OP Asset Management Ltd acquired a new stake in shares of PulteGroup, Inc. (NYSE:PHM – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 20,662 shares of the construction company’s stock, valued at approximately $2,430,000.
A number of other institutional investors have also recently added to or reduced their stakes in PHM. Nordea Investment Management AB raised its holdings in shares of PulteGroup by 2.4% during the 4th quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company’s stock valued at $67,387,000 after purchasing an additional 13,259 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in PulteGroup by 166.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 16,753 shares of the construction company’s stock worth $1,964,000 after purchasing an additional 10,467 shares in the last quarter. Dorato Capital Management acquired a new position in PulteGroup during the fourth quarter worth $2,625,000. National Pension Service increased its position in PulteGroup by 3.8% during the fourth quarter. National Pension Service now owns 507,443 shares of the construction company’s stock worth $59,503,000 after buying an additional 18,455 shares during the last quarter. Finally, EFG Asset Management Americas Corp. raised its holdings in PulteGroup by 351.9% during the third quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company’s stock valued at $6,177,000 after buying an additional 36,407 shares in the last quarter. 89.90% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have weighed in on the company. UBS Group boosted their price target on PulteGroup from $159.00 to $162.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Barclays lowered their price objective on PulteGroup from $115.00 to $112.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. The Goldman Sachs Group boosted their target price on PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a research report on Tuesday, May 26th. Finally, Bank of America lowered their price target on PulteGroup from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $140.71.
Insiders Place Their Bets
In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of PulteGroup stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the sale, the chief operating officer owned 28,100 shares in the company, valued at $3,372,000. The trade was a 20.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lila Snyder sold 3,339 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the sale, the director directly owned 3,540 shares in the company, valued at $414,817.20. This trade represents a 48.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.75% of the company’s stock.
PulteGroup Stock Up 1.4%
NYSE PHM opened at $137.74 on Friday. PulteGroup, Inc. has a twelve month low of $104.04 and a twelve month high of $144.49. The stock has a market cap of $26.24 billion, a PE ratio of 13.32, a PEG ratio of 1.75 and a beta of 1.20. The firm has a 50-day simple moving average of $121.34 and a 200 day simple moving average of $124.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94.
PulteGroup (NYSE:PHM – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same period last year, the company earned $2.57 EPS. The company’s revenue was down 12.4% on a year-over-year basis. On average, research analysts forecast that PulteGroup, Inc. will post 9.95 EPS for the current year.
PulteGroup Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. PulteGroup’s payout ratio is currently 10.06%.
PulteGroup announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
PulteGroup Profile
PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.
PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.
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