Geode Capital Management LLC Lowers Stake in PulteGroup, Inc. $PHM

Geode Capital Management LLC lowered its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 5,210,744 shares of the construction company’s stock after selling 31,811 shares during the period. Geode Capital Management LLC’s holdings in PulteGroup were worth $608,674,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rachor Investment Advisory Services LLC purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $31,000. Lloyd Advisory Services LLC. purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $33,000. High Point Wealth Management LLC purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $38,000. Beacon Financial Strategies CORP purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $40,000. Finally, Elyxium Wealth LLC purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Insider Buying and Selling

In other news, Director Lila Snyder sold 3,339 shares of the firm’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 sale, the director directly owned 3,540 shares in the company, valued at approximately $414,817.20. This trade represents 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 link. Also, COO Matthew William Koart sold 7,457 shares of the firm’s 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 completion of 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. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PHM shares. Weiss Ratings cut shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a research report on Tuesday. Evercore increased their target price on shares of PulteGroup from $146.00 to $151.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. The Goldman Sachs Group increased their target price on shares of PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Finally, Truist Financial reduced their target price on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, April 16th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $140.71.

PulteGroup Price Performance

PulteGroup stock opened at $118.38 on Friday. The firm has a market cap of $22.55 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.50 and a beta of 1.23. PulteGroup, Inc. has a 52-week low of $95.20 and a 52-week high of $144.49. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $119.03 and its two-hundred day moving average is $124.02.

PulteGroup (NYSE:PHM) last released its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.PulteGroup’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.57 earnings per share. On average, research analysts expect that PulteGroup, Inc. will post 10 EPS for the current fiscal year.

PulteGroup announced that its Board of Directors has authorized a share buyback plan on Thursday, April 23rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th will be issued 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 yield of 0.9%. PulteGroup’s dividend payout ratio is 10.06%.

PulteGroup Company 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.