Muhlenkamp & Co. Inc. Acquires New Stake in PulteGroup, Inc. (PHM)
Muhlenkamp & Co. Inc. acquired a new stake in shares of PulteGroup, Inc. (NYSE:PHM) during the fourth quarter, HoldingsChannel reports. The firm acquired 200,410 shares of the construction company’s stock, valued at approximately $6,664,000. PulteGroup accounts for 2.0% of Muhlenkamp & Co. Inc.’s holdings, making the stock its 23rd biggest position.
A number of other hedge funds also recently modified their holdings of PHM. Janus Henderson Group PLC raised its position in PulteGroup by 747.1% during the third quarter. Janus Henderson Group PLC now owns 1,323,075 shares of the construction company’s stock valued at $36,159,000 after purchasing an additional 1,166,885 shares during the period. Cornerstone Capital Management Holdings LLC. raised its position in PulteGroup by 2,015.5% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 1,046,201 shares of the construction company’s stock valued at $28,591,000 after purchasing an additional 996,747 shares during the period. Hennessy Advisors Inc. purchased a new stake in PulteGroup during the fourth quarter valued at approximately $32,668,000. AXA bought a new position in shares of PulteGroup during the fourth quarter valued at approximately $30,608,000. Finally, Todd Asset Management LLC grew its stake in shares of PulteGroup by 117.0% during the third quarter. Todd Asset Management LLC now owns 1,680,010 shares of the construction company’s stock valued at $45,915,000 after buying an additional 905,952 shares during the last quarter. Institutional investors and hedge funds own 84.55% of the company’s stock.
PulteGroup, Inc. (NYSE:PHM) opened at $30.04 on Friday. PulteGroup, Inc. has a 52 week low of $21.41 and a 52 week high of $35.21. The stock has a market capitalization of $8,605.41, a P/E ratio of 20.86, a P/E/G ratio of 0.47 and a beta of 1.12.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 16th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $0.36 annualized dividend and a yield of 1.20%. PulteGroup’s dividend payout ratio (DPR) is currently 25.00%.
PulteGroup announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
A number of research analysts have recently commented on PHM shares. UBS Group upped their target price on PulteGroup from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Buckingham Research cut PulteGroup from a “buy” rating to a “neutral” rating and upped their target price for the company from $31.00 to $33.00 in a research note on Sunday, November 26th. Zacks Investment Research cut PulteGroup from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Mizuho raised PulteGroup from a “neutral” rating to a “buy” rating in a research note on Thursday, January 18th. Finally, B. Riley reaffirmed a “hold” rating and set a $36.00 target price on shares of PulteGroup in a research note on Wednesday, January 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $32.85.
In related news, Director Patrick J. Oleary sold 8,677 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $30.03, for a total value of $260,570.31. Following the transaction, the director now owns 90,687 shares of the company’s stock, valued at $2,723,330.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.71% of the stock is owned by corporate insiders.
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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