Wedbush Raises PulteGroup (PHM) Price Target to $35.00

PulteGroup (NYSE:PHM) had its price target upped by research analysts at Wedbush from $27.00 to $35.00 in a research report issued on Friday. The brokerage presently has a “neutral” rating on the construction company’s stock. Wedbush’s price objective suggests a potential upside of 3.80% from the company’s current price.

Several other research analysts have also recently weighed in on PHM. B. Riley restated a “buy” rating on shares of PulteGroup in a report on Wednesday, November 1st. Zacks Investment Research cut PulteGroup from a “hold” rating to a “sell” rating in a report on Wednesday. Bank of America set a $34.00 target price on PulteGroup and gave the stock a “buy” rating in a report on Wednesday, October 25th. Royal Bank of Canada restated a “buy” rating and set a $28.00 target price on shares of PulteGroup in a report on Monday, September 25th. Finally, Barclays set a $26.00 target price on PulteGroup and gave the stock a “hold” rating in a report on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. PulteGroup presently has an average rating of “Hold” and an average target price of $31.00.

Shares of PulteGroup (NYSE:PHM) traded up $0.20 during trading on Friday, hitting $33.72. The stock had a trading volume of 1,487,800 shares, compared to its average volume of 5,020,243. The firm has a market cap of $9,910.00, a PE ratio of 16.53, a P/E/G ratio of 0.90 and a beta of 1.20. PulteGroup has a fifty-two week low of $18.18 and a fifty-two week high of $34.60. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.72.

PulteGroup (NYSE:PHM) last issued its earnings results on Tuesday, October 24th. The construction company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.30 billion. PulteGroup had a return on equity of 14.38% and a net margin of 7.77%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 EPS. research analysts forecast that PulteGroup will post 2.2 earnings per share for the current fiscal year.

In other PulteGroup news, CFO Robert Oshaughnessy sold 92,800 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $33.89, for a total value of $3,144,992.00. Following the sale, the chief financial officer now owns 363,722 shares of the company’s stock, valued at $12,326,538.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James R. Ellinghausen sold 67,490 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were 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 sold 297,202 shares of company stock worth $9,394,580 over the last quarter. 0.71% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PHM. Tower Research Capital LLC TRC raised its position in PulteGroup by 3.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,086 shares of the construction company’s stock valued at $100,000 after purchasing an additional 148 shares during the period. Invictus RG raised its position in PulteGroup by 1,473.4% in the third quarter. Invictus RG now owns 4,264 shares of the construction company’s stock valued at $117,000 after purchasing an additional 3,993 shares during the period. Fieldpoint Private Securities LLC purchased a new stake in PulteGroup in the third quarter valued at approximately $150,000. Northwestern Mutual Wealth Management Co. raised its position in PulteGroup by 7.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,845 shares of the construction company’s stock valued at $168,000 after purchasing an additional 465 shares during the period. Finally, Koch Industries Inc. purchased a new stake in PulteGroup in the second quarter valued at approximately $220,000. 84.53% of the stock is currently owned by institutional investors.

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PulteGroup Company Profile

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.