Assenagon Asset Management S.A. Grows Stake in PulteGroup, Inc. $PHM

Assenagon Asset Management S.A. boosted its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 219.9% during the 1st quarter, HoldingsChannel reports. The fund owned 329,830 shares of the construction company’s stock after purchasing an additional 226,723 shares during the period. Assenagon Asset Management S.A.’s holdings in PulteGroup were worth $38,791,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PHM. Norges Bank purchased a new position in shares of PulteGroup in the 4th quarter worth approximately $466,653,000. Price T Rowe Associates Inc. MD raised its stake in shares of PulteGroup by 126.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,284,197 shares of the construction company’s stock valued at $502,366,000 after acquiring an additional 2,392,580 shares during the period. American Century Companies Inc. raised its stake in shares of PulteGroup by 120.4% in the third quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock valued at $225,024,000 after acquiring an additional 930,287 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of PulteGroup by 5,485.0% in the 4th quarter. Public Sector Pension Investment Board now owns 930,622 shares of the construction company’s stock worth $109,125,000 after acquiring an additional 913,959 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of PulteGroup by 5.1% in the 4th quarter. Franklin Resources Inc. now owns 13,555,304 shares of the construction company’s stock worth $1,589,495,000 after acquiring an additional 655,033 shares during the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PulteGroup

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

PulteGroup Trading Up 1.4%

PHM opened at $137.74 on Friday. PulteGroup, Inc. has a 12 month low of $104.04 and a 12 month high of $144.49. The stock has a fifty day moving average price of $121.34 and a 200-day moving average price of $124.30. The firm has a market cap of $26.24 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.73 and a beta of 1.20. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14.

PulteGroup (NYSE:PHM) last posted its earnings results 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). The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.40 billion. PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. PulteGroup’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.57 EPS. As a group, equities research analysts anticipate that PulteGroup, Inc. will post 9.95 earnings per share for the current fiscal year.

PulteGroup announced that its Board of Directors has authorized a share buyback program on Thursday, April 23rd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

PulteGroup Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. PulteGroup’s dividend payout ratio is presently 10.06%.

Analysts Set New Price Targets

PHM has been the topic of several analyst reports. UBS Group upped their price target on shares of PulteGroup from $159.00 to $162.00 and gave the company a “buy” rating in a report on Friday, April 24th. Weiss Ratings downgraded shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Oppenheimer restated an “outperform” rating on shares of PulteGroup in a research report on Tuesday, May 26th. Citigroup upped their target price on PulteGroup from $136.00 to $138.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Finally, Wells Fargo & Company increased their price target on PulteGroup from $132.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.71.

PulteGroup 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.