Assetmark Inc. Increases Holdings in PulteGroup, Inc. $PHM

Key Points

• Assetmark Inc. increased its stake in PulteGroup by 5.7% in Q4 to 633,320 shares (about 0.32% ownership) valued at roughly $74.26 million.
• Insiders have been net sellers: the COO and a VP sold shares in February, and insiders disposed of 149,952 shares worth about $20.16 million over the past 90 days, leaving insiders with just 0.75% ownership.
• Analyst outlook is a "Moderate Buy" with an average price target of $140.21; PulteGroup trades near $121.77, has a $23.33 billion market cap, a P/E of 10.95, and pays a $1.04 annual dividend (0.9% yield).

Assetmark Inc. increased its stake in PulteGroup, Inc. (NYSE:PHM - Free Report) by 5.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 633,320 shares of the construction company's stock after purchasing an additional 33,929 shares during the quarter. Assetmark Inc. owned about 0.32% of PulteGroup worth $74,263,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Rexford Capital Inc. purchased a new position in shares of PulteGroup in the second quarter valued at $35,000. Private Wealth Management Group LLC grew its position in shares of PulteGroup by 281.7% in the third quarter. Private Wealth Management Group LLC now owns 271 shares of the construction company's stock valued at $36,000 after purchasing an additional 200 shares in the last quarter. Beacon Financial Strategies CORP purchased a new position in shares of PulteGroup in the fourth quarter valued at $40,000. True Wealth Design LLC boosted its stake in PulteGroup by 229.6% during the third quarter. True Wealth Design LLC now owns 356 shares of the construction company's stock valued at $47,000 after buying an additional 248 shares during the period. Finally, Fulcrum Asset Management LLP bought a new stake in PulteGroup during the third quarter valued at $47,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

PulteGroup Trading Up 1.2%

Shares of PHM stock opened at $121.77 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $127.41 and a two-hundred day moving average price of $125.09. PulteGroup, Inc. has a 12-month low of $91.76 and a 12-month high of $144.49. The firm has a market cap of $23.33 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33.

PulteGroup Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Shareholders of record on Tuesday, March 17th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.04 annualized dividend and a yield of 0.9%. PulteGroup's payout ratio is 9.35%.

Insider Activity

In other PulteGroup news, COO Matthew William Koart sold 15,309 shares of PulteGroup stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $135.79, for a total transaction of $2,078,809.11. Following the completion of the sale, the chief operating officer owned 42,418 shares of the company's stock, valued at $5,759,940.22. The trade was a 26.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Brien P. O'meara sold 4,000 shares of PulteGroup stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $135.51, for a total value of $542,040.00. Following the sale, the vice president directly owned 8,601 shares of the company's stock, valued at approximately $1,165,521.51. This trade represents a 31.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 149,952 shares of company stock valued at $20,162,165. 0.75% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PHM shares. Raymond James Financial reissued an "outperform" rating and set a $145.00 price objective on shares of PulteGroup in a research note on Wednesday, February 4th. Oppenheimer reissued an "outperform" rating and set a $149.00 price objective (up from $140.00) on shares of PulteGroup in a research note on Friday, January 30th. Truist Financial started coverage on PulteGroup in a research note on Wednesday, March 4th. They set a "buy" rating and a $170.00 price objective for the company. The Goldman Sachs Group dropped their price objective on PulteGroup from $150.00 to $133.00 and set a "neutral" rating for the company in a research note on Friday. Finally, Seaport Research Partners reissued a "sell" rating and set a $100.00 price objective (down from $155.00) on shares of PulteGroup in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $140.21.

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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