PulteGroup (NYSE:PHM) Stock Gets Price Target Increase from Citigroup

Key Points

• Citigroup raised its PulteGroup price target from $122 to $127 while maintaining a “neutral” rating, implying approximately 4.77% upside from the reported share price of $121.22.
• Analyst sentiment is broadly positive but mixed: PulteGroup has an overall “Moderate Buy” rating and an average price target of $137.24, supported by Buy, Strong Buy and Hold recommendations.
• PulteGroup’s latest quarterly results fell short of expectations, with EPS of $2.53 versus $2.63 expected and revenue of $3.97 billion versus $4.15 billion estimated; revenue declined 9.8% year over year.

PulteGroup (NYSE:PHM - Get Free Report) had its price target increased by analysts at Citigroup from $122.00 to $127.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "neutral" rating on the construction company's stock. Citigroup's price target points to a potential upside of 4.77% from the company's current price.

Several other brokerages have also weighed in on PHM. Benchmark raised PulteGroup to a "strong-buy" rating in a report on Thursday, September 3rd. Truist Financial cut their price objective on PulteGroup from $145.00 to $136.00 and set a "buy" rating on the stock in a report on Wednesday, September 16th. Weiss Ratings upgraded PulteGroup from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 16th. Evercore reissued an "outperform" rating on shares of PulteGroup in a research report on Friday, September 25th. Finally, Wells Fargo & Company decreased their price objective on shares of PulteGroup from $150.00 to $145.00 and set an "overweight" rating on the stock in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, PulteGroup has an average rating of "Moderate Buy" and an average target price of $137.24.

PulteGroup Stock Performance

Shares of PHM traded up $0.03 during mid-day trading on Monday, hitting $121.22. The stock had a trading volume of 1,146,680 shares, compared to its average volume of 1,816,159. The company has a market cap of $22.32 billion, a PE ratio of 12.94, a PEG ratio of 1.69 and a beta of 1.16. The company's fifty day simple moving average is $119.81 and its two-hundred day simple moving average is $122.72. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.14. PulteGroup has a fifty-two week low of $107.15 and a fifty-two week high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The construction company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.10). The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.15 billion. PulteGroup had a return on equity of 14.29% and a net margin of 11.24%. The business's quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.96 earnings per share. On average, equities analysts expect that PulteGroup will post 9.98 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in shares of PulteGroup in the second quarter valued at $189,931,000. Amundi grew its stake in shares of PulteGroup by 28.6% during the first quarter. Amundi now owns 1,438,508 shares of the construction company's stock valued at $169,183,000 after purchasing an additional 319,617 shares during the last quarter. First Trust Advisors LP grew its holdings in PulteGroup by 7.8% during the 1st quarter. First Trust Advisors LP now owns 4,314,501 shares of the construction company's stock worth $507,428,000 after acquiring an additional 313,581 shares during the period. State Street Corp raised its stake in PulteGroup by 3.2% during the 2nd quarter. State Street Corp now owns 9,174,111 shares of the construction company's stock worth $1,261,092,000 after buying an additional 288,054 shares during the period. Finally, iA Global Asset Management Inc. bought a new position in PulteGroup during the 2nd quarter worth about $38,937,000. 89.90% of the stock is currently owned by institutional investors and hedge funds.

PulteGroup Company Profile

PulteGroup, Inc is a major U.S. homebuilding company that designs, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its operations include land acquisition and development, home construction, sales and marketing, and customer service.

The company markets homes under several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West. Through these brands, PulteGroup offers a variety of single-family home designs and communities, with products tailored to different price points, lifestyles and stages of homeownership.

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