Assenagon Asset Management S.A. Has $22.34 Million Stock Holdings in PulteGroup, Inc. $PHM

Key Points

• Assenagon Asset Management cut its PulteGroup position by 50.6% in the second quarter, selling 167,032 shares and retaining 162,798 shares worth approximately $22.34 million. Institutional investors collectively own about 89.9% of PHM.
• PulteGroup exceeded quarterly expectations with $2.48 earnings per share versus the $2.36 consensus and $3.98 billion in revenue, though revenue declined 9.6% year over year.
• The company authorized a $1.5 billion share-repurchase program, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $143.14.

Assenagon Asset Management S.A. cut its position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 50.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 162,798 shares of the construction company's stock after selling 167,032 shares during the period. Assenagon Asset Management S.A. owned about 0.09% of PulteGroup worth $22,338,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. CoreCap Advisors LLC boosted its position in shares of PulteGroup by 1.1% during the 2nd quarter. CoreCap Advisors LLC now owns 7,372 shares of the construction company's stock valued at $1,012,000 after acquiring an additional 79 shares in the last quarter. CX Institutional raised its holdings in shares of PulteGroup by 19.6% in the 2nd quarter. CX Institutional now owns 3,698 shares of the construction company's stock worth $507,000 after buying an additional 605 shares in the last quarter. Western Wealth Management LLC acquired a new position in shares of PulteGroup in the 1st quarter worth approximately $130,000. Pacer Advisors Inc. lifted its position in shares of PulteGroup by 18.9% during the 1st quarter. Pacer Advisors Inc. now owns 875,147 shares of the construction company's stock worth $102,926,000 after buying an additional 139,226 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd acquired a new stake in shares of PulteGroup in the 1st quarter valued at $2,599,000. Institutional investors and hedge funds own 89.90% of the company's stock.

Insider Transactions at PulteGroup

In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the completion of the sale, the chief operating officer owned 28,100 shares in the company, valued at approximately $3,372,000. The trade was a 20.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.75% of the company's stock.

PulteGroup Price Performance

PulteGroup stock opened at $132.87 on Monday. The business's 50-day simple moving average is $127.08 and its 200 day simple moving average is $125.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.14. The stock has a market cap of $24.91 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 1.65 and a beta of 1.19. PulteGroup, Inc. has a 12-month low of $108.49 and a 12-month high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.12. PulteGroup had a return on equity of 15.21% and a net margin of 11.62%.The firm had revenue of $3.98 billion during the quarter, compared to analysts' expectations of $3.94 billion. During the same period in the previous year, the business posted $3.03 EPS. The company's quarterly revenue was down 9.6% compared to the same quarter last year. As a group, research analysts anticipate that PulteGroup, Inc. will post 10.08 earnings per share for the current year.

PulteGroup announced that its board has approved a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to buy up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PHM. The Goldman Sachs Group boosted their price target on shares of PulteGroup from $133.00 to $142.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Weiss Ratings raised shares of PulteGroup from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 23rd. Oppenheimer reaffirmed an "outperform" rating on shares of PulteGroup in a report on Tuesday, May 26th. Royal Bank Of Canada lifted their price objective on PulteGroup from $115.00 to $116.00 and gave the company a "sector perform" rating in a research report on Thursday, July 23rd. Finally, Zacks Research raised PulteGroup from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.14.

About PulteGroup

PulteGroup, Inc NYSE: PHM is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.

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