Bank of New York Mellon Corp Has $172.79 Million Stake in PulteGroup, Inc. $PHM

Bank of New York Mellon Corp trimmed its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 6.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,469,176 shares of the construction company’s stock after selling 100,963 shares during the quarter. Bank of New York Mellon Corp’s holdings in PulteGroup were worth $172,790,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PHM. Cedar Mountain Advisors LLC boosted its position in shares of PulteGroup by 1,650.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 210 shares of the construction company’s stock worth $25,000 after purchasing an additional 198 shares during the last quarter. NFSG Corp bought a new position in PulteGroup during the first quarter worth about $29,000. Rachor Investment Advisory Services LLC acquired a new position in shares of PulteGroup during the 4th quarter worth about $31,000. DV Equities LLC acquired a new position in shares of PulteGroup during the 4th quarter worth about $32,000. Finally, HHM Wealth Advisors LLC grew its position in shares of PulteGroup by 158.5% during the 1st quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company’s stock worth $32,000 after buying an additional 168 shares during the period. 89.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PHM shares. Wells Fargo & Company increased their price target on shares of PulteGroup from $140.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Seaport Research Partners restated a “sell” rating and set a $100.00 price objective (down from $155.00) on shares of PulteGroup in a report on Tuesday, April 7th. Oppenheimer reaffirmed an “outperform” rating on shares of PulteGroup in a research note on Tuesday, May 26th. Barclays increased their target price on shares of PulteGroup from $112.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, The Goldman Sachs Group lifted their price target on shares of PulteGroup from $133.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.21.

PulteGroup Trading Down 2.4%

NYSE PHM opened at $125.92 on Friday. The firm has a market cap of $23.99 billion, a P/E ratio of 12.18, a P/E/G 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 stock’s 50-day moving average is $122.92 and its 200-day moving average is $124.99. PulteGroup, Inc. has a one year low of $107.91 and a one year high of $144.49.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the prior year, the firm posted $2.57 earnings per share. PulteGroup’s revenue for the quarter was down 12.4% compared to the same quarter last year. Sell-side analysts anticipate that PulteGroup, Inc. will post 9.95 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

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

PulteGroup declared that its board has initiated a share buyback program on Thursday, April 23rd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $117.18, for a total value of $391,264.02. Following the transaction, the director owned 3,540 shares of the company’s stock, valued at approximately $414,817.20. The trade was a 48.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were 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 owned 28,100 shares of the company’s stock, valued at $3,372,000. This trade represents a 20.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.75% of the company’s stock.

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.