Aster Capital Management DIFC Ltd Trims Stock Holdings in PulteGroup, Inc. $PHM

Key Points

• Aster Capital Management DIFC Ltd slashed its PulteGroup stake by 85.8% in the fourth quarter, selling 15,272 shares and leaving it with 2,521 shares worth about $296,000.
• PulteGroup reported mixed quarterly results, missing EPS estimates by a penny at $1.79 while revenue of $3.41 billion came in roughly in line with expectations, though revenue fell 12.4% from a year earlier.
• The company’s board approved a $1.5 billion stock buyback and declared a quarterly dividend of $0.26 per share, while analysts currently rate the stock a consensus Moderate Buy with a $140.71 price target.

Aster Capital Management DIFC Ltd decreased its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 85.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,521 shares of the construction company's stock after selling 15,272 shares during the period. Aster Capital Management DIFC Ltd's holdings in PulteGroup were worth $296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its position in shares of PulteGroup by 2.4% in the fourth quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company's stock worth $67,387,000 after acquiring an additional 13,259 shares during the period. Concurrent Investment Advisors LLC raised its position in shares of PulteGroup by 166.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 16,753 shares of the construction company's stock worth $1,964,000 after acquiring an additional 10,467 shares during the period. Dorato Capital Management acquired a new position in shares of PulteGroup in the fourth quarter worth about $2,625,000. EFG Asset Management Americas Corp. raised its position in shares of PulteGroup by 351.9% in the third quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company's stock worth $6,177,000 after acquiring an additional 36,407 shares during the period. Finally, Ritholtz Wealth Management raised its position in shares of PulteGroup by 43.2% in the fourth quarter. Ritholtz Wealth Management now owns 91,473 shares of the construction company's stock worth $10,726,000 after acquiring an additional 27,590 shares during the period. Hedge funds and other institutional investors own 89.90% of the company's stock.

PulteGroup Stock Performance

Shares of PHM stock opened at $124.74 on Wednesday. The firm's 50 day moving average price is $119.86 and its 200-day moving average price is $124.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. PulteGroup, Inc. has a one year low of $98.27 and a one year high of $144.49. The firm has a market cap of $23.76 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.56 and a beta of 1.20.

PulteGroup (NYSE:PHM - Get Free Report) last released its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same quarter last year, the company earned $2.57 earnings per share. PulteGroup's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities research analysts predict that PulteGroup, Inc. will post 10 EPS for the current year.

PulteGroup announced that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

PulteGroup Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 16th. PulteGroup's dividend payout ratio (DPR) is 10.06%.

Insiders Place Their Bets

In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of the firm'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 transaction, the chief operating officer directly owned 28,100 shares of the company's stock, valued at approximately $3,372,000. This trade represents a 20.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the sale, the director directly owned 3,540 shares in the company, valued at approximately $414,817.20. The trade was a 48.54% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.75% of the company's stock.

Wall Street Analyst Weigh In

PHM has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of PulteGroup from $132.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Seaport Research Partners restated a "sell" rating and set a $100.00 price target (down from $155.00) on shares of PulteGroup in a research report on Tuesday, April 7th. Zacks Research upgraded shares of PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Weiss Ratings downgraded shares of PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a research report on Monday, April 27th. Finally, Oppenheimer restated an "outperform" rating on shares of PulteGroup in a research report on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, PulteGroup currently has an average rating of "Moderate Buy" and a consensus price target of $140.71.

PulteGroup Profile

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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