Allspring Global Investments Holdings LLC Increases Stake in PulteGroup, Inc. $PHM

Key Points

• Allspring Global Investments Holdings LLC increased its stake in PulteGroup, Inc. by 16.4% in the second quarter, owning approximately 833,512 shares worth $91.6 million.
• PulteGroup reported a quarterly EPS of $3.03, beating analysts' expectations, though revenue decreased 4.3% year-over-year.
• The company recently declared a quarterly dividend of $0.22 per share, leading to an annualized yield of 0.7%.

Allspring Global Investments Holdings LLC increased its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 16.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 833,512 shares of the construction company's stock after acquiring an additional 117,729 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.42% of PulteGroup worth $91,636,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PHM. WPG Advisers LLC bought a new position in PulteGroup in the 1st quarter worth about $25,000. Hager Investment Management Services LLC boosted 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 worth $44,000 after purchasing an additional 105 shares during the period. Catalyst Capital Advisors LLC bought a new position in PulteGroup in the 1st quarter worth about $54,000. REAP Financial Group LLC boosted its stake in PulteGroup by 188.1% in the 2nd quarter. REAP Financial Group LLC now owns 533 shares of the construction company's stock worth $56,000 after purchasing an additional 348 shares during the period. Finally, Quarry LP boosted its position in shares of PulteGroup by 43.8% during the 1st quarter. Quarry LP now owns 571 shares of the construction company's stock valued at $59,000 after acquiring an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 89.90% of the company's stock.

PulteGroup Stock Performance

NYSE:PHM opened at $120.21 on Tuesday. The business has a 50 day moving average of $130.53 and a 200 day moving average of $113.17. The company has a market capitalization of $23.72 billion, a price-to-earnings ratio of 8.98, a PEG ratio of 0.35 and a beta of 1.29. PulteGroup, Inc. has a 1-year low of $88.07 and a 1-year high of $149.47. 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 (NYSE:PHM - Get Free Report) last announced 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 analysts' expectations of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.The business's quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.83 EPS. On average, sell-side analysts predict that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 16th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, September 16th. PulteGroup's payout ratio is 6.58%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PHM. Seaport Res Ptn upgraded PulteGroup from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 22nd. Evercore ISI set a $154.00 price target on PulteGroup and gave the company an "in-line" rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a "hold (c+)" rating on shares of PulteGroup in a research report on Wednesday, October 8th. Oppenheimer lifted their price target on PulteGroup from $132.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Citigroup lifted their price target on PulteGroup from $132.00 to $143.00 and gave the company a "neutral" rating in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, PulteGroup presently has a consensus rating of "Moderate Buy" and a consensus target price of $136.92.

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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