Main Street Research LLC Takes Position in PulteGroup, Inc. $PHM

Main Street Research LLC purchased a new position in PulteGroup, Inc. (NYSE:PHM) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,382 shares of the construction company’s stock, valued at approximately $868,000.

Several other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC boosted its position in PulteGroup by 18.3% in the fourth quarter. Golden State Wealth Management LLC now owns 484 shares of the construction company’s stock worth $57,000 after purchasing an additional 75 shares during the last quarter. Evergreen Capital Management LLC increased its position in shares of PulteGroup by 2.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,875 shares of the construction company’s stock valued at $304,000 after purchasing an additional 78 shares during the last quarter. Stephens Inc. AR increased its position in shares of PulteGroup by 3.5% during the 4th quarter. Stephens Inc. AR now owns 2,350 shares of the construction company’s stock valued at $276,000 after purchasing an additional 80 shares during the last quarter. Perigon Wealth Management LLC lifted its stake in shares of PulteGroup by 3.6% in the 4th quarter. Perigon Wealth Management LLC now owns 2,672 shares of the construction company’s stock worth $313,000 after purchasing an additional 92 shares during the period. Finally, Opal Wealth Advisors LLC lifted its stake in shares of PulteGroup by 4.8% in the 4th quarter. Opal Wealth Advisors LLC now owns 2,169 shares of the construction company’s stock worth $254,000 after purchasing an additional 99 shares during the period. Institutional investors own 89.90% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on PHM shares. The Goldman Sachs Group boosted their target price on shares of PulteGroup from $133.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Wells Fargo & Company increased their price target on shares of PulteGroup from $140.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday. Truist Financial dropped their price target on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Bank of America cut their price objective on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Finally, Barclays reduced their price objective on PulteGroup from $115.00 to $112.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.43.

Insider Buying and Selling

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 3,540 shares in the company, valued at $414,817.20. This represents a 48.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the stock in a transaction that occurred 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. This trade represents a 20.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is currently owned by insiders.

PulteGroup Stock Up 0.6%

PHM opened at $123.72 on Friday. The stock has a market cap of $23.57 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.57 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s fifty day moving average is $122.16 and its 200 day moving average is $124.75. PulteGroup, Inc. has a fifty-two week low of $107.16 and a fifty-two week high of $144.49.

PulteGroup (NYSE:PHM) last issued its quarterly earnings results 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). The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.57 EPS. On average, sell-side analysts forecast that PulteGroup, Inc. will post 9.95 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

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

PulteGroup announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.