Evolve Private Wealth LLC Takes $2.69 Million Position in PulteGroup, Inc. $PHM

Key Points

• Evolve Private Wealth LLC opened a new position in PulteGroup, buying 22,904 shares worth about $2.69 million in the fourth quarter.
• PulteGroup reported mixed quarterly results, with EPS of $1.79 missing estimates by one cent while revenue of $3.41 billion slightly topped expectations, though sales fell 12.4% from a year earlier.
• The company announced a $1.50 billion share repurchase program and 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.

Evolve Private Wealth LLC bought a new stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 22,904 shares of the construction company's stock, valued at approximately $2,692,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rachor Investment Advisory Services LLC purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $31,000. DV Equities LLC purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $32,000. Lloyd Advisory Services LLC. purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $33,000. High Point Wealth Management LLC purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $38,000. Finally, Beacon Financial Strategies CORP purchased a new position in shares of PulteGroup during the 4th quarter valued at approximately $40,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

PulteGroup Stock Performance

Shares of PHM opened at $121.74 on Thursday. The business's fifty day moving average price is $119.90 and its 200 day moving average price is $124.13. 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 $23.19 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.58 and a beta of 1.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter last year, the business earned $2.57 earnings per share. The business's revenue for the quarter was down 12.4% compared to the same quarter last year. Equities research analysts forecast 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.

Analysts Set New Price Targets

Several equities analysts have recently commented on PHM shares. Citigroup increased their target price on PulteGroup from $136.00 to $138.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Bank of America reduced their target price on PulteGroup from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Seaport Research Partners reiterated a "sell" rating and set a $100.00 target price (down from $155.00) on shares of PulteGroup in a research note on Tuesday, April 7th. Weiss Ratings cut PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a research note on Monday, April 27th. Finally, 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. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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.

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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