Norden Group LLC Purchases New Shares in PulteGroup, Inc. (NYSE:PHM)

Key Points

• Norden Group LLC acquired 3,698 shares of PulteGroup, Inc. valued at approximately $380,000, reflecting growing interest from institutional investors in the construction company.
• Analysts have set new price targets for PulteGroup, with estimates ranging from $98.00 to $140.00, as the company reports mixed earnings performance, including a year-over-year revenue decline of 4.3%.
• PulteGroup's recent earnings report showed $3.03 EPS, exceeding expectations, although the company has faced a decrease in revenue compared to the previous year.

Norden Group LLC bought a new stake in PulteGroup, Inc. (NYSE:PHM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,698 shares of the construction company's stock, valued at approximately $380,000.

A number of other hedge funds have also made changes to their positions in the stock. Mackenzie Financial Corp lifted its stake in PulteGroup by 2.0% in the first quarter. Mackenzie Financial Corp now owns 364,118 shares of the construction company's stock valued at $37,431,000 after acquiring an additional 7,181 shares during the last quarter. Inlet Private Wealth LLC lifted its stake in shares of PulteGroup by 2.6% in the 1st quarter. Inlet Private Wealth LLC now owns 15,135 shares of the construction company's stock valued at $1,556,000 after purchasing an additional 385 shares during the last quarter. Bellwether Advisors LLC increased its position in PulteGroup by 4,206.3% during the first quarter. Bellwether Advisors LLC now owns 6,201 shares of the construction company's stock worth $637,000 after buying an additional 6,057 shares during the last quarter. Inspire Advisors LLC raised its holdings in PulteGroup by 5.7% during the first quarter. Inspire Advisors LLC now owns 9,566 shares of the construction company's stock valued at $983,000 after buying an additional 515 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PulteGroup by 26.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 433,815 shares of the construction company's stock worth $44,596,000 after acquiring an additional 89,976 shares in the last quarter. 89.90% of the stock is owned by hedge funds and other institutional investors.

PulteGroup Stock Up 3.4%

PHM traded up $3.83 during trading on Friday, hitting $116.75. 2,028,856 shares of the company's stock were exchanged, compared to its average volume of 2,265,515. PulteGroup, Inc. has a fifty-two week low of $88.07 and a fifty-two week high of $149.47. The stock has a market cap of $23.03 billion, a P/E ratio of 8.73, a PEG ratio of 0.33 and a beta of 1.22. The business's 50 day moving average is $106.55 and its two-hundred day moving average is $105.25. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.13.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 EPS for the quarter, topping analysts' consensus estimates of $2.92 by $0.11. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%. PulteGroup's quarterly revenue was down 4.3% compared to the same quarter last year. During the same period last year, the company posted $3.83 earnings per share. As a group, equities analysts expect that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Wedbush reaffirmed an "outperform" rating and issued a $135.00 price target on shares of PulteGroup in a research report on Tuesday, April 22nd. Oppenheimer upped their price target on PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Seaport Res Ptn raised shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 22nd. Citigroup boosted their price objective on shares of PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Finally, UBS Group lifted their target price on PulteGroup from $141.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $134.15.

PulteGroup 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.