Phillip G. Creek, Executive Vice President and Chief Financial Officer of M/I Homes, Inc. (NYSE:MHO), recently executed a series of transactions involving the company's common shares. On November 7, Creek sold a total of 3,619 shares, generating proceeds of approximately $637,369. The sale prices ranged from $160.92 to $163.27 per share.
In addition to these sales, Creek also acquired 24,000 common shares through the exercise of stock options at a price of $42.23 per share. Following these transactions, Creek holds 38,626 shares directly.
M/I Homes, headquartered in Columbus (WA:CLC), Ohio, is a leading national homebuilder with a strong presence in the real estate and construction industry.
In other recent news, M/I Homes reported a successful third quarter with record figures in home deliveries, revenue, and income. The company closed a record 2,271 homes in Q3, marking an 8% increase year-over-year, contributing to a 9% rise in total year-to-date closures. This growth resulted in a 9% increase in Q3 revenue, reaching $1.1 billion, with year-to-date revenue hitting approximately $3.3 billion.
Pre-tax income for the quarter also rose 6% to $188.7 million, with a gross margin of 27.1%. The mortgage segment saw a 31% increase in pre-tax income to $12.9 million and a 27% revenue increase to $30 million. The company also repurchased stocks amounting to $50 million.
CEO Bob Schottenstein expressed optimism about the company's future, forecasting continued growth and strong performance. M/I Homes plans to open new communities, expecting a 5% increase in average community count for 2024. However, the company anticipates potential upward pressure on insurance costs post-hurricane and downward pressure on margins due to increased incentives and rate buy-downs. Despite these challenges, M/I Homes maintains a strong financial position and is committed to reassessing its strategies in future quarters.
InvestingPro Insights
The recent stock transactions by M/I Homes' CFO Phillip G. Creek come at a time when the company's financial metrics and market performance paint an intriguing picture for investors. According to InvestingPro data, M/I Homes boasts a market capitalization of $4.48 billion, reflecting its significant presence in the homebuilding sector.
The company's P/E ratio of 8.56 suggests that it's trading at a relatively low earnings multiple, which could be attractive to value-oriented investors. This aligns with an InvestingPro Tip indicating that M/I Homes is "trading at a low earnings multiple." Furthermore, the company's strong financial health is evident from another InvestingPro Tip, which notes that "liquid assets exceed short term obligations," potentially providing a cushion against market volatility.
M/I Homes has demonstrated impressive market performance, with a one-year price total return of 74.19% as of the latest data. This exceptional return is complemented by an InvestingPro Tip highlighting a "significant return over the last week," with the one-week price total return standing at 9.39%.
For investors seeking more comprehensive insights, InvestingPro offers 12 additional tips for M/I Homes, providing a deeper understanding of the company's financial position and market dynamics.
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