Main Street Research LLC Invests $868,000 in PulteGroup, Inc. $PHM

Main Street Research LLC bought a new position in PulteGroup, Inc. (NYSE:PHM) during the first quarter, Holdings Channel reports. The firm bought 7,382 shares of the construction company’s stock, valued at approximately $868,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC grew its holdings in PulteGroup by 4.7% during the 1st quarter. Kestra Advisory Services LLC now owns 8,897 shares of the construction company’s stock valued at $1,046,000 after buying an additional 403 shares in the last quarter. Resona Asset Management Co. Ltd. raised its holdings in shares of PulteGroup by 1.2% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 67,867 shares of the construction company’s stock worth $7,937,000 after acquiring an additional 796 shares in the last quarter. Personal CFO Solutions LLC boosted its position in shares of PulteGroup by 10.1% during the 1st quarter. Personal CFO Solutions LLC now owns 2,551 shares of the construction company’s stock valued at $301,000 after acquiring an additional 234 shares during the last quarter. Montag A & Associates Inc. grew its holdings in shares of PulteGroup by 7.4% in the first quarter. Montag A & Associates Inc. now owns 43,040 shares of the construction company’s stock valued at $5,071,000 after purchasing an additional 2,972 shares in the last quarter. Finally, Integrated Advisors Network LLC bought a new stake in PulteGroup in the first quarter worth $3,888,000. 89.90% of the stock is owned by institutional investors.

PulteGroup Trading Up 0.6%

PHM stock opened at $123.72 on Friday. PulteGroup, Inc. has a twelve month low of $107.16 and a twelve month high of $144.49. The stock has a market capitalization 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 quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $122.16 and its two-hundred day simple moving average is $124.75.

PulteGroup (NYSE:PHM) last released its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter last year, the business posted $2.57 EPS. PulteGroup’s revenue was down 12.4% compared to the same quarter last year. As a group, analysts anticipate that PulteGroup, Inc. will post 9.95 earnings per share for the current year.

PulteGroup declared that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the construction company to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

PulteGroup Announces Dividend

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

Insider Activity

In other news, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following the transaction, the chief operating officer owned 28,100 shares of the company’s stock, valued at approximately $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lila Snyder sold 3,339 shares of the 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 sale, 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. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PHM shares. Seaport Research Partners reaffirmed a “sell” rating and set a $100.00 price target (down from $155.00) on shares of PulteGroup in a research note on Tuesday, April 7th. Evercore lifted their price objective on shares of PulteGroup from $146.00 to $151.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Truist Financial decreased their target price on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th. Wells Fargo & Company increased their price target on shares of PulteGroup from $140.00 to $150.00 and gave the company an “overweight” rating in a report on Monday. Finally, Bank of America dropped their price target on PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $141.43.

PulteGroup 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.