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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on June 14, Meritage Homes Corp's Director, Gerald W. Haddock, invested $217,800.00 into 10,000 shares of MTH, for a cost per share of $21.78. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Wednesday, bargain hunters could buy shares of Meritage Homes Corp (NYSE:MTH) and achieve a cost basis 13.8% cheaper than Haddock, with shares changing hands as low as $18.78 per share. Meritage Homes Corp shares are currently trading off about 3.7% on the day. The chart below shows the one year performance of MTH shares, versus its 200 day moving average:
Looking at the chart above, MTH's low point in its 52 week range is $13.68 per share, with $27.42 as the 52 week high point — that compares with a last trade of $18.98. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
MTH operates in the General Contractors & Builders sector, among companies like Ryland Group, Inc. (NYSE:RYL) which is down about 4.6% today, and Brookfield Residential Properties Inc (NYSE:BRP) trading lower by about 3%. Below is a three month price history chart comparing the stock performance of MTH, versus RYL and BRP.
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