Nuveen LLC Makes New $213.09 Million Investment in PulteGroup, Inc. (NYSE:PHM)

Key Points

• Nuveen LLC acquired 2,072,884 shares of PulteGroup, Inc., valued at approximately $213 million, increasing its ownership to about 1.03% of the company.
• Analysts have shown strong bullish sentiments towards PulteGroup, with multiple firms raising their target prices; UBS Group increased its objective from $141 to $150 while Raymond James raised theirs to $140.
• PulteGroup reported a quarterly EPS of $3.03, exceeding expectations, but had a revenue drop of 4.3% year-over-year, with total revenue at $4.40 billion for the quarter.

Nuveen LLC purchased a new stake in PulteGroup, Inc. (NYSE:PHM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,072,884 shares of the construction company's stock, valued at approximately $213,092,000. Nuveen LLC owned approximately 1.03% of PulteGroup as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PHM. JPMorgan Chase & Co. lifted its position in PulteGroup by 40.3% during the 1st quarter. JPMorgan Chase & Co. now owns 3,486,330 shares of the construction company's stock worth $358,395,000 after buying an additional 1,001,290 shares in the last quarter. Northern Trust Corp grew its stake in PulteGroup by 14.9% in the fourth quarter. Northern Trust Corp now owns 2,425,941 shares of the construction company's stock valued at $264,185,000 after purchasing an additional 315,148 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of PulteGroup by 9.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,033,776 shares of the construction company's stock worth $221,478,000 after purchasing an additional 169,736 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of PulteGroup by 14.3% in the 4th quarter. Deutsche Bank AG now owns 1,859,029 shares of the construction company's stock valued at $202,448,000 after buying an additional 232,939 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in PulteGroup by 9.6% during the fourth quarter. AQR Capital Management LLC now owns 1,459,297 shares of the construction company's stock worth $158,917,000 after buying an additional 127,283 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PHM shares. Oppenheimer boosted their price objective on shares of PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Wedbush restated an "outperform" rating and set a $150.00 price objective on shares of PulteGroup in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on PulteGroup from $121.00 to $123.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. UBS Group lifted their price target on PulteGroup from $141.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Citigroup lifted their price target on PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $135.31.

PulteGroup Price Performance

NYSE:PHM traded down $1.20 during trading hours on Thursday, hitting $128.76. The company's stock had a trading volume of 2,489,578 shares, compared to its average volume of 2,177,821. The stock has a fifty day simple moving average of $111.19 and a 200-day simple moving average of $105.67. The company has a market capitalization of $25.40 billion, a P/E ratio of 9.62, a PEG ratio of 0.36 and a beta of 1.22. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77. PulteGroup, Inc. has a twelve month low of $88.07 and a twelve month high of $149.47.

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, topping analysts' consensus estimates of $2.92 by $0.11. PulteGroup had a net margin of 15.50% and a return on equity of 21.01%. The firm had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.42 billion. During the same quarter in the previous year, the firm posted $3.83 earnings per share. The company's revenue was down 4.3% on a year-over-year basis. On average, analysts anticipate that PulteGroup, Inc. will post 12.32 EPS for the current fiscal 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.