Empirical Financial Services LLC d.b.a. Empirical Wealth Management Lowers Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Key Points

• Empirical Financial Services LLC significantly decreased its stake in PulteGroup, cutting holdings by 79.4% and now owns 14,878 shares valued at $1.53 million.
• PulteGroup's quarterly earnings reported an EPS of $3.03, exceeding analyst expectations, although revenue of $4.40 billion was slightly below forecasts.
• Analysts are generally optimistic about PulteGroup, with a consensus rating of "Moderate Buy" and an average target price of $134.15.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 79.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,878 shares of the construction company's stock after selling 57,186 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in PulteGroup were worth $1,529,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Menard Financial Group LLC increased its position in PulteGroup by 9,503.7% in the 1st quarter. Menard Financial Group LLC now owns 5,186 shares of the construction company's stock valued at $523,000 after buying an additional 5,132 shares in the last quarter. Foster & Motley Inc. increased its holdings in PulteGroup by 5.9% during the 1st quarter. Foster & Motley Inc. now owns 75,750 shares of the construction company's stock worth $7,787,000 after purchasing an additional 4,198 shares in the last quarter. Natixis Advisors LLC increased its holdings in PulteGroup by 6.9% during the 1st quarter. Natixis Advisors LLC now owns 159,846 shares of the construction company's stock worth $16,432,000 after purchasing an additional 10,283 shares in the last quarter. NorthRock Partners LLC increased its holdings in PulteGroup by 12.7% during the 1st quarter. NorthRock Partners LLC now owns 4,259 shares of the construction company's stock worth $439,000 after purchasing an additional 481 shares in the last quarter. Finally, Banque Cantonale Vaudoise bought a new stake in PulteGroup during the 1st quarter worth approximately $616,000. 89.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PHM has been the subject of a number of recent research reports. Barclays decreased their price objective on PulteGroup from $100.00 to $98.00 and set an "equal weight" rating for the company in a report on Wednesday, April 23rd. Citigroup boosted their target price on PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Seaport Res Ptn upgraded PulteGroup from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada boosted their target price on PulteGroup from $109.00 to $112.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. Finally, UBS Group boosted their target price on PulteGroup from $141.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $134.15.

PulteGroup Price Performance

NYSE:PHM traded up $0.32 during trading hours on Wednesday, hitting $121.34. 844,930 shares of the company's stock traded hands, compared to its average volume of 2,174,238. The firm has a market cap of $23.94 billion, a P/E ratio of 9.07, a P/E/G ratio of 0.35 and a beta of 1.22. PulteGroup, Inc. has a 52 week low of $88.07 and a 52 week high of $149.47. The business's fifty day simple moving average is $107.76 and its two-hundred day simple moving average is $105.25. 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 posted its quarterly earnings data on Tuesday, July 22nd. The construction company reported $3.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.11. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%. The firm's quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company earned $3.83 earnings per share. On average, research analysts anticipate that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

PulteGroup Profile

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.