impacts your life. To listen to the podcast, click here:

Welcome to Episode #208 of the Value Investor Podcast.

Every week, Tracey Ryniec, the editor of Zacks Value Investor portfolio, shares some of her top value investing tips and stock picks.

With the S&P 500 briefly testing a 10% correction, before finishing September down 3.9%, now’s the time to screen for classic value stocks.

Screening for Classic Value

Classic value is the toughest to screen for.

It involves all of the classic value fundamentals including low price-to-earnings, price-to-book, price-to-sales and price to cash flow ratios along with a PEG ratio under 1.0, which indicates

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Bull of the Day: Meritage Homes (MTH)

Meritage Homes Corp. (MTH) is perfectly situated to take advantage of the Millennial home buying rush. This Zacks Rank #1 (Strong Buy) is expected to grow its revenue by the double digits in both 2020 and 2021.

Meritage is the 7th largest public homebuilder in the United States. It has 300 communities across 9 states including Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.

It focuses on first-time and first move-up buyers.

Unprecedented Demand in July and August

On Sep 21, Meritage put out a business update on its first two months of the third quarter which included July and August.

It saw “unprecedented demand” in those two months and already sold more in just 2 months than it sold in the entire third quarter of last year.

Meritage also saw the strong demand continue into September.

In July and August, total orders jumped 73% year-over-year

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Meritage Homes, Park Hotels & Resorts, NIO, DouYu International and Plug Power highlighted as Zacks Bull and Bear of the Day

For Immediate Release

Chicago, IL – October 1, 2020 – Zacks Equity Research Shares of Meritage Homes Corporation MTH as the Bull of the Day, Park Hotels & Resorts Inc. PK asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on NIO Limited NIO, DouYu International Holdings Limited DOYU and Plug Power Inc. PLUG.

Here is a synopsis of all five stocks:

Bull of the Day:

Meritage Homes Corp.is perfectly situated to take advantage of the Millennial home buying rush. This Zacks Rank #1 (Strong Buy) is expected to grow its revenue by the double digits in both 2020 and 2021.

Meritage is the 7th largest public homebuilder in the United States. It has 300 communities across 9 states including Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.

It focuses on first-time and first move-up buyers.

Unprecedented Demand in July and August

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Here’s Why Meritage Homes (MTH) is a Great Momentum Stock to Buy

Momentum investing is all about the idea of following a stock’s recent trend, which can be in either direction. In the ‘long’ context, investors will essentially be “buying high, but hoping to sell even higher.” And for investors following this methodology, taking advantage of trends in a stock’s price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a

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