AXQ Capital LP Takes $622,000 Position in PulteGroup, Inc. $PHM

AXQ Capital LP bought a new position in PulteGroup, Inc. (NYSE:PHM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,308 shares of the construction company’s stock, valued at approximately $622,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its position in PulteGroup by 5.0% during the 3rd quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company’s stock valued at $1,704,513,000 after buying an additional 609,640 shares during the period. Norges Bank purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $466,653,000. First Trust Advisors LP grew its holdings in shares of PulteGroup by 13.3% during the 3rd quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company’s stock worth $478,828,000 after acquiring an additional 424,011 shares during the period. Bank of America Corp DE raised its holdings in PulteGroup by 13.1% in the second quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company’s stock worth $185,108,000 after purchasing an additional 202,870 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of PulteGroup by 120.4% in the 3rd quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock worth $225,024,000 after acquiring an additional 930,287 shares in the last quarter. 89.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, COO Matthew William Koart sold 7,457 shares of the 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 completion of the transaction, the chief operating officer directly owned 28,100 shares in the company, valued at approximately $3,372,000. This represents a 20.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lila Snyder sold 3,339 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the transaction, the director directly owned 3,540 shares of the company’s stock, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.75% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a research report on Tuesday, May 26th. Bank of America reduced their target price on PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 20th. Weiss Ratings cut PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Barclays cut their price target on PulteGroup from $115.00 to $112.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Finally, The Goldman Sachs Group increased their price objective on shares of PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $140.71.

PulteGroup Stock Down 0.5%

Shares of PHM stock opened at $117.19 on Thursday. The stock has a market cap of $22.32 billion, a P/E ratio of 11.33, a PEG ratio of 1.49 and a beta of 1.20. PulteGroup, Inc. has a 52 week low of $98.27 and a 52 week high of $144.49. 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 company’s fifty day simple moving average is $119.07 and its two-hundred day simple moving average is $124.00.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the previous year, the business earned $2.57 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. Analysts predict that PulteGroup, Inc. will post 10 EPS for the current fiscal year.

PulteGroup declared that its board has approved a stock buyback plan on Thursday, April 23rd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

PulteGroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup’s dividend payout ratio (DPR) is currently 10.06%.

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.