Daiwa Securities Group Inc. Cuts Position in PulteGroup, Inc. (PHM)
Daiwa Securities Group Inc. cut its position in shares of PulteGroup, Inc. (NYSE:PHM) by 47.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,400 shares of the construction company’s stock after selling 22,200 shares during the period. Daiwa Securities Group Inc.’s holdings in PulteGroup were worth $599,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of PulteGroup by 3,521.7% in the first quarter. BlackRock Inc. now owns 22,891,339 shares of the construction company’s stock worth $539,092,000 after buying an additional 22,259,277 shares during the period. Renaissance Technologies LLC bought a new position in shares of PulteGroup during the first quarter worth approximately $92,466,000. Wedge Capital Management L L P NC bought a new position in shares of PulteGroup during the first quarter worth approximately $59,083,000. State of New Jersey Common Pension Fund D bought a new position in shares of PulteGroup during the second quarter worth approximately $29,436,000. Finally, Boston Advisors LLC bought a new position in shares of PulteGroup during the first quarter worth approximately $17,839,000. Institutional investors and hedge funds own 92.52% of the company’s stock.
PulteGroup, Inc. (PHM) opened at 24.84 on Friday. The firm’s 50 day moving average is $24.61 and its 200-day moving average is $23.26. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 13.75 and a beta of 1.14. PulteGroup, Inc. has a 12 month low of $17.69 and a 12 month high of $25.74.
PulteGroup (NYSE:PHM) last posted its earnings results on Tuesday, July 25th. The construction company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.02. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.03 billion. PulteGroup had a net margin of 7.35% and a return on equity of 13.43%. The company’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company earned $0.37 earnings per share. On average, equities analysts forecast that PulteGroup, Inc. will post $2.09 EPS for the current year.
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PHM has been the topic of a number of research reports. Zacks Investment Research lowered shares of PulteGroup from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Bank of America Corporation reiterated a “buy” rating and issued a $30.00 price target (up previously from $29.00) on shares of PulteGroup in a research note on Tuesday, June 27th. Credit Suisse Group initiated coverage on shares of PulteGroup in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $27.00 price target on the stock. Mizuho lowered shares of PulteGroup from a “neutral” rating to an “underperform” rating and set a $22.00 price target on the stock. in a research note on Monday, July 10th. Finally, BidaskClub upgraded shares of PulteGroup from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 14th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. PulteGroup currently has an average rating of “Hold” and an average target price of $25.08.
In related news, Director Brian P. Anderson sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $23.18, for a total transaction of $324,520.00. Following the completion of the transaction, the director now owns 108,744 shares of the company’s stock, valued at $2,520,685.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.71% of the stock is owned by company insiders.
PulteGroup Company Profile
PulteGroup, Inc is a homebuilder in the United States. The Company’s segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land.
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