PulteGroup (NYSE:PHM) Downgraded by Zacks Research to Strong Sell

PulteGroup (NYSE:PHM) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday, Zacks reports.

Other equities analysts have also recently issued research reports about the stock. Benchmark raised shares of PulteGroup to a “strong-buy” rating in a research report on Thursday, September 3rd. Weiss Ratings upgraded PulteGroup from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. UBS Group decreased their price target on PulteGroup from $166.00 to $162.00 and set a “buy” rating for the company in a research note on Friday, October 23rd. Truist Financial lowered their price objective on PulteGroup from $145.00 to $136.00 and set a “buy” rating for the company in a report on Wednesday, September 16th. Finally, Melius Research assumed coverage on PulteGroup in a report on Tuesday, October 6th. They set a “hold” rating and a $132.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, PulteGroup presently has a consensus rating of “Moderate Buy” and an average target price of $137.24.

PulteGroup Stock Performance

Shares of PulteGroup stock opened at $121.77 on Monday. PulteGroup has a 1-year low of $107.15 and a 1-year high of $144.49. The business has a 50-day moving average of $119.61 and a 200-day moving average of $124.28.

PulteGroup (NYSE:PHM) last announced its earnings results on Thursday, October 22nd. The construction company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.10). The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.15 billion. The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.96 earnings per share. As a group, analysts predict that PulteGroup will post 9.63 EPS for the current fiscal year.

Hedge Funds Weigh In On PulteGroup

Institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its holdings in shares of PulteGroup by 3.2% in the 2nd quarter. State Street Corp now owns 9,174,111 shares of the construction company’s stock worth $1,261,092,000 after purchasing an additional 288,054 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of PulteGroup by 7.8% during the first quarter. First Trust Advisors LP now owns 4,314,501 shares of the construction company’s stock valued at $507,428,000 after buying an additional 313,581 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in PulteGroup by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,146,857 shares of the construction company’s stock worth $370,008,000 after acquiring an additional 26,790 shares during the period. Bank of America Corp DE lifted its holdings in PulteGroup by 4.3% in the first quarter. Bank of America Corp DE now owns 1,963,175 shares of the construction company’s stock worth $230,889,000 after purchasing an additional 80,352 shares during the period. Finally, Amundi lifted its stake in shares of PulteGroup by 28.6% in the 1st quarter. Amundi now owns 1,438,508 shares of the construction company’s stock worth $169,183,000 after acquiring an additional 319,617 shares during the period. 89.90% of the stock is owned by institutional investors.

PulteGroup Company Profile

PulteGroup, Inc is a major U.S. homebuilding company that designs, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its operations include land acquisition and development, home construction, sales and marketing, and customer service.

The company markets homes under several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West. Through these brands, PulteGroup offers a variety of single-family home designs and communities, with products tailored to different price points, lifestyles and stages of homeownership.