LSV Asset Management Cuts Stake in PulteGroup, Inc. (NYSE:PHM)

Key Points

• LSV Asset Management reduced its stake in PulteGroup, Inc. by 3.9%, holding 2,912,472 shares valued at approximately $299.40 million, making it the 29th largest position in its portfolio.
• PulteGroup reported $3.03 EPS for the last quarter, exceeding analysts' expectations, although its revenue of $4.40 billion fell short of estimates.
• A number of research firms have raised their target prices for PulteGroup, with UBS Group reporting a target of $150.00 and Evercore ISI setting a target of $165.00, reflecting an overall positive outlook for the stock.

LSV Asset Management trimmed its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,912,472 shares of the construction company's stock after selling 117,100 shares during the period. PulteGroup accounts for 0.7% of LSV Asset Management's holdings, making the stock its 29th biggest position. LSV Asset Management owned about 1.45% of PulteGroup worth $299,402,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. IFG Advisory LLC boosted its position in PulteGroup by 4.2% during the first quarter. IFG Advisory LLC now owns 24,976 shares of the construction company's stock worth $2,568,000 after acquiring an additional 1,001 shares during the last quarter. Baker Avenue Asset Management LP boosted its position in PulteGroup by 39.7% during the first quarter. Baker Avenue Asset Management LP now owns 4,022 shares of the construction company's stock worth $413,000 after acquiring an additional 1,143 shares during the last quarter. EFG Asset Management Americas Corp. boosted its position in PulteGroup by 1.8% during the first quarter. EFG Asset Management Americas Corp. now owns 14,168 shares of the construction company's stock worth $1,457,000 after acquiring an additional 253 shares during the last quarter. Menard Financial Group LLC boosted its position in PulteGroup by 9,503.7% during the first quarter. Menard Financial Group LLC now owns 5,186 shares of the construction company's stock worth $523,000 after acquiring an additional 5,132 shares during the last quarter. Finally, Foster & Motley Inc. boosted its position in PulteGroup by 5.9% during the first quarter. Foster & Motley Inc. now owns 75,750 shares of the construction company's stock worth $7,787,000 after acquiring an additional 4,198 shares during the last quarter. 89.90% of the stock is owned by hedge funds and other institutional investors.

PulteGroup Stock Down 0.7%

NYSE PHM traded down $0.80 on Wednesday, hitting $120.22. 1,077,675 shares of the stock were exchanged, compared to its average volume of 2,174,861. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a fifty-two week low of $88.07 and a fifty-two week high of $149.47. The company has a market cap of $23.72 billion, a PE ratio of 8.99, a PEG ratio of 0.35 and a beta of 1.22. The company has a 50-day moving average price of $107.76 and a 200-day moving average price of $105.25.

PulteGroup (NYSE:PHM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 EPS for the quarter, topping the consensus estimate 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 15.50% and a return on equity of 21.01%. The firm's revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.83 EPS. Sell-side analysts anticipate that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PHM. Seaport Res Ptn raised shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 22nd. Wedbush reaffirmed an "outperform" rating and set a $135.00 target price on shares of PulteGroup in a research note on Tuesday, April 22nd. Raymond James Financial reaffirmed an "outperform" rating and set a $140.00 target price (up from $115.00) on shares of PulteGroup in a research note on Wednesday, July 23rd. Evercore ISI lifted their target price on shares of PulteGroup from $161.00 to $165.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company lifted their target price on shares of PulteGroup from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $134.15.

About PulteGroup

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.