Concord Wealth Partners Decreases Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Concord Wealth Partners lowered its position in shares of PulteGroup, Inc. (NYSE:PHM) by 72.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,430 shares of the construction company’s stock after selling 6,376 shares during the period. Concord Wealth Partners’ holdings in PulteGroup were worth $251,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PHM. Nordea Investment Management AB boosted its holdings in shares of PulteGroup by 4.0% during the fourth quarter. Nordea Investment Management AB now owns 753,768 shares of the construction company’s stock worth $78,030,000 after purchasing an additional 28,833 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of PulteGroup by 24.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 26,341 shares of the construction company’s stock worth $1,951,000 after buying an additional 5,257 shares during the last quarter. Truist Financial Corp increased its stake in shares of PulteGroup by 248.6% during the fourth quarter. Truist Financial Corp now owns 191,219 shares of the construction company’s stock valued at $19,738,000 after buying an additional 136,370 shares during the period. American Century Companies Inc. raised its holdings in shares of PulteGroup by 65.0% during the third quarter. American Century Companies Inc. now owns 224,978 shares of the construction company’s stock valued at $16,660,000 after acquiring an additional 88,638 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in PulteGroup in the fourth quarter worth $6,111,000. Institutional investors own 89.90% of the company’s stock.

PulteGroup Stock Performance

Shares of PHM opened at $111.82 on Thursday. The company has a market cap of $23.52 billion, a price-to-earnings ratio of 8.95, a P/E/G ratio of 0.50 and a beta of 1.56. PulteGroup, Inc. has a 12 month low of $64.70 and a 12 month high of $121.07. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.18. The business’s fifty day simple moving average is $111.88 and its two-hundred day simple moving average is $100.41.

PulteGroup (NYSE:PHM) last issued its earnings results on Tuesday, January 30th. The construction company reported $3.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.07. The firm had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.47 billion. PulteGroup had a return on equity of 25.81% and a net margin of 16.63%. During the same period in the previous year, the firm posted $3.63 earnings per share. The business’s revenue was down 15.5% compared to the same quarter last year. Research analysts anticipate that PulteGroup, Inc. will post 12.62 earnings per share for the current fiscal year.

PulteGroup announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 30th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at PulteGroup

In other news, VP Brien P. O’meara sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total transaction of $206,180.00. Following the completion of the transaction, the vice president now directly owns 15,389 shares in the company, valued at approximately $1,586,452.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PHM. StockNews.com upgraded shares of PulteGroup from a “hold” rating to a “buy” rating in a report on Wednesday, April 24th. Raymond James reaffirmed an “outperform” rating and set a $135.00 price objective (up from $120.00) on shares of PulteGroup in a research report on Thursday, April 25th. Wedbush reissued a “neutral” rating and issued a $85.00 target price on shares of PulteGroup in a research report on Wednesday, January 31st. UBS Group cut PulteGroup from a “buy” rating to a “neutral” rating and raised their target price for the company from $93.00 to $120.00 in a research note on Thursday, January 4th. Finally, Jefferies Financial Group increased their price objective on PulteGroup from $126.00 to $131.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.73.

PulteGroup Profile

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.