PulteGroup (PHM) Stock Rating Upgraded by Zacks Investment Research
PulteGroup (NYSE:PHM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Shares of PulteGroup have gained 81% in the last one year, outperforming the industry. This price performance is backed by impressive earnings surprise history, surpassing the Zacks Consensus Estimate for earnings in all of the past four quarters. PulteGroup will continue to benefit from its value-creation strategy as it focuses on generating solid returns, with balanced approach across its portfolio and capital allocation plans. Prudent land investments, new value creation initiatives and solid cash position bode well. Continued favorable trends in the economy, job growth, demographics and consumer confidence can more than offset the impact of modestly higher rates, allowing the housing recovery to continue at a steady pace. However, labor shortages and gross margin compression due to rising land, labor and material costs might keep the housing momentum in check.”
A number of other research analysts have also commented on PHM. B. Riley reiterated a “buy” rating on shares of PulteGroup in a report on Wednesday, November 1st. ValuEngine upgraded PulteGroup from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Bank of America set a $34.00 target price on PulteGroup and gave the company a “buy” rating in a research note on Wednesday, October 25th. Wedbush upped their target price on PulteGroup from $27.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, December 29th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $28.00 target price on shares of PulteGroup in a research note on Monday, September 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $31.38.
PulteGroup (NYSE:PHM) last issued its quarterly earnings results on Tuesday, October 24th. The construction company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. PulteGroup had a return on equity of 14.38% and a net margin of 7.77%. The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same period in the previous year, the company earned $0.43 earnings per share. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. equities analysts expect that PulteGroup will post 2.2 EPS for the current fiscal year.
In other news, insider James R. Ellinghausen sold 136,912 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $29.70, for a total transaction of $4,066,286.40. Following the sale, the insider now owns 294,369 shares in the company, valued at $8,742,759.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James R. Ellinghausen sold 67,490 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $32.35, for a total value of $2,183,301.50. The disclosure for this sale can be found here. Insiders have sold 297,202 shares of company stock valued at $9,394,580 over the last quarter. Corporate insiders own 0.71% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Moors & Cabot Inc. boosted its holdings in PulteGroup by 7.3% in the third quarter. Moors & Cabot Inc. now owns 27,543 shares of the construction company’s stock valued at $755,000 after acquiring an additional 1,865 shares during the last quarter. Fieldpoint Private Securities LLC bought a new position in PulteGroup in the third quarter valued at about $150,000. Coldstream Capital Management Inc. bought a new position in PulteGroup in the third quarter valued at about $680,000. Neuberger Berman Group LLC boosted its holdings in PulteGroup by 885.5% in the third quarter. Neuberger Berman Group LLC now owns 396,818 shares of the construction company’s stock valued at $10,845,000 after acquiring an additional 356,551 shares during the last quarter. Finally, Guardian Capital LP boosted its holdings in PulteGroup by 46.3% in the third quarter. Guardian Capital LP now owns 466,305 shares of the construction company’s stock valued at $12,744,000 after acquiring an additional 147,632 shares during the last quarter. Institutional investors own 84.53% of the company’s stock.
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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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