Bank of New York Mellon Corp Acquires New Stake in PulteGroup, Inc. $PHM

Key Points

• Bank of New York Mellon acquired 1.38 million PulteGroup shares worth approximately $189.9 million, giving it a 0.74% stake. Institutional investors and hedge funds collectively own 89.9% of the company.
• PulteGroup beat quarterly earnings expectations, reporting EPS of $2.48 versus the $2.36 consensus and revenue of $3.98 billion, although revenue fell 9.6% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $143.14 price target, compared with the stock’s recent $129.00 price.

Bank of New York Mellon Corp acquired a new position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,384,237 shares of the construction company's stock, valued at approximately $189,931,000. Bank of New York Mellon Corp owned approximately 0.74% of PulteGroup at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Focus Partners Wealth raised its position in shares of PulteGroup by 20.5% in the first quarter. Focus Partners Wealth now owns 12,517 shares of the construction company's stock valued at $1,287,000 after buying an additional 2,128 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in PulteGroup by 197.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,212 shares of the construction company's stock valued at $128,000 after acquiring an additional 804 shares during the last quarter. Guggenheim Capital LLC lifted its stake in shares of PulteGroup by 12.9% during the 2nd quarter. Guggenheim Capital LLC now owns 8,519 shares of the construction company's stock worth $898,000 after purchasing an additional 975 shares during the period. Baird Financial Group Inc. lifted its stake in shares of PulteGroup by 8.0% during the 2nd quarter. Baird Financial Group Inc. now owns 29,060 shares of the construction company's stock worth $3,065,000 after purchasing an additional 2,164 shares during the period. Finally, Cerity Partners LLC boosted its holdings in shares of PulteGroup by 17.6% during the second quarter. Cerity Partners LLC now owns 41,677 shares of the construction company's stock worth $4,395,000 after purchasing an additional 6,240 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

Insider Activity at PulteGroup

In related news, COO Matthew William Koart sold 7,457 shares of PulteGroup 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 owned 28,100 shares in the company, valued at approximately $3,372,000. The trade was a 20.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.75% of the company's stock.

PulteGroup Stock Up 1.0%

Shares of NYSE:PHM opened at $129.00 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.78 and a current ratio of 0.78. PulteGroup, Inc. has a 1 year low of $108.49 and a 1 year high of $144.49. The stock has a market capitalization of $24.18 billion, a P/E ratio of 13.18, a PEG ratio of 1.60 and a beta of 1.19. The stock has a 50-day simple moving average of $129.05 and a 200-day simple moving average of $125.70.

PulteGroup (NYSE:PHM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The construction company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.36 by $0.12. PulteGroup had a net margin of 11.62% and a return on equity of 15.21%. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same quarter last year, the firm posted $3.03 earnings per share. PulteGroup's revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts forecast that PulteGroup, Inc. will post 10.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PHM. Evercore reaffirmed an "outperform" rating and issued a $162.00 price objective on shares of PulteGroup in a research report on Thursday, July 23rd. Citigroup reissued a "market outperform" rating on shares of PulteGroup in a research note on Tuesday. Weiss Ratings upgraded PulteGroup from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday. UBS Group reaffirmed a "buy" rating and set a $166.00 price objective on shares of PulteGroup in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada increased their price objective on shares of PulteGroup from $115.00 to $116.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $143.14.

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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