Eurizon Capital SGR S.p.A. Invests $14.54 Million in PulteGroup, Inc. $PHM

Key Points

• Eurizon Capital SGR opened a new position in PulteGroup in the fourth quarter, buying 123,952 shares worth about $14.54 million.
• PulteGroup reported quarterly EPS of $1.79, narrowly missing estimates, while revenue came in at $3.41 billion and was down 12.4% year over year.
• The company announced a $1.50 billion share repurchase program and a quarterly dividend of $0.26 per share, reflecting a 0.9% annualized yield.

Eurizon Capital SGR S.p.A. purchased a new position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 123,952 shares of the construction company's stock, valued at approximately $14,535,000. Eurizon Capital SGR S.p.A. owned approximately 0.06% of PulteGroup at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Franklin Resources Inc. grew its position in shares of PulteGroup by 5.0% during the third quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company's stock worth $1,704,513,000 after buying an additional 609,640 shares in the last quarter. First Trust Advisors LP grew its position in shares of PulteGroup by 13.3% during the third quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company's stock worth $478,828,000 after buying an additional 424,011 shares in the last quarter. Bank of America Corp DE grew its position in shares of PulteGroup by 13.1% during the second quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company's stock worth $185,108,000 after buying an additional 202,870 shares in the last quarter. American Century Companies Inc. lifted its stake in PulteGroup by 120.4% during the third quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company's stock worth $225,024,000 after purchasing an additional 930,287 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in PulteGroup by 2.0% during the fourth quarter. Legal & General Group Plc now owns 1,410,810 shares of the construction company's stock worth $165,432,000 after purchasing an additional 27,550 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

PulteGroup Stock Performance

PHM stock opened at $118.38 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $22.55 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.50 and a beta of 1.20. PulteGroup, Inc. has a 1 year low of $95.20 and a 1 year high of $144.49. The stock's fifty day moving average is $119.03 and its two-hundred day moving average is $124.05.

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

PulteGroup Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup's dividend payout ratio (DPR) is presently 10.06%.

PulteGroup announced that its board has initiated a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Zacks Research upgraded PulteGroup from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Raymond James Financial restated an "outperform" rating and set a $145.00 price objective on shares of PulteGroup in a research note on Wednesday, February 4th. The Goldman Sachs Group raised their price objective on PulteGroup from $133.00 to $142.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Truist Financial reduced their price objective on PulteGroup from $170.00 to $150.00 and set a "buy" rating on the stock in a research note on Thursday, April 16th. Finally, Wells Fargo & Company raised their price objective on PulteGroup from $132.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $140.71.

Insiders Place Their Bets

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $117.18, for a total value of $391,264.02. Following the sale, the director directly owned 3,540 shares in the company, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Matthew William Koart sold 7,457 shares of the firm's stock in a transaction 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 completion of the sale, the chief operating officer owned 28,100 shares in the company, valued at $3,372,000. The trade was a 20.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.75% of the company's stock.

PulteGroup Company 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.

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