Empowered Funds LLC trimmed its holdings in shares of PulteGroup, Inc. (NYSE:PHM – Free Report) by 32.8% in the first quarter, Holdings Channel reports. The firm owned 165,199 shares of the construction company’s stock after selling 80,805 shares during the period. Empowered Funds LLC’s holdings in PulteGroup were worth $19,429,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in PulteGroup in the fourth quarter valued at about $466,653,000. Price T Rowe Associates Inc. MD increased its position in shares of PulteGroup by 126.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,284,197 shares of the construction company’s stock valued at $502,366,000 after acquiring an additional 2,392,580 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of PulteGroup by 5,485.0% during the fourth quarter. Public Sector Pension Investment Board now owns 930,622 shares of the construction company’s stock valued at $109,125,000 after acquiring an additional 913,959 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of PulteGroup by 5.1% in the 4th quarter. Franklin Resources Inc. now owns 13,555,304 shares of the construction company’s stock valued at $1,589,495,000 after acquiring an additional 655,033 shares during the period. Finally, Milford Funds Ltd. acquired a new position in shares of PulteGroup in the 4th quarter worth approximately $68,379,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.
PulteGroup Trading Up 3.2%
Shares of PHM stock opened at $134.81 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $25.27 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 1.62 and a beta of 1.18. The company has a 50 day moving average price of $124.97 and a 200 day moving average price of $125.47. PulteGroup, Inc. has a fifty-two week low of $108.49 and a fifty-two week high of $144.49.
PulteGroup announced that its board has initiated a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of research firms recently weighed in on PHM. Truist Financial lowered their price objective on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Evercore reissued an “outperform” rating and issued a $162.00 target price on shares of PulteGroup in a research report on Thursday, July 23rd. Weiss Ratings upgraded PulteGroup from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Barclays raised their price target on PulteGroup from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a research note on Tuesday, May 26th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, PulteGroup currently has a consensus rating of “Moderate Buy” and an average price target of $143.14.
Get Our Latest Stock Report on PHM
Insider Buying and Selling at PulteGroup
In other PulteGroup news, 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 value of $391,264.02. Following the completion of the transaction, the director owned 3,540 shares in the company, valued at $414,817.20. The trade was a 48.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the sale, the chief operating officer directly owned 28,100 shares in the company, valued at $3,372,000. This represents a 20.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.75% of the company’s stock.
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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