COLUMBUS, OH—Robert H. Schottenstein, Chairman, CEO, and President of M/I Homes, Inc. (NYSE:MHO), has sold a significant portion of his holdings in the company, according to a recent SEC filing. The transactions, executed on November 25, 2024, involved the sale of common shares totaling approximately $1,311,707.
The shares were sold at prices ranging from $169.61 to $170.02 per share. Following these transactions, Schottenstein retains direct ownership of 360,089 shares in the company. Additionally, he holds indirect ownership of 189,587 shares as the sole trustee and beneficiary of The Irving E. Schottenstein 2002 Trust No. 2. His spouse also owns 10,000 shares, for which Schottenstein disclaims beneficial ownership.
These transactions are part of a series of sales by Schottenstein, reflecting his ongoing management of personal holdings in M/I Homes. The company, headquartered in Columbus (WA:CLC), Ohio, is a prominent player in the real estate and construction industry.
In other recent news, M/I Homes reported a fruitful third quarter, setting new records in home deliveries, revenue, and income. The company closed 2,271 homes in Q3, an 8% increase year-over-year. This growth led to a 9% rise in Q3 revenue, reaching $1.1 billion, and year-to-date revenue approximating $3.3 billion. Pre-tax income for the quarter also saw a 6% increase to $188.7 million.
In addition, M/I Homes announced plans for expansion with a 5% increase in average community count projected for 2024. The company's CEO, Bob Schottenstein, anticipates continued growth and strong performance in the coming years. Despite facing potential challenges such as increased insurance costs post-hurricane and downward pressure on margins, the company maintains a strong financial position.
Moreover, the company's mortgage segment witnessed a 31% increase in pre-tax income to $12.9 million and a 27% revenue increase to $30 million. M/I Homes also reported a strong financial position with $2.8 billion in equity and a cash balance of $720 million. These are among the recent developments in M/I Homes' business operations.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on M/I Homes' financial position and market performance, providing context to Robert H. Schottenstein's recent stock sale.
M/I Homes has demonstrated strong financial performance, with a market capitalization of $4.48 billion and a price-to-earnings ratio of 8.53. This relatively low P/E ratio suggests the stock may be undervalued compared to its earnings potential. The company's revenue for the last twelve months as of Q3 2024 stood at $4.27 billion, with a gross profit margin of 26.54%.
InvestingPro Tips highlight M/I Homes' impressive market performance. The stock has shown a significant return over the last week, with a 1-week price total return of 8.6%. More notably, the 1-year price total return stands at an impressive 60.2%, indicating strong investor confidence in the company's prospects.
Despite Schottenstein's recent stock sale, InvestingPro Tips suggest that M/I Homes operates with a moderate level of debt and its liquid assets exceed short-term obligations. This financial stability may provide reassurance to investors concerned about the insider selling activity.
It's worth noting that M/I Homes does not pay a dividend to shareholders, which aligns with the company's focus on growth and reinvestment. The stock's price movements are described as quite volatile, which could present both opportunities and risks for investors.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for M/I Homes, providing deeper insights into the company's financial health and market position.
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