O Shaughnessy Asset Management LLC increased its position in PulteGroup, Inc. (NYSE:PHM – Free Report) by 13.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 297,136 shares of the construction company’s stock after purchasing an additional 34,573 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in PulteGroup were worth $34,842,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in PulteGroup by 5.0% in the third quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company’s stock worth $1,704,513,000 after purchasing an additional 609,640 shares during the period. Norges Bank acquired a new stake in PulteGroup in the fourth quarter worth about $466,653,000. First Trust Advisors LP increased its position in PulteGroup by 13.3% in the third quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company’s stock worth $478,828,000 after purchasing an additional 424,011 shares during the period. Bank of America Corp DE increased its position in PulteGroup by 13.1% in the second quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company’s stock worth $185,108,000 after purchasing an additional 202,870 shares during the period. Finally, American Century Companies Inc. increased its position in PulteGroup by 120.4% in the third quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock worth $225,024,000 after purchasing an additional 930,287 shares during the period. 89.90% of the stock is currently owned by institutional investors and hedge funds.
PulteGroup Price Performance
PulteGroup stock opened at $118.58 on Monday. The firm has a market capitalization of $22.59 billion, a P/E ratio of 11.47, a PEG ratio of 1.50 and a beta of 1.20. PulteGroup, Inc. has a 1 year low of $98.27 and a 1 year high of $144.49. The business has a 50-day moving average of $119.08 and a 200-day moving average of $124.03. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14.
PulteGroup declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 23rd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
PulteGroup Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be given a $0.26 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. PulteGroup’s payout ratio is currently 10.06%.
Insider Activity at PulteGroup
In related news, Director Lila Snyder sold 3,339 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $117.18, for a total value of $391,264.02. Following the completion of the transaction, the director directly owned 3,540 shares in the company, valued at approximately $414,817.20. The trade was a 48.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total value of $894,840.00. Following the completion of the transaction, the chief operating officer owned 28,100 shares of the company’s stock, valued at $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.75% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on PHM shares. Zacks Research upgraded PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. 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 research report on Friday, April 24th. Barclays decreased their target price on PulteGroup from $115.00 to $112.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Citigroup boosted their target price on PulteGroup from $136.00 to $138.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Finally, Truist Financial decreased their target price on PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, PulteGroup presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.71.
Check Out Our Latest Stock Report on PHM
About PulteGroup
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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