Elk River Wealth Management LLC Sells 22,103 Shares of PulteGroup, Inc. $PHM

Key Points

• Elk River Wealth Management cut its PulteGroup stake by 27.3% in Q1, selling 22,103 shares and leaving it with 58,801 shares valued at about $6.93 million.
• PulteGroup reported mixed quarterly results, with EPS of $1.79 slightly below expectations while revenue of $3.41 billion just topped estimates, though sales were down 12.4% from a year earlier.
• The company approved a $1.5 billion share buyback and also announced a quarterly dividend of $0.26 per share, while analysts currently rate the stock a Moderate Buy with an average target price of $140.71.

Elk River Wealth Management LLC lowered its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 27.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,801 shares of the construction company's stock after selling 22,103 shares during the quarter. PulteGroup makes up 1.1% of Elk River Wealth Management LLC's portfolio, making the stock its 26th biggest holding. Elk River Wealth Management LLC's holdings in PulteGroup were worth $6,931,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nordea Investment Management AB lifted 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 buying an additional 13,259 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of PulteGroup by 166.5% during the 4th 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 in the last quarter. Dorato Capital Management bought a new position in shares of PulteGroup during the 4th quarter valued at approximately $2,625,000. EFG Asset Management Americas Corp. grew its holdings 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 valued at $6,177,000 after purchasing an additional 36,407 shares in the last quarter. Finally, Ritholtz Wealth Management increased its position in 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 purchasing an additional 27,590 shares during the last quarter. Institutional investors own 89.90% of the company's stock.

PulteGroup Stock Down 1.0%

NYSE PHM opened at $125.74 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a 52 week low of $100.70 and a 52 week high of $144.49. The firm has a market capitalization of $23.95 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.61 and a beta of 1.20. The company has a fifty day moving average of $120.34 and a two-hundred day moving average of $124.12.

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 the consensus estimate of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter last year, the business posted $2.57 EPS. PulteGroup's revenue was down 12.4% compared to the same quarter last year. On average, analysts predict that PulteGroup, Inc. will post 10 earnings per share for the current year.

PulteGroup declared that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the construction company to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

PulteGroup Dividend Announcement

The company also recently disclosed 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 yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 16th. PulteGroup's dividend payout ratio is 10.06%.

Insider Activity

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the transaction, the director owned 3,540 shares in the company, valued at $414,817.20. The trade was a 48.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Matthew William Koart sold 7,457 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total value of $894,840.00. Following the transaction, the chief operating officer directly owned 28,100 shares in the company, valued at approximately $3,372,000. This represents a 20.97% decrease in their position. The SEC filing for this sale provides additional information. 0.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PHM has been the subject of several research reports. Evercore increased their price objective on shares of PulteGroup from $146.00 to $151.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Wells Fargo & Company upped their target price on shares of PulteGroup from $132.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, April 24th. UBS Group increased their price target on shares of PulteGroup from $159.00 to $162.00 and gave the company a "buy" rating in a report on Friday, April 24th. Barclays dropped their price target on PulteGroup from $115.00 to $112.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Finally, Citigroup boosted their price objective on PulteGroup from $136.00 to $138.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, PulteGroup presently has a consensus rating of "Moderate Buy" and an average target price of $140.71.

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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