Envestnet Asset Management Inc. Buys 18,524 Shares of PulteGroup, Inc. $PHM

Key Points

• Envestnet Asset Management increased its PulteGroup stake by 5.4% in the second quarter, adding 18,524 shares to own 359,552 shares valued at approximately $49.3 million. Institutional investors and hedge funds collectively own 89.9% of PHM.
• PulteGroup reported quarterly earnings of $2.48 per share, exceeding the $2.36 consensus estimate, while revenue of $3.98 billion topped forecasts but declined 9.6% year over year.
• The company declared a quarterly dividend of $0.26 per share, equivalent to a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $140.93, above the stock’s reported $119.82 price.

Envestnet Asset Management Inc. grew its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 5.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 359,552 shares of the construction company's stock after acquiring an additional 18,524 shares during the period. Envestnet Asset Management Inc. owned 0.19% of PulteGroup worth $49,333,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Cedar Mountain Advisors LLC lifted its holdings in shares of PulteGroup by 1,650.0% during the first quarter. Cedar Mountain Advisors LLC now owns 210 shares of the construction company's stock worth $25,000 after buying an additional 198 shares in the last quarter. NFSG Corp acquired a new position in shares of PulteGroup in the first quarter valued at about $29,000. HHM Wealth Advisors LLC increased its position in PulteGroup by 158.5% during the first quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company's stock worth $32,000 after acquiring an additional 168 shares during the period. Evelyn Partners Investment Management Services Ltd bought a new position in PulteGroup during the first quarter worth about $37,000. Finally, Mcdonald Partners LLC acquired a new stake in PulteGroup in the 2nd quarter worth about $43,000. 89.90% of the stock is currently owned by institutional investors and hedge funds.

PulteGroup Trading Down 0.0%

PHM opened at $119.82 on Monday. The company's 50 day moving average is $125.78 and its 200-day moving average is $123.28. The company has a market cap of $22.46 billion, a P/E ratio of 12.24, a PEG ratio of 1.49 and a beta of 1.19. PulteGroup, Inc. has a 1-year low of $108.49 and a 1-year high of $144.49. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.14.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.12. The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.94 billion. PulteGroup had a net margin of 11.62% and a return on equity of 15.21%. The company's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.03 earnings per share. Equities research analysts predict that PulteGroup, Inc. will post 10.07 earnings per share for the current fiscal year.

PulteGroup Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th 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, September 15th. PulteGroup's payout ratio is 10.62%.

Analyst Upgrades and Downgrades

PHM has been the subject of a number of recent research reports. Truist Financial cut their price objective on shares of PulteGroup from $145.00 to $136.00 and set a "buy" rating for the company in a report on Wednesday, September 16th. Wolfe Research set a $129.00 target price on shares of PulteGroup and gave the stock an "outperform" rating in a report on Monday, August 24th. Weiss Ratings upgraded PulteGroup from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. UBS Group restated a "buy" rating and set a $166.00 price objective on shares of PulteGroup in a research note on Thursday, July 23rd. Finally, Barclays lifted their price objective on PulteGroup from $123.00 to $124.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $140.93.

PulteGroup Company Profile

PulteGroup, Inc is a U.S. homebuilding company that designs, constructs and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its residential offerings include single-family homes, townhomes and communities in a variety of price ranges and styles.

The company operates through several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West Homes. Its communities are located across numerous metropolitan areas and regions in the United States, with operations spanning markets in the South, Southeast, Southwest, Midwest and West.

PulteGroup also provides mortgage lending and related title services to support home purchases through its financial-services operations.

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