Mirae Asset Global Investments Co. Ltd. Makes New $6.09 Million Investment in PulteGroup, Inc. $PHM

Key Points

• Mirae Asset Global Investments initiated a PulteGroup position in the third quarter, buying 52,491 shares valued at approximately $6.09 million.
• PulteGroup’s latest quarterly results fell short of expectations: EPS was $2.53 versus a $2.63 consensus, revenue was $3.97 billion versus an expected $4.15 billion, and revenue declined 9.8% year over year.
• Analysts have a Moderate Buy consensus rating and an average price target of $136.76; ratings include ten Buys, nine Holds, one Strong Buy, and one Sell.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 52,491 shares of the construction company's stock, valued at approximately $6,092,000.

Several other hedge funds have also added to or reduced their stakes in PHM. Bank of New York Mellon Corp acquired a new stake in PulteGroup in the second quarter worth about $189,931,000. Amundi lifted its position in PulteGroup by 28.6% during the 1st quarter. Amundi now owns 1,438,508 shares of the construction company's stock valued at $169,183,000 after purchasing an additional 319,617 shares during the period. First Trust Advisors LP lifted its position in PulteGroup by 7.8% during the 1st quarter. First Trust Advisors LP now owns 4,314,501 shares of the construction company's stock valued at $507,428,000 after purchasing an additional 313,581 shares during the period. State Street Corp boosted its stake in shares of PulteGroup by 3.2% in the 2nd quarter. State Street Corp now owns 9,174,111 shares of the construction company's stock valued at $1,261,092,000 after purchasing an additional 288,054 shares during the last quarter. Finally, iA Global Asset Management Inc. bought a new position in shares of PulteGroup in the 2nd quarter valued at about $38,937,000. Institutional investors own 89.90% of the company's stock.

PulteGroup Trading Down 0.6%

NYSE:PHM opened at $135.13 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a 1-year low of $107.15 and a 1-year high of $144.49. The firm has a market capitalization of $24.88 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 2.28 and a beta of 1.17. The business's 50-day moving average price is $119.48 and its two-hundred day moving average price is $124.19.

PulteGroup (NYSE:PHM - Get Free Report) last posted its earnings results on Thursday, October 22nd. The construction company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.10). The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.15 billion. PulteGroup had a return on equity of 14.29% and a net margin of 11.24%. PulteGroup's quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.96 earnings per share. On average, equities analysts expect that PulteGroup, Inc. will post 9.37 earnings per share for the current year.

PulteGroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Tuesday, September 15th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.04 annualized dividend and a yield of 0.8%. PulteGroup's dividend payout ratio (DPR) is presently 11.11%.

Analyst Ratings Changes

PHM has been the subject of several analyst reports. Evercore reiterated an "outperform" rating on shares of PulteGroup in a research report on Friday, September 25th. Wells Fargo & Company cut their price objective on shares of PulteGroup from $150.00 to $145.00 and set an "overweight" rating on the stock in a report on Friday, September 11th. Zacks Research cut shares of PulteGroup from a "hold" rating to a "strong sell" rating in a research note on Monday, October 26th. Melius Research assumed coverage on shares of PulteGroup in a report on Tuesday, October 6th. They set a "hold" rating and a $132.00 target price for the company. Finally, Morgan Stanley dropped their target price on shares of PulteGroup from $128.00 to $120.00 and set an "equal weight" rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, PulteGroup currently has a consensus rating of "Moderate Buy" and an average price target of $136.76.

PulteGroup Profile

PulteGroup, Inc is a major U.S. homebuilding company that designs, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its operations include land acquisition and development, home construction, sales and marketing, and customer service.

The company markets homes under several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West. Through these brands, PulteGroup offers a variety of single-family home designs and communities, with products tailored to different price points, lifestyles and stages of homeownership.

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