California State Teachers Retirement System Reduces Holdings in PulteGroup, Inc. $PHM

California State Teachers Retirement System reduced its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 274,092 shares of the construction company’s stock after selling 6,216 shares during the period. California State Teachers Retirement System’s holdings in PulteGroup were worth $32,236,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Royal Bank of Canada increased its position in PulteGroup by 23.4% during the first quarter. Royal Bank of Canada now owns 496,098 shares of the construction company’s stock worth $58,347,000 after buying an additional 94,150 shares in the last quarter. Evelyn Partners Investment Management Services Ltd purchased a new stake in shares of PulteGroup in the first quarter valued at $37,000. Quantinno Capital Management LP lifted its position in shares of PulteGroup by 2.6% in the first quarter. Quantinno Capital Management LP now owns 650,025 shares of the construction company’s stock valued at $76,449,000 after acquiring an additional 16,344 shares in the last quarter. Clough Capital Partners L P lifted its position in shares of PulteGroup by 11.8% in the first quarter. Clough Capital Partners L P now owns 318,349 shares of the construction company’s stock valued at $37,441,000 after acquiring an additional 33,515 shares in the last quarter. Finally, Gateway Wealth Partners LLC acquired a new stake in shares of PulteGroup during the first quarter valued at $202,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Insider Transactions at PulteGroup

In other news, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the completion of the transaction, the chief operating officer owned 28,100 shares of the company’s stock, valued at $3,372,000. This represents a 20.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lila Snyder sold 3,339 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $117.18, for a total transaction of $391,264.02. Following the transaction, the director owned 3,540 shares in the company, valued at approximately $414,817.20. The trade was a 48.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PHM shares. Truist Financial dropped their price objective on PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Wells Fargo & Company upped their target price on shares of PulteGroup from $140.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Barclays raised their price target on shares of PulteGroup from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Bank of America lowered their price target 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. Finally, Citigroup cut their price objective on shares of PulteGroup from $138.00 to $134.00 and set a “neutral” rating for the company in a research report on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.14.

PulteGroup Price Performance

PHM stock opened at $126.71 on Friday. PulteGroup, Inc. has a 52-week low of $108.49 and a 52-week high of $144.49. The stock’s fifty day simple moving average is $125.75 and its 200-day simple moving average is $125.52. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $23.75 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.60 and a beta of 1.18.

PulteGroup (NYSE:PHM) last released its earnings results on Wednesday, July 22nd. The construction company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.36 by $0.12. The firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.94 billion. PulteGroup had a return on equity of 15.21% and a net margin of 11.62%.The business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.03 earnings per share. Equities research analysts expect that PulteGroup, Inc. will post 10.08 EPS for the current year.

PulteGroup announced that its board has initiated a share 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 repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.