Wells Fargo & Company Cuts PulteGroup (NYSE:PHM) Price Target to $132.00

PulteGroup (NYSE:PHM) had its price objective lowered by research analysts at Wells Fargo & Company from $150.00 to $132.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 10.21% from the company’s current price.

Several other research analysts have also issued reports on PHM. Royal Bank Of Canada increased their price objective on PulteGroup from $111.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. UBS Group reiterated a “buy” rating on shares of PulteGroup in a research note on Thursday, March 12th. Truist Financial began coverage on shares of PulteGroup in a report on Wednesday, March 4th. They set a “buy” rating and a $170.00 price objective for the company. Citizens Jmp began coverage on shares of PulteGroup in a report on Wednesday, January 7th. They set a “market outperform” rating and a $145.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price objective on shares of PulteGroup from $149.00 to $131.00 and set an “overweight” rating for the company in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $141.21.

PulteGroup Stock Performance

Shares of PHM traded up $4.68 during trading hours on Wednesday, reaching $119.77. 1,157,699 shares of the company traded hands, compared to its average volume of 1,861,828. The stock has a market cap of $22.95 billion, a P/E ratio of 10.77, a price-to-earnings-growth ratio of 1.36 and a beta of 1.33. PulteGroup has a 1-year low of $88.07 and a 1-year high of $144.49. The stock’s fifty day moving average is $127.76 and its 200 day moving average is $125.33. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.01.

Insider Buying and Selling

In other news, insider Ryan Marshall sold 111,250 shares of the firm’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $133.86, for a total value of $14,891,925.00. Following the completion of the sale, the insider directly owned 659,392 shares in the company, valued at approximately $88,266,213.12. This trade represents a 14.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kevin A. Henry sold 5,173 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the sale, the executive vice president owned 14,673 shares of the company’s stock, valued at approximately $2,069,333.19. This trade represents a 26.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 149,952 shares of company stock valued at $20,162,165 in the last 90 days. 0.75% of the stock is owned by corporate insiders.

Institutional Trading of PulteGroup

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rachor Investment Advisory Services LLC acquired a new stake in shares of PulteGroup in the fourth quarter valued at approximately $31,000. DV Equities LLC acquired a new stake in shares of PulteGroup in the fourth quarter valued at approximately $32,000. Lloyd Advisory Services LLC. acquired a new stake in shares of PulteGroup in the fourth quarter valued at approximately $33,000. Rexford Capital Inc. acquired a new stake in shares of PulteGroup in the second quarter valued at approximately $35,000. Finally, Private Wealth Management Group LLC increased its holdings in shares of PulteGroup by 281.7% in the third quarter. Private Wealth Management Group LLC now owns 271 shares of the construction company’s stock valued at $36,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.

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.