Bank of America Cuts PulteGroup (NYSE:PHM) Price Target to $140.00

Key Points

• Bank of America has lowered PulteGroup's price target from $145.00 to $140.00 while maintaining a buy rating, indicating a potential upside of 15.55% from its current price.
• Other analysts have given varied ratings, with Seaport Res Ptn upgrading to "strong-buy" and Wells Fargo raising their target from $135.00 to $150.00.
• PulteGroup's stock has seen a minor decline of 0.2% to $121.16, with a market cap of $23.90 billion and a recent quarterly EPS of $3.03, which exceeded forecasts.

PulteGroup (NYSE:PHM - Get Free Report) had its target price lowered by analysts at Bank of America from $145.00 to $140.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Bank of America's target price points to a potential upside of 15.55% from the company's current price.

Several other analysts have also recently weighed in on the stock. Seaport Res Ptn raised shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 22nd. Oppenheimer raised their price objective on shares of PulteGroup from $132.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Wells Fargo & Company raised their price objective on shares of PulteGroup from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. JPMorgan Chase & Co. raised their price target on PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada raised their target price on PulteGroup from $109.00 to $112.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $136.92.

PulteGroup Stock Down 0.2%

Shares of NYSE PHM traded down $0.25 during mid-day trading on Friday, hitting $121.16. The company had a trading volume of 699,190 shares, compared to its average volume of 2,147,851. The company has a market capitalization of $23.90 billion, a PE ratio of 9.04, a price-to-earnings-growth ratio of 0.38 and a beta of 1.29. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77. PulteGroup has a 1-year low of $88.07 and a 1-year high of $149.47. The business's 50-day simple moving average is $130.46 and its 200 day simple moving average is $112.83.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The construction company reported $3.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.11. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.The company's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the firm earned $3.83 earnings per share. On average, analysts predict that PulteGroup will post 12.32 earnings per share for the current year.

Hedge Funds Weigh In On PulteGroup

Institutional investors have recently modified their holdings of the business. WPG Advisers LLC acquired a new position in shares of PulteGroup in the 1st quarter valued at $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of PulteGroup in the second quarter valued at approximately $32,000. Rexford Capital Inc. acquired a new position in PulteGroup in the 2nd quarter valued at $35,000. Hager Investment Management Services LLC increased its stake in PulteGroup by 33.3% in the 2nd quarter. Hager Investment Management Services LLC now owns 420 shares of the construction company's stock valued at $44,000 after buying an additional 105 shares during the period. Finally, Catalyst Capital Advisors LLC acquired a new position in PulteGroup in the 1st quarter valued at $54,000. 89.90% of the stock is owned by institutional investors and hedge funds.

PulteGroup Company Profile

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.

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