Eventide Asset Management LLC Makes New Investment in PulteGroup, Inc. $PHM

Eventide Asset Management LLC acquired a new position in PulteGroup, Inc. (NYSE:PHM) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,457 shares of the construction company’s stock, valued at approximately $526,000.

Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB raised its position in shares of PulteGroup by 2.4% in the fourth quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company’s stock valued at $67,387,000 after purchasing an additional 13,259 shares during the period. Concurrent Investment Advisors LLC raised its position in shares of PulteGroup by 166.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 16,753 shares of the construction company’s stock valued at $1,964,000 after purchasing an additional 10,467 shares during the period. Dorato Capital Management bought a new stake in shares of PulteGroup in the fourth quarter valued at approximately $2,625,000. EFG Asset Management Americas Corp. raised its position in shares of PulteGroup by 351.9% in the third quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company’s stock valued at $6,177,000 after purchasing an additional 36,407 shares during the period. Finally, Ritholtz Wealth Management raised its position in shares of PulteGroup by 43.2% in the fourth quarter. Ritholtz Wealth Management now owns 91,473 shares of the construction company’s stock valued at $10,726,000 after purchasing an additional 27,590 shares during the period. Institutional investors own 89.90% of the company’s stock.

PulteGroup Stock Performance

PulteGroup stock opened at $122.66 on Tuesday. The firm’s 50 day simple moving average is $119.71 and its 200 day simple moving average is $124.19. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $23.37 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 1.56 and a beta of 1.20. PulteGroup, Inc. has a 1-year low of $98.27 and a 1-year high of $144.49.

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

PulteGroup declared that its board has approved a share buyback program on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to buy up to 6.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

PulteGroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 16th. PulteGroup’s payout ratio is currently 10.06%.

Insider Buying and Selling

In other PulteGroup news, 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. The trade was a 20.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $391,264.02. Following the completion of the transaction, the director directly owned 3,540 shares of the company’s stock, valued at approximately $414,817.20. This represents a 48.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by insiders.

Analysts Set New Price Targets

PHM has been the topic of several research reports. Citigroup boosted their price target on shares of PulteGroup from $136.00 to $138.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Seaport Research Partners reissued a “sell” rating and issued a $100.00 price target (down from $155.00) on shares of PulteGroup in a research report on Tuesday, April 7th. UBS Group upped their target price on shares of PulteGroup from $159.00 to $162.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Truist Financial decreased 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. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a report on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $140.71.

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.