Allspring Global Investments Holdings LLC Buys 83,979 Shares of PulteGroup, Inc. $PHM

Key Points

• Allspring Global Investments increased its PulteGroup stake by 15.7%, buying 83,979 shares in the third quarter to hold 620,536 shares worth about $72.2 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $136.76; recent recommendations ranged from Strong Buy to Hold, with one Sell rating.
• PulteGroup missed quarterly expectations, reporting EPS of $2.53 versus $2.63 expected and revenue of $3.97 billion versus $4.15 billion expected; revenue fell 9.8% year over year.

Allspring Global Investments Holdings LLC boosted its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 15.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 620,536 shares of the construction company's stock after purchasing an additional 83,979 shares during the period. Allspring Global Investments Holdings LLC owned 0.34% of PulteGroup worth $72,199,000 as of its most recent filing with the SEC.

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

Analyst Ratings Changes

PHM has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their price target on PulteGroup from $150.00 to $145.00 and set an "overweight" rating on the stock in a research report on Friday, September 11th. Benchmark raised PulteGroup to a "strong-buy" rating in a research report on Thursday, September 3rd. UBS Group decreased their target price on PulteGroup from $166.00 to $162.00 and set a "buy" rating on the stock in a report on Friday, October 23rd. Evercore reaffirmed an "outperform" rating on shares of PulteGroup in a report on Friday, September 25th. Finally, Piper Sandler cut shares of PulteGroup to a "hold" rating and set a $145.00 price target on the stock. in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $136.76.

PulteGroup Price Performance

Shares of PulteGroup stock opened at $136.03 on Tuesday. PulteGroup, Inc. has a twelve month low of $107.15 and a twelve month high of $144.49. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.14. The company has a 50-day simple moving average of $119.73 and a two-hundred day simple moving average of $124.25. The stock has a market capitalization of $25.04 billion, a price-to-earnings ratio of 14.05, a price-to-earnings-growth ratio of 2.28 and a beta of 1.17.

PulteGroup (NYSE:PHM - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The construction company reported $2.53 earnings per share for the quarter, missing analysts' consensus estimates of $2.63 by ($0.10). The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.15 billion. PulteGroup had a net margin of 11.24% and a return on equity of 14.29%. The firm's quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.96 earnings per share. Analysts forecast that PulteGroup, Inc. will post 9.37 EPS for the current year.

PulteGroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th were given a $0.26 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. PulteGroup's payout ratio is presently 11.11%.

PulteGroup Company Profile

PulteGroup, Inc is a U.S. homebuilding company that develops and builds residential communities. Its brands include Pulte Homes, Centex, Del Webb, DiVosta and John Wieland Homes and Neighborhoods, serving a range of buyers from first-time homeowners to active adults.

The company traces its origins to 1950, when founder William J. Pulte began building homes in the Detroit area. PulteGroup has since expanded its homebuilding operations across numerous markets in the United States.

In addition to constructing and selling homes, PulteGroup offers mortgage lending and related services through Pulte Mortgage and affiliated businesses.

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