CIBC Asset Management Inc Raises Position in PulteGroup, Inc. $PHM

CIBC Asset Management Inc boosted its stake in PulteGroup, Inc. (NYSE:PHM) by 59.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,224 shares of the construction company’s stock after buying an additional 17,258 shares during the period. CIBC Asset Management Inc’s holdings in PulteGroup were worth $5,420,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Franklin Resources Inc. lifted its holdings in shares of PulteGroup by 5.0% during 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 purchased a new position in shares of PulteGroup during the fourth quarter valued at approximately $466,653,000. First Trust Advisors LP lifted its holdings in shares of PulteGroup by 13.3% during 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 lifted its holdings in shares of PulteGroup by 13.1% during 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. lifted its holdings in shares of PulteGroup by 120.4% during 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 hedge funds and other institutional investors.

PulteGroup Trading Up 0.3%

Shares of PHM stock opened at $118.58 on Friday. PulteGroup, Inc. has a 1 year low of $98.27 and a 1 year high of $144.49. The firm has a fifty day moving average price of $119.08 and a 200-day moving average price of $123.96. 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 company has a market cap of $22.59 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.50 and a beta of 1.20.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same period in the previous year, the firm earned $2.57 EPS. The company’s revenue was down 12.4% on a year-over-year basis. As a group, equities analysts predict that PulteGroup, Inc. will post 10 earnings per share for the current year.

PulteGroup declared that its board has authorized a share repurchase plan on Thursday, April 23rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to buy up to 6.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

PulteGroup Announces Dividend

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

Insiders Place Their Bets

In other news, Director Lila Snyder sold 3,339 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction 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. The trade was a 48.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Matthew William Koart sold 7,457 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the sale, the chief operating officer directly owned 28,100 shares of the company’s stock, valued at approximately $3,372,000. The trade was a 20.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.75% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Weiss Ratings lowered shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a report on Monday, April 27th. The Goldman Sachs Group lifted their target price on shares of PulteGroup from $133.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, April 24th. UBS Group lifted their target price on shares of PulteGroup from $159.00 to $162.00 and gave the company a “buy” rating in a report on Friday, April 24th. Evercore raised their price target on shares of PulteGroup from $146.00 to $151.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Finally, Zacks Research raised shares of PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $140.71.

PulteGroup Company 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.