Lombard Odier Asset Management Europe Ltd Acquires Shares of 22,097 PulteGroup, Inc. $PHM

Key Points

• Lombard Odier Asset Management Europe initiated a stake of 22,097 PulteGroup shares valued at approximately $2.6 million. Institutional investors collectively own 89.9% of the homebuilder’s stock.
• PulteGroup beat quarterly expectations with adjusted earnings of $2.48 per share versus the $2.36 consensus and revenue of $3.98 billion, though revenue declined 9.6% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $143.14, while the company has authorized a $1.5 billion share-repurchase program covering up to 6.1% of outstanding shares.

Lombard Odier Asset Management Europe Ltd purchased a new stake in PulteGroup, Inc. (NYSE:PHM - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 22,097 shares of the construction company's stock, valued at approximately $2,599,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cedar Mountain Advisors LLC increased its position in PulteGroup by 1,650.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 210 shares of the construction company's stock worth $25,000 after purchasing an additional 198 shares in the last quarter. NFSG Corp acquired a new position in shares of PulteGroup during the first quarter worth $29,000. Rachor Investment Advisory Services LLC acquired a new stake in shares of PulteGroup during the 4th quarter valued at $31,000. HHM Wealth Advisors LLC grew its position in PulteGroup by 158.5% during the 1st quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company's stock worth $32,000 after acquiring an additional 168 shares during the last quarter. Finally, DV Equities LLC acquired a new position in PulteGroup in the 4th quarter worth about $32,000. Institutional investors own 89.90% of the company's stock.

PulteGroup Stock Up 0.2%

PulteGroup stock opened at $126.71 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.14. The firm's fifty day moving average price is $125.75 and its two-hundred day moving average price is $125.47. The firm has a market capitalization of $23.75 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.57 and a beta of 1.18. PulteGroup, Inc. has a 1-year low of $108.49 and a 1-year high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.12. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.94 billion. PulteGroup had a net margin of 11.62% and a return on equity of 15.21%. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.03 EPS. On average, equities research analysts predict that PulteGroup, Inc. will post 10.08 earnings per share for the current fiscal year.

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

Insider Activity at PulteGroup

In other news, Director Lila Snyder sold 3,339 shares of the stock in a transaction dated Friday, May 8th. The stock was 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 in the company, valued at approximately $414,817.20. This represents a 48.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Matthew William Koart sold 7,457 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total value of $894,840.00. Following the sale, the chief operating officer owned 28,100 shares of the company's stock, valued at $3,372,000. This represents a 20.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PHM shares. Barclays raised their price objective on shares of PulteGroup from $123.00 to $124.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Royal Bank Of Canada upped their price target on PulteGroup from $115.00 to $116.00 and gave the company a "sector perform" rating in a research report on Thursday, July 23rd. Wells Fargo & Company lifted their price objective on PulteGroup from $140.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Truist Financial lowered their price target on shares of PulteGroup from $170.00 to $150.00 and set a "buy" rating for the company in a report on Thursday, April 16th. Finally, Evercore reiterated an "outperform" rating and set a $162.00 price objective on shares of PulteGroup in a research report on Thursday, July 23rd. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, PulteGroup presently has a consensus rating of "Moderate Buy" and a consensus price target of $143.14.

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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