Formidable Asset Management LLC Acquires New Shares in PulteGroup, Inc. (NYSE:PHM)

Formidable Asset Management LLC bought a new position in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 7,120 shares of the construction company's stock, valued at approximately $732,000.

Several other institutional investors have also added to or reduced their stakes in PHM. Mystic Asset Management Inc. acquired a new position in PulteGroup in the 1st quarter worth about $406,000. Retirement Planning Co of New England Inc. bought a new position in PulteGroup in the first quarter worth approximately $406,000. Kingsview Wealth Management LLC boosted its holdings in PulteGroup by 2,710.0% in the first quarter. Kingsview Wealth Management LLC now owns 89,188 shares of the construction company's stock worth $9,169,000 after acquiring an additional 86,014 shares in the last quarter. Concord Wealth Partners lifted its holdings in shares of PulteGroup by 33.0% in the first quarter. Concord Wealth Partners now owns 6,912 shares of the construction company's stock valued at $711,000 after purchasing an additional 1,715 shares in the last quarter. Finally, Shayne & Jacobs LLC lifted its holdings in shares of PulteGroup by 4.5% in the first quarter. Shayne & Jacobs LLC now owns 32,192 shares of the construction company's stock valued at $3,309,000 after purchasing an additional 1,385 shares in the last quarter. 89.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PHM. Wedbush reaffirmed an "outperform" rating and set a $135.00 price target on shares of PulteGroup in a research note on Tuesday, April 22nd. Royal Bank Of Canada reduced their price target on PulteGroup from $116.00 to $109.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Evercore ISI upped their price target on PulteGroup from $161.00 to $165.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 23rd. Oppenheimer reissued an "outperform" rating and set a $132.00 price target (up from $125.00) on shares of PulteGroup in a report on Tuesday, July 15th. Finally, UBS Group decreased their target price on PulteGroup from $151.00 to $141.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, PulteGroup has an average rating of "Moderate Buy" and an average target price of $133.69.

PulteGroup Stock Up 10.7%

Shares of PHM traded up $11.63 during midday trading on Tuesday, reaching $120.28. The stock had a trading volume of 2,831,236 shares, compared to its average volume of 2,041,194. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.80 and a quick ratio of 0.80. The company's fifty day simple moving average is $104.20 and its two-hundred day simple moving average is $104.78. The company has a market cap of $24.11 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 0.32 and a beta of 1.29. PulteGroup, Inc. has a 1-year low of $88.07 and a 1-year high of $149.47.

PulteGroup (NYSE:PHM - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.11. The company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.42 billion. PulteGroup had a net margin of 16.45% and a return on equity of 22.86%. The firm's quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.83 earnings per share. Equities research analysts expect that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.22 per share. The ex-dividend date was Tuesday, June 17th. This represents a $0.88 dividend on an annualized basis and a yield of 0.73%. PulteGroup's dividend payout ratio (DPR) is 6.21%.

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.