Havemeyer Place LP Buys New Shares in PulteGroup, Inc. $PHM

Havemeyer Place LP bought a new stake in PulteGroup, Inc. (NYSE:PHM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,748 shares of the construction company’s stock, valued at approximately $909,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its stake in PulteGroup by 5.0% in the third quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company’s stock valued at $1,704,513,000 after purchasing an additional 609,640 shares during the last quarter. Norges Bank acquired a new position in PulteGroup in the fourth quarter valued at $466,653,000. First Trust Advisors LP increased its stake in PulteGroup by 13.3% in the third quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company’s stock valued at $478,828,000 after purchasing an additional 424,011 shares during the last quarter. Bank of America Corp DE increased its stake in PulteGroup by 13.1% in the second quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company’s stock valued at $185,108,000 after purchasing an additional 202,870 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in PulteGroup by 120.4% in the third quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock valued at $225,024,000 after purchasing an additional 930,287 shares during the last quarter. 89.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Lila Snyder sold 3,339 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $117.18, for a total value of $391,264.02. Following the completion of the sale, the director owned 3,540 shares of the company’s stock, valued at $414,817.20. This represents a 48.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the completion of the sale, the chief operating officer directly 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 disclosure for this sale is available in the SEC filing. 0.75% of the stock is owned by corporate insiders.

PulteGroup Stock Performance

Shares of NYSE:PHM opened at $118.58 on Monday. The firm has a market capitalization of $22.59 billion, a PE ratio of 11.47, a P/E/G ratio of 1.50 and a beta of 1.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50-day moving average of $119.08 and a two-hundred day moving average of $124.03. PulteGroup, Inc. has a 12 month low of $98.27 and a 12 month high of $144.49.

PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.01). The firm 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%.The business’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.57 earnings per share. As a group, research analysts forecast that PulteGroup, Inc. will post 10 earnings per share for the current year.

PulteGroup announced that its Board of Directors has authorized a stock 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 usually a sign that the company’s board of directors believes its shares are undervalued.

PulteGroup Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be given a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. PulteGroup’s dividend payout ratio is presently 10.06%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PHM. Citigroup upped their target price on PulteGroup from $136.00 to $138.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Wells Fargo & Company upped their price target on PulteGroup from $132.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Evercore upped their price target on PulteGroup from $146.00 to $151.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. The Goldman Sachs Group upped their price target on PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Weiss Ratings lowered PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, PulteGroup currently has a consensus rating of “Moderate Buy” and an average price target of $140.71.

About PulteGroup

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.