Bank of New York Mellon Corp Sells 81,676 Shares of PulteGroup, Inc. $PHM

Bank of New York Mellon Corp decreased its position in PulteGroup, Inc. (NYSE:PHM) by 5.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,354,336 shares of the construction company’s stock after selling 81,676 shares during the period. Bank of New York Mellon Corp’s holdings in PulteGroup were worth $142,828,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PHM. Cooper Financial Group grew its holdings in PulteGroup by 1.4% in the 2nd quarter. Cooper Financial Group now owns 6,697 shares of the construction company’s stock valued at $706,000 after buying an additional 92 shares in the last quarter. Tocqueville Asset Management L.P. lifted its holdings in shares of PulteGroup by 2.0% during the first quarter. Tocqueville Asset Management L.P. now owns 5,062 shares of the construction company’s stock worth $520,000 after buying an additional 100 shares in the last quarter. Leavell Investment Management Inc. boosted its position in shares of PulteGroup by 4.7% in the second quarter. Leavell Investment Management Inc. now owns 2,260 shares of the construction company’s stock valued at $239,000 after acquiring an additional 102 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of PulteGroup by 0.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,635 shares of the construction company’s stock valued at $1,227,000 after acquiring an additional 103 shares in the last quarter. Finally, Hager Investment Management Services LLC grew its stake in shares of PulteGroup by 33.3% in the second quarter. Hager Investment Management Services LLC now owns 420 shares of the construction company’s stock valued at $44,000 after acquiring an additional 105 shares in the last quarter. 89.90% of the stock is owned by institutional investors and hedge funds.

PulteGroup Stock Performance

NYSE PHM opened at $118.94 on Friday. The firm’s 50 day simple moving average is $128.47 and its 200 day simple moving average is $116.11. The firm has a market capitalization of $23.18 billion, a price-to-earnings ratio of 9.16, a P/E/G ratio of 0.95 and a beta of 1.25. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a 1 year low of $88.07 and a 1 year high of $142.11.

PulteGroup (NYSE:PHM) last released its earnings results on Tuesday, October 21st. The construction company reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.10. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.31 billion. PulteGroup had a return on equity of 19.58% and a net margin of 14.93%.The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.35 earnings per share. As a group, research analysts expect that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Tuesday, September 16th were paid a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.88 annualized dividend and a yield of 0.7%. PulteGroup’s dividend payout ratio (DPR) is 6.77%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PHM. Bank of America dropped their price objective on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, October 10th. Zacks Research upgraded shares of PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Friday, August 29th. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of PulteGroup in a research note on Tuesday, October 21st. JPMorgan Chase & Co. raised their price objective on PulteGroup from $121.00 to $123.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 23rd. Finally, UBS Group upped their target price on PulteGroup from $141.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $133.67.

About PulteGroup

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.