Allspring Global Investments Holdings LLC Acquires 30,051 Shares of PulteGroup, Inc. $PHM

Allspring Global Investments Holdings LLC increased its holdings in PulteGroup, Inc. (NYSE:PHM) by 6.8% during the first quarter, Holdings Channel.com reports. The firm owned 473,295 shares of the construction company’s stock after acquiring an additional 30,051 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PulteGroup were worth $55,446,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in PulteGroup in the first quarter worth $10,133,000. Illinois Municipal Retirement Fund increased its holdings in shares of PulteGroup by 2.6% in the first quarter. Illinois Municipal Retirement Fund now owns 79,890 shares of the construction company’s stock worth $9,396,000 after buying an additional 2,028 shares during the period. NFSG Corp purchased a new position in shares of PulteGroup in the first quarter worth about $29,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of PulteGroup by 9.8% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 107,852 shares of the construction company’s stock worth $12,708,000 after buying an additional 9,600 shares during the period. Finally, Sanctuary Advisors LLC lifted its stake in shares of PulteGroup by 0.7% in the 1st quarter. Sanctuary Advisors LLC now owns 84,736 shares of the construction company’s stock valued at $9,966,000 after acquiring an additional 596 shares during the last quarter. 89.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on PHM. Barclays increased their target price on PulteGroup from $112.00 to $123.00 and gave the company an “equal weight” rating in a report on Tuesday. Oppenheimer reiterated an “outperform” rating on shares of PulteGroup in a research report on Tuesday, May 26th. Zacks Research upgraded PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Bank of America dropped their price objective on PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Seaport Research Partners restated a “sell” rating and issued a $100.00 target price (down from $155.00) on shares of PulteGroup in a report on Tuesday, April 7th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, PulteGroup currently has an average rating of “Moderate Buy” and an average target price of $142.21.

PulteGroup Stock Down 2.4%

NYSE PHM opened at $125.92 on Friday. PulteGroup, Inc. has a 1 year low of $107.91 and a 1 year high of $144.49. The stock has a market capitalization of $23.99 billion, a PE ratio of 12.18, a PEG ratio of 1.61 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. The business’s 50-day moving average is $122.92 and its 200 day moving average is $124.99.

PulteGroup (NYSE:PHM) last released its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS 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 business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same period in the previous year, the company earned $2.57 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. Sell-side analysts forecast that PulteGroup, Inc. will post 9.95 earnings per share for the current year.

PulteGroup Dividend Announcement

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

PulteGroup announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at PulteGroup

In related news, Director Lila Snyder sold 3,339 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the transaction, the director owned 3,540 shares in the company, valued at $414,817.20. This represents a 48.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the completion of the sale, the chief operating officer directly owned 28,100 shares of the company’s stock, valued at $3,372,000. The trade was a 20.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is currently owned by insiders.

PulteGroup Company 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.