PulteGroup, Inc. (NYSE:PHM) Shares Sold by Meridian Wealth Management LLC

Key Points

• Meridian Wealth Management LLC reduced its stake in PulteGroup, Inc. by 23.6%, selling 3,116 shares and holding a total of 10,108 shares valued at approximately $1,039,000.
• Several institutional investors increased their stakes in PulteGroup during the 1st quarter, with Nuveen LLC investing $213 million and Pacer Advisors increasing their stake by 2,586.8%.
• PulteGroup reported $3.03 earnings per share for the quarter, outperforming analyst expectations by $0.11, though revenue fell 4.3% year-over-year.

Meridian Wealth Management LLC cut its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 23.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,108 shares of the construction company's stock after selling 3,116 shares during the period. Meridian Wealth Management LLC's holdings in PulteGroup were worth $1,039,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of PulteGroup in the fourth quarter valued at approximately $37,000. TD Waterhouse Canada Inc. increased its holdings in PulteGroup by 43.0% in the 4th quarter. TD Waterhouse Canada Inc. now owns 349 shares of the construction company's stock worth $38,000 after acquiring an additional 105 shares in the last quarter. American National Bank & Trust acquired a new position in PulteGroup during the first quarter worth $39,000. Quarry LP acquired a new position in PulteGroup during the fourth quarter worth $43,000. Finally, Catalyst Capital Advisors LLC purchased a new position in PulteGroup during the first quarter valued at $54,000. Hedge funds and other institutional investors own 89.90% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on PHM. Raymond James Financial restated an "outperform" rating and set a $140.00 price target (up previously from $115.00) on shares of PulteGroup in a research report on Wednesday, July 23rd. Wedbush reiterated an "outperform" rating and set a $150.00 price objective on shares of PulteGroup in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Oppenheimer boosted their price target on PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Wells Fargo & Company raised their price objective on PulteGroup from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, PulteGroup currently has a consensus rating of "Moderate Buy" and an average target price of $135.31.

PulteGroup Trading Down 0.9%

Shares of PHM stock traded down $1.20 on Thursday, hitting $128.76. 2,489,578 shares of the stock traded hands, compared to its average volume of 2,130,815. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.77 and a current ratio of 0.77. PulteGroup, Inc. has a twelve month low of $88.07 and a twelve month high of $149.47. The firm's 50-day moving average price is $111.19 and its two-hundred day moving average price is $105.67. The stock has a market capitalization of $25.40 billion, a PE ratio of 9.62, a PEG ratio of 0.38 and a beta of 1.22.

PulteGroup (NYSE:PHM - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.11. PulteGroup had a net margin of 15.50% and a return on equity of 21.01%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same period in the previous year, the business posted $3.83 EPS. PulteGroup's revenue was down 4.3% on a year-over-year basis. As a group, analysts anticipate that PulteGroup, Inc. will post 12.32 EPS for the current year.

PulteGroup Company 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.