Watershed Asset Management L.L.C. Reduces Holdings in PulteGroup, Inc. (NYSE:PHM)

Watershed Asset Management L.L.C. trimmed its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 14.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,054 shares of the construction company’s stock after selling 529 shares during the quarter. PulteGroup accounts for about 0.4% of Watershed Asset Management L.L.C.’s investment portfolio, making the stock its 29th biggest position. Watershed Asset Management L.L.C.’s holdings in PulteGroup were worth $315,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. CWM LLC increased its stake in shares of PulteGroup by 33.3% in the third quarter. CWM LLC now owns 10,449 shares of the construction company’s stock worth $774,000 after buying an additional 2,609 shares during the last quarter. AE Wealth Management LLC increased its position in shares of PulteGroup by 25.6% in the 3rd quarter. AE Wealth Management LLC now owns 25,237 shares of the construction company’s stock worth $1,869,000 after purchasing an additional 5,140 shares during the last quarter. DnB Asset Management AS lifted its position in shares of PulteGroup by 21.5% during the third quarter. DnB Asset Management AS now owns 43,268 shares of the construction company’s stock worth $3,204,000 after purchasing an additional 7,665 shares during the last quarter. Everence Capital Management Inc. bought a new position in shares of PulteGroup during the third quarter worth about $632,000. Finally, 1900 Wealth Management LLC grew its stake in PulteGroup by 42.4% in the third quarter. 1900 Wealth Management LLC now owns 12,246 shares of the construction company’s stock worth $907,000 after purchasing an additional 3,646 shares in the last quarter. 89.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on PHM. The Goldman Sachs Group lifted their target price on PulteGroup from $91.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Raymond James increased their target price on shares of PulteGroup from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Royal Bank of Canada lifted their price target on shares of PulteGroup from $103.00 to $106.00 and gave the company a “sector perform” rating in a report on Wednesday, January 31st. StockNews.com lowered shares of PulteGroup from a “buy” rating to a “hold” rating in a research note on Saturday, March 2nd. Finally, Wedbush restated a “neutral” rating and issued a $85.00 target price on shares of PulteGroup in a research note on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.47.

PulteGroup Stock Performance

PHM stock traded up $4.93 during trading on Tuesday, reaching $112.76. 3,513,960 shares of the company’s stock were exchanged, compared to its average volume of 1,825,203. The firm has a market cap of $23.79 billion, a PE ratio of 9.60, a P/E/G ratio of 0.51 and a beta of 1.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.19. PulteGroup, Inc. has a 1-year low of $62.35 and a 1-year high of $121.07. The company’s fifty day moving average price is $110.73 and its 200-day moving average price is $98.96.

PulteGroup (NYSE:PHM) last posted its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.07. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.47 billion. PulteGroup had a net margin of 16.20% and a return on equity of 25.97%. The company’s quarterly revenue was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.63 earnings per share. On average, research analysts expect that PulteGroup, Inc. will post 11.79 EPS for the current fiscal year.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Friday, March 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Thursday, March 14th. PulteGroup’s dividend payout ratio (DPR) is presently 6.81%.

PulteGroup declared that its board has authorized a stock buyback plan on Tuesday, January 30th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at PulteGroup

In other PulteGroup news, VP Brien P. O’meara sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total value of $206,180.00. Following the completion of the sale, the vice president now directly owns 15,389 shares in the company, valued at $1,586,452.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.

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.