Fideuram Asset Management Ireland dac Invests $17.26 Million in PulteGroup, Inc. $PHM

Key Points

• Fideuram Asset Management Ireland dac disclosed a new stake in PulteGroup, buying 147,181 shares worth about $17.26 million. The holding makes PHM its 14th-largest position and about 1.3% of its portfolio.
• PulteGroup reported mixed quarterly results, with EPS of $1.79 missing estimates by a penny while revenue of $3.41 billion slightly beat expectations. Revenue was down 12.4% year over year.
• The company also authorized a $1.5 billion share buyback and declared a quarterly dividend of $0.26 per share, underscoring continued capital returns to shareholders.

Fideuram Asset Management Ireland dac purchased a new stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 147,181 shares of the construction company's stock, valued at approximately $17,258,000. PulteGroup comprises approximately 1.3% of Fideuram Asset Management Ireland dac's portfolio, making the stock its 14th biggest holding. Fideuram Asset Management Ireland dac owned approximately 0.08% of PulteGroup as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of PulteGroup by 5.0% during the 3rd quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company's stock valued at $1,704,513,000 after acquiring an additional 609,640 shares during the last quarter. First Trust Advisors LP boosted its position in shares of PulteGroup by 13.3% during the 3rd quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company's stock valued at $478,828,000 after acquiring an additional 424,011 shares during the last quarter. Bank of America Corp DE boosted its position in shares of PulteGroup by 13.1% during the 2nd quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company's stock valued at $185,108,000 after acquiring an additional 202,870 shares during the last quarter. American Century Companies Inc. boosted its position in shares of PulteGroup by 120.4% during the 3rd quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company's stock valued at $225,024,000 after acquiring an additional 930,287 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of PulteGroup by 7.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,453,403 shares of the construction company's stock valued at $192,038,000 after acquiring an additional 99,067 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

PulteGroup Stock Down 0.9%

Shares of PHM opened at $118.00 on Friday. The stock has a market capitalization of $22.48 billion, a PE ratio of 11.41, a P/E/G ratio of 1.51 and a beta of 1.23. PulteGroup, Inc. has a 1 year low of $95.20 and a 1 year high of $144.49. 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 company's 50-day simple moving average is $119.00 and its 200-day simple moving average is $124.06.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly 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). The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.57 EPS. Analysts forecast that PulteGroup, Inc. will post 10 earnings per share for the current fiscal year.

PulteGroup announced that its board has authorized a share buyback program on Thursday, April 23rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to purchase up to 6.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

PulteGroup Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 16th. PulteGroup's dividend payout ratio is currently 10.06%.

Insider Activity

In related news, Director Lila Snyder sold 3,339 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the sale, the director directly owned 3,540 shares in the company, valued at approximately $414,817.20. This represents a 48.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following 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 disclosure for this sale is available in the SEC filing. 0.75% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on PHM. Raymond James Financial reaffirmed an "outperform" rating and issued a $145.00 target price on shares of PulteGroup in a research report on Wednesday, February 4th. JPMorgan Chase & Co. decreased their target price on shares of PulteGroup from $149.00 to $131.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 3rd. Oppenheimer reaffirmed an "outperform" rating on shares of PulteGroup in a research report on Tuesday. Barclays decreased their target price on shares of PulteGroup from $115.00 to $112.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 8th. Finally, Bank of America decreased their target price on shares of PulteGroup from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.71.

PulteGroup 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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