Handelsbanken Fonder AB Sells 22,457 Shares of PulteGroup, Inc. $PHM

Key Points

• Handelsbanken Fonder AB cut its PulteGroup stake by 20.9% in the fourth quarter, selling 22,457 shares and leaving it with 84,785 shares valued at about $9.94 million.
• PulteGroup recently reported quarterly EPS of $1.79, just below analysts’ expectations, while revenue of $3.41 billion slightly topped estimates but fell 12.4% from a year earlier.
• The company announced a $1.50 billion share buyback program and a quarterly dividend of $0.26 per share, while analysts’ consensus rating remains Moderate Buy with a $140.71 price target.

Handelsbanken Fonder AB lowered its stake in PulteGroup, Inc. (NYSE:PHM - Free Report) by 20.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,785 shares of the construction company's stock after selling 22,457 shares during the quarter. Handelsbanken Fonder AB's holdings in PulteGroup were worth $9,942,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Rachor Investment Advisory Services LLC bought a new stake in shares of PulteGroup in the 4th quarter valued at $31,000. High Point Wealth Management LLC bought a new stake in shares of PulteGroup in the 4th quarter valued at $38,000. Beacon Financial Strategies CORP acquired a new stake in PulteGroup in the 4th quarter valued at $40,000. Elyxium Wealth LLC acquired a new stake in PulteGroup in the 4th quarter valued at $41,000. Finally, Fulcrum Asset Management LLP acquired a new stake in PulteGroup in the 3rd quarter valued at $47,000. Institutional investors own 89.90% of the company's stock.

PulteGroup Price Performance

PHM opened at $116.31 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $22.16 billion, a price-to-earnings ratio of 11.25, a P/E/G ratio of 1.47 and a beta of 1.23. The firm's fifty day moving average price is $119.38 and its two-hundred day moving average price is $124.12. PulteGroup, Inc. has a 1 year low of $95.20 and a 1 year high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.PulteGroup's revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 earnings per share. As a group, analysts anticipate that PulteGroup, Inc. will post 10 earnings per share for the current fiscal year.

PulteGroup Dividend Announcement

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

PulteGroup declared that its board has initiated 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 repurchase up to 6.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

PHM has been the subject of several research reports. JPMorgan Chase & Co. reduced their price target on shares of PulteGroup from $149.00 to $131.00 and set an "overweight" rating for the company in a research report on Tuesday, February 3rd. Truist Financial reduced their price target on shares of PulteGroup from $170.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday, April 16th. Oppenheimer reissued an "outperform" rating and issued a $149.00 price target (up from $140.00) on shares of PulteGroup in a research report on Friday, January 30th. Barclays reduced their price target on shares of PulteGroup from $115.00 to $112.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Finally, Seaport Research Partners reissued a "sell" rating and issued a $100.00 price target (down from $155.00) on shares of PulteGroup in a research report on Tuesday, April 7th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, PulteGroup currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.71.

Insiders Place Their Bets

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction 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 transaction, the director directly owned 3,540 shares of the company's stock, valued at $414,817.20. The trade was a 48.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin A. Henry sold 5,173 shares of PulteGroup stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $141.03, for a total transaction of $729,548.19. Following the transaction, the executive vice president directly owned 14,673 shares in the company, valued at $2,069,333.19. This represents a 26.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.75% of the stock is owned by insiders.

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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