QRG Capital Management Inc. Sells 8,392 Shares of PulteGroup, Inc. $PHM

QRG Capital Management Inc. lessened its position in shares of PulteGroup, Inc. (NYSE:PHM) by 5.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 137,962 shares of the construction company’s stock after selling 8,392 shares during the quarter. QRG Capital Management Inc.’s holdings in PulteGroup were worth $16,226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PHM. Norges Bank acquired a new position in shares of PulteGroup in the fourth quarter valued at $466,653,000. Price T Rowe Associates Inc. MD boosted its stake in PulteGroup by 126.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,284,197 shares of the construction company’s stock worth $502,366,000 after buying an additional 2,392,580 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in PulteGroup by 5,485.0% during the fourth quarter. Public Sector Pension Investment Board now owns 930,622 shares of the construction company’s stock worth $109,125,000 after buying an additional 913,959 shares in the last quarter. Franklin Resources Inc. increased its holdings in PulteGroup by 5.1% in the 4th quarter. Franklin Resources Inc. now owns 13,555,304 shares of the construction company’s stock valued at $1,589,495,000 after buying an additional 655,033 shares during the period. Finally, Milford Funds Ltd. bought a new stake in PulteGroup in the 4th quarter valued at $68,379,000. 89.90% of the stock is currently owned by institutional investors.

PulteGroup Stock Performance

PulteGroup stock opened at $133.79 on Friday. The firm has a market capitalization of $25.49 billion, a P/E ratio of 12.94, a P/E/G ratio of 1.70 and a beta of 1.18. The stock has a fifty day moving average price of $122.23 and a two-hundred day moving average price of $124.62. PulteGroup, Inc. has a 52-week low of $107.07 and a 52-week high of $144.49. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94.

PulteGroup (NYSE:PHM) last issued its 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). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the prior year, the firm posted $2.57 EPS. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, analysts anticipate that PulteGroup, Inc. will post 9.95 EPS for the current fiscal year.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 16th. PulteGroup’s payout ratio is presently 10.06%.

PulteGroup announced that its board has authorized a stock repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently commented on PHM. Bank of America reduced their price objective on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 20th. Weiss Ratings cut shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Wells Fargo & Company increased their price target on shares of PulteGroup from $132.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Barclays cut their price target on shares of PulteGroup from $115.00 to $112.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Finally, Citigroup lifted their price objective on PulteGroup from $136.00 to $138.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, PulteGroup presently has an average rating of “Moderate Buy” and a consensus target price of $140.71.

Insider Buying and Selling at PulteGroup

In other news, COO Matthew William Koart sold 7,457 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following the sale, the chief operating officer owned 28,100 shares in the company, valued at approximately $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the director owned 3,540 shares of the company’s stock, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.75% of the company’s stock.

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.