COLUMBUS, OH—Phillip G. Creek, Executive Vice President and Chief Financial Officer of M/I Homes, Inc. (NYSE:MHO), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Creek sold a total of 1,873 common shares on November 7, 2024, resulting in proceeds of approximately $391,093.
The shares were sold at prices ranging from $164.55 to $165.91. Following these transactions, Creek retains ownership of 18,545 shares in M/I Homes. The sales were executed in multiple transactions, each involving varying quantities of shares at different price points within the specified range.
This activity comes as part of Creek's ongoing management of his investment portfolio, reflecting a sizable divestment from his holdings in the company. M/I Homes, a prominent real estate and construction firm based in Columbus (WA:CLC), Ohio, continues to be a key player in the homebuilding sector.
In other recent news, M/I Homes Inc. reported a successful third quarter, with record numbers in home deliveries, revenue, and income. The company closed a record 2,271 homes in Q3, an 8% increase year-over-year, contributing to a 9% rise in Q3 revenue to $1.1 billion. The year-to-date revenue reached approximately $3.3 billion, with pre-tax income for the quarter rising by 6% to $188.7 million.
These recent developments reveal M/I Homes' resilience, despite macroeconomic challenges and natural disasters. The company also announced a strong financial position with $2.8 billion in equity and a cash balance of $720 million. The mortgage segment saw a 31% increase in pre-tax income to $12.9 million and a 27% revenue increase to $30 million.
M/I Homes' CEO, Bob Schottenstein, anticipates continued growth and strong performance in the future. The company plans to open new communities and expects a 5% increase in average community count for 2024. Despite potential upward pressure on insurance costs and downward pressure on margins, M/I Homes maintains a positive outlook for growth in the housing market.
InvestingPro Insights
In light of Phillip G. Creek's recent stock sale, it's worth examining M/I Homes' current financial position and market performance. According to InvestingPro data, M/I Homes boasts a market capitalization of $4.48 billion, indicating its substantial presence in the homebuilding industry.
The company's P/E ratio stands at 8.56, suggesting that it's trading at a relatively low earnings multiple. This valuation metric aligns with one of the InvestingPro Tips, which notes that M/I Homes is "trading at a low earnings multiple." This could potentially signal an attractive entry point for investors, especially considering the company's recent performance.
M/I Homes has demonstrated impressive returns, with a one-year price total return of 74.19% as of the latest data. This exceptional performance is reflected in another InvestingPro Tip, which highlights the "high return over the last year." Additionally, the company has shown strong momentum in the short term, with a 9.39% return over the past week.
It's noteworthy that despite these strong returns, M/I Homes "does not pay a dividend to shareholders," as pointed out by an InvestingPro Tip. This suggests that the company may be reinvesting its profits for growth rather than distributing them to shareholders.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips on M/I Homes, providing a deeper understanding of the company's financial health and market position.
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