PulteGroup, Inc. (NYSE:PHM) Shares Sold by ABC Arbitrage SA

Key Points

• ABC Arbitrage SA significantly reduced its stake in PulteGroup, Inc. by 87.1%, selling 20,199 shares to end up with just 2,979 shares valued at $306,000.
• Other institutional investors have increased their holdings in PulteGroup, with Northern Trust Corp raising its stake by 14.9% and UBS AM increasing its stake by 9.1% in the fourth quarter.
• PulteGroup reported an earnings per share (EPS) of $3.03 for the last quarter, surpassing analysts' expectations of $2.92, despite a 4.3% decline in revenue compared to the same quarter last year.

ABC Arbitrage SA cut its holdings in PulteGroup, Inc. (NYSE:PHM - Free Report) by 87.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,979 shares of the construction company's stock after selling 20,199 shares during the period. ABC Arbitrage SA's holdings in PulteGroup were worth $306,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PHM. Ruffer LLP boosted its position in shares of PulteGroup by 45.0% during the 1st quarter. Ruffer LLP now owns 42,245 shares of the construction company's stock worth $4,343,000 after purchasing an additional 13,113 shares during the period. PNC Financial Services Group Inc. lifted its stake in PulteGroup by 3.0% during the first quarter. PNC Financial Services Group Inc. now owns 41,047 shares of the construction company's stock worth $4,220,000 after purchasing an additional 1,195 shares in the last quarter. IFG Advisory LLC boosted its position in shares of PulteGroup by 4.2% during the first quarter. IFG Advisory LLC now owns 24,976 shares of the construction company's stock worth $2,568,000 after buying an additional 1,001 shares during the period. Baker Avenue Asset Management LP grew its stake in shares of PulteGroup by 39.7% in the first quarter. Baker Avenue Asset Management LP now owns 4,022 shares of the construction company's stock valued at $413,000 after buying an additional 1,143 shares in the last quarter. Finally, EFG Asset Management Americas Corp. grew its stake in shares of PulteGroup by 1.8% in the first quarter. EFG Asset Management Americas Corp. now owns 14,168 shares of the construction company's stock valued at $1,457,000 after buying an additional 253 shares in the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PHM has been the topic of several research reports. UBS Group increased their target price on PulteGroup from $141.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Seaport Res Ptn upgraded shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company raised their price objective on shares of PulteGroup from $125.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Raymond James Financial restated an "outperform" rating and issued a $140.00 price objective (up previously from $115.00) on shares of PulteGroup in a report on Wednesday, July 23rd. Finally, Oppenheimer upped their target price on shares of PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Six research 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. Based on data from MarketBeat, PulteGroup has a consensus rating of "Moderate Buy" and a consensus price target of $134.15.

PulteGroup Stock Up 0.4%

NYSE PHM traded up $0.45 on Thursday, hitting $120.68. 1,611,086 shares of the stock were exchanged, compared to its average volume of 2,264,695. PulteGroup, Inc. has a fifty-two week low of $88.07 and a fifty-two week high of $149.47. The company has a 50-day moving average price of $108.66 and a 200-day moving average price of $105.38. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.13. The company has a market cap of $23.81 billion, a PE ratio of 9.02, a PEG ratio of 0.35 and a beta of 1.22.

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

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.