DekaBank Deutsche Girozentrale increased its stake in shares of PulteGroup (NYSE:PHM) by 63.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,451 shares of the construction company’s stock after purchasing an additional 15,677 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in PulteGroup were worth $1,222,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in PHM. Convergence Investment Partners LLC increased its position in PulteGroup by 26.5% during the 4th quarter. Convergence Investment Partners LLC now owns 41,554 shares of the construction company’s stock worth $1,382,000 after purchasing an additional 8,692 shares in the last quarter. Bank of Montreal Can increased its position in PulteGroup by 14.5% during the 4th quarter. Bank of Montreal Can now owns 410,074 shares of the construction company’s stock worth $13,635,000 after purchasing an additional 51,889 shares in the last quarter. National Pension Service acquired a new position in PulteGroup during the 4th quarter worth approximately $138,000. Schwab Charles Investment Management Inc. increased its position in PulteGroup by 7.0% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,492,570 shares of the construction company’s stock worth $49,628,000 after purchasing an additional 97,714 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in PulteGroup during the 4th quarter worth approximately $6,032,000. Institutional investors and hedge funds own 87.50% of the company’s stock.
In other news, COO Harmon D. Smith sold 1,045 shares of the stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $31.32, for a total transaction of $32,729.40. Following the completion of the sale, the chief operating officer now directly owns 308,539 shares in the company, valued at $9,663,441.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Harmon D. Smith sold 51,716 shares of the stock in a transaction on Friday, May 11th. The stock was sold at an average price of $31.40, for a total transaction of $1,623,882.40. Following the sale, the chief operating officer now owns 256,823 shares of the company’s stock, valued at $8,064,242.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,438 shares of company stock valued at $2,347,542. 0.86% of the stock is currently owned by corporate insiders.
PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Tuesday, April 24th. The construction company reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.15. PulteGroup had a net margin of 5.91% and a return on equity of 17.48%. The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the company posted $0.31 EPS. The company’s revenue was up 20.9% on a year-over-year basis. equities research analysts predict that PulteGroup will post 3.31 earnings per share for the current year.
PulteGroup announced that its board has authorized a stock buyback program on Tuesday, January 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Thursday, June 7th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend is Wednesday, June 6th. PulteGroup’s dividend payout ratio (DPR) is currently 16.44%.
A number of research firms recently issued reports on PHM. JPMorgan Chase upped their price objective on shares of PulteGroup from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, April 26th. ValuEngine cut shares of PulteGroup from a “buy” rating to a “hold” rating in a research report on Wednesday. Credit Suisse Group set a $35.00 price objective on shares of PulteGroup and gave the stock a “buy” rating in a research report on Tuesday, April 24th. Royal Bank of Canada set a $36.00 price objective on shares of PulteGroup and gave the stock a “buy” rating in a research report on Wednesday, April 25th. Finally, Buckingham Research upgraded shares of PulteGroup from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, April 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $35.21.
PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods names.
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