PulteGroup, Inc. (PHM) Stock Rating Upgraded by Zacks Investment Research
PulteGroup, Inc. (NYSE:PHM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $29.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.31% from the stock’s current price.
According to Zacks, “PulteGroup will continue to benefit from its value-creation strategy as it focuses on generating solid returns, with balanced approach across its portfolio and capital allocation plans. Prudent land investments, new value creation initiatives and solid cash position bode well. Continued favorable trends in the economy, job growth, demographics and consumer confidence can more than offset the impact of modestly higher rates, allowing the housing recovery to continue at a steady pace. Also, shares of PulteGroup outperformed its industry so far this year. However, labor shortages and gross margin compression due to rising labor costs can keep the housing momentum in check.”
A number of other equities analysts also recently issued reports on PHM. BidaskClub upgraded shares of PulteGroup from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 14th. Credit Suisse Group initiated coverage on shares of PulteGroup in a report on Thursday, June 22nd. They issued an “outperform” rating and a $27.00 price target for the company. Bank of America Corporation reiterated a “buy” rating and issued a $30.00 price target (up previously from $29.00) on shares of PulteGroup in a report on Tuesday, June 27th. Mizuho downgraded shares of PulteGroup from a “neutral” rating to an “underperform” rating and set a $22.00 price target for the company. in a report on Monday, July 10th. Finally, Barclays PLC downgraded shares of PulteGroup from an “overweight” rating to an “equal weight” rating and set a $24.00 price target for the company. in a report on Tuesday, July 11th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $25.45.
Shares of PulteGroup (NYSE:PHM) traded up 1.02% during mid-day trading on Tuesday, hitting $26.80. 847,141 shares of the stock traded hands. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 14.83 and a beta of 1.08. PulteGroup has a 12-month low of $17.69 and a 12-month high of $26.90. The firm’s 50 day moving average price is $25.55 and its 200 day moving average price is $24.07.
PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Tuesday, July 25th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.02. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.03 billion. PulteGroup had a net margin of 7.35% and a return on equity of 13.43%. The business’s revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.37 EPS. On average, equities research analysts predict that PulteGroup will post $2.08 EPS for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the business. Peloton Wealth Strategists boosted its stake in shares of PulteGroup by 4.7% during the 2nd quarter. Peloton Wealth Strategists now owns 89,700 shares of the construction company’s stock worth $2,200,000 after purchasing an additional 4,000 shares during the last quarter. Hartwell J M Limited Partnership boosted its stake in shares of PulteGroup by 4.3% during the 2nd quarter. Hartwell J M Limited Partnership now owns 22,850 shares of the construction company’s stock worth $561,000 after purchasing an additional 950 shares during the last quarter. Mirador Capital Partners LP boosted its stake in shares of PulteGroup by 3.7% during the 2nd quarter. Mirador Capital Partners LP now owns 48,655 shares of the construction company’s stock worth $1,246,000 after purchasing an additional 1,728 shares during the last quarter. Aviva PLC boosted its stake in shares of PulteGroup by 9.5% during the 2nd quarter. Aviva PLC now owns 179,277 shares of the construction company’s stock worth $4,399,000 after purchasing an additional 15,540 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in shares of PulteGroup during the 2nd quarter worth about $2,631,000. 85.71% of the stock is currently owned by institutional investors.
PulteGroup Company Profile
PulteGroup, Inc is a homebuilder in the United States. The Company’s segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land.
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