Belpointe Asset Management LLC Raises Position in PulteGroup, Inc. $PHM

Key Points

• Belpointe Asset Management LLC increased its ownership in PulteGroup, Inc. by 153.7%, acquiring a total of 8,314 shares valued at approximately $855,000.
• Multiple hedge funds have raised their positions in PulteGroup, leading to 89.90% of the stock being owned by institutional investors.
• PulteGroup reported strong quarterly earnings, with $3.03 EPS, exceeding expectations, while also announcing a $0.22 quarterly dividend.

Belpointe Asset Management LLC raised its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 153.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,314 shares of the construction company's stock after purchasing an additional 5,037 shares during the period. Belpointe Asset Management LLC's holdings in PulteGroup were worth $855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Tocqueville Asset Management L.P. raised its position in PulteGroup by 2.0% during the first quarter. Tocqueville Asset Management L.P. now owns 5,062 shares of the construction company's stock valued at $520,000 after purchasing an additional 100 shares during the period. Golden State Wealth Management LLC raised its position in PulteGroup by 15.9% during the first quarter. Golden State Wealth Management LLC now owns 909 shares of the construction company's stock valued at $93,000 after purchasing an additional 125 shares during the period. Signaturefd LLC raised its position in PulteGroup by 1.9% during the first quarter. Signaturefd LLC now owns 6,644 shares of the construction company's stock valued at $683,000 after purchasing an additional 127 shares during the period. McGlone Suttner Wealth Management Inc. raised its position in PulteGroup by 6.3% during the first quarter. McGlone Suttner Wealth Management Inc. now owns 2,234 shares of the construction company's stock valued at $230,000 after purchasing an additional 133 shares during the period. Finally, Kathmere Capital Management LLC raised its position in PulteGroup by 2.8% during the first quarter. Kathmere Capital Management LLC now owns 5,202 shares of the construction company's stock valued at $535,000 after purchasing an additional 140 shares during the period. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on PHM. JPMorgan Chase & Co. upped their price objective on PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Seaport Res Ptn upgraded PulteGroup from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 22nd. Wedbush reiterated an "outperform" rating and issued a $150.00 price target on shares of PulteGroup in a report on Wednesday, August 13th. Zacks Research upgraded PulteGroup from a "strong sell" rating to a "hold" rating in a report on Friday, August 29th. Finally, Wells Fargo & Company increased their price target on PulteGroup from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $136.46.

PulteGroup Stock Down 1.1%

Shares of NYSE:PHM opened at $137.15 on Friday. PulteGroup, Inc. has a 52-week low of $88.07 and a 52-week high of $149.47. The stock has a market cap of $27.06 billion, a P/E ratio of 10.25, a price-to-earnings-growth ratio of 0.41 and a beta of 1.27. The business's 50 day moving average is $123.37 and its 200 day moving average is $109.25. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.13.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings data 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. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.The company had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.42 billion. During the same quarter in the prior year, the firm earned $3.83 earnings per share. PulteGroup's revenue was down 4.3% compared to the same quarter last year. Sell-side analysts predict that PulteGroup, Inc. will post 12.32 EPS for the current year.

PulteGroup Dividend Announcement

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

About PulteGroup

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.

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