CIBC Asset Management Inc Boosts Stock Holdings in PulteGroup, Inc. $PHM

Key Points

• CIBC Asset Management increased its PulteGroup stake by 59.6% in the fourth quarter, buying 17,258 additional shares and bringing its total holding to 46,224 shares worth about $5.42 million.
• PulteGroup reported quarterly earnings of $1.79 per share, slightly missing analyst expectations, while revenue came in at $3.41 billion, roughly in line with forecasts but down 12.4% year over year.
• The company also announced a $1.5 billion share buyback and a quarterly dividend of $0.26 per share, while analysts currently hold a Moderate Buy consensus with an average price target of $140.71.

CIBC Asset Management Inc boosted its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 59.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,224 shares of the construction company's stock after purchasing an additional 17,258 shares during the period. CIBC Asset Management Inc's holdings in PulteGroup were worth $5,420,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB lifted its position in shares of PulteGroup by 2.4% during 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 in the last quarter. Dorato Capital Management purchased a new stake in shares of PulteGroup during the fourth quarter worth $2,625,000. 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 buying an additional 10,467 shares in the last quarter. 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 buying an additional 36,407 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of PulteGroup by 16.1% in the third quarter. Envestnet Asset Management Inc. now owns 371,228 shares of the construction company's stock worth $49,050,000 after buying an additional 51,506 shares in the last quarter. Hedge funds and other institutional investors own 89.90% of the company's stock.

PulteGroup Stock Up 0.3%

Shares of NYSE:PHM opened at $118.58 on Friday. The stock's 50-day moving average price is $119.08 and its 200-day moving average price is $123.96. PulteGroup, Inc. has a 12-month low of $98.27 and a 12-month high of $144.49. The stock has a market capitalization of $22.59 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 1.50 and a beta of 1.20. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14.

PulteGroup (NYSE:PHM - Get Free Report) last posted its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.80 by ($0.01). The firm had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.57 earnings per share. On average, equities analysts anticipate that PulteGroup, Inc. will post 10 earnings per share for the current year.

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

PulteGroup Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup's dividend payout ratio is currently 10.06%.

Insider Transactions at PulteGroup

In other news, Director Lila Snyder sold 3,339 shares of the 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. This represents a 48.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Matthew William Koart sold 7,457 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following the sale, the chief operating officer owned 28,100 shares of the company's stock, valued at approximately $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.75% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PHM. The Goldman Sachs Group increased their price objective on PulteGroup from $133.00 to $142.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Barclays lowered their price objective on PulteGroup from $115.00 to $112.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 8th. Truist Financial lowered their price objective on PulteGroup from $170.00 to $150.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. Zacks Research raised PulteGroup from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Wells Fargo & Company increased their target price on PulteGroup from $132.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding PHM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PulteGroup, Inc. (NYSE:PHM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.