AQR Capital Management LLC Sells 975,654 Shares of PulteGroup, Inc. $PHM

Key Points

• AQR Capital Management LLC has significantly reduced its position in PulteGroup, Inc. by 66.9% during the first quarter, now holding 483,643 shares worth approximately $48.73 million.
• Multiple large investors have adjusted their stakes in PulteGroup, with Deutsche Bank increasing its holdings by 14.3% and Fiduciary Trust Co by 19.5%.
• PulteGroup reported earnings of $3.03 EPS for the latest quarter, surpassing expectations but experiencing a year-over-year revenue decline of 4.3%.

AQR Capital Management LLC lessened its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 66.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 483,643 shares of the construction company's stock after selling 975,654 shares during the quarter. AQR Capital Management LLC owned about 0.24% of PulteGroup worth $48,732,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WPG Advisers LLC purchased a new stake in PulteGroup in the 1st quarter worth $25,000. Ameriflex Group Inc. bought a new stake in shares of PulteGroup in the 4th quarter worth about $37,000. American National Bank & Trust bought a new position in PulteGroup during the 1st quarter valued at about $39,000. Catalyst Capital Advisors LLC bought a new position in PulteGroup during the 1st quarter valued at about $54,000. Finally, Quarry LP grew its holdings in 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 purchasing an additional 174 shares during the last quarter. Institutional investors own 89.90% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PHM. Wells Fargo & Company boosted their price objective on shares of PulteGroup from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Tuesday, September 2nd. Raymond James Financial reaffirmed an "outperform" rating and issued a $140.00 price target (up previously from $115.00) on shares of PulteGroup in a research 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. JPMorgan Chase & Co. upped their price target on shares of PulteGroup from $121.00 to $123.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Zacks Research raised shares of PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $136.46.

PulteGroup Trading Up 2.6%

NYSE PHM traded up $3.48 during trading hours on Thursday, hitting $138.89. 1,004,053 shares of the company's stock were exchanged, compared to its average volume of 2,153,870. The stock has a 50-day simple moving average of $122.22 and a 200 day simple moving average of $108.78. PulteGroup, Inc. has a 1-year low of $88.07 and a 1-year high of $149.47. The firm has a market cap of $27.40 billion, a price-to-earnings ratio of 10.36, a PEG ratio of 0.40 and a beta of 1.27. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.13.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings results 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 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%.The company's quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.83 earnings per share. On average, equities analysts forecast that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

PulteGroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 16th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 annualized dividend and a yield of 0.6%. PulteGroup's dividend payout ratio is presently 6.58%.

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.