PulteGroup, Inc. (NYSE:PHM) Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC drastically reduced its stake in PulteGroup, Inc. by 97.9%, selling 432,039 shares and now owning just 9,427 shares valued at approximately $969,000.
• Despite Lord Abbett's sell-off, several other institutional investors, including JPMorgan Chase & Co. and Nuveen LLC, increased their holdings in PulteGroup during the same period.
• PulteGroup recently reported earnings of $3.03 per share, beating analysts' expectations, but its revenue dropped by 4.3% year-over-year, totaling $4.40 billion.

Lord Abbett & CO. LLC cut its stake in PulteGroup, Inc. (NYSE:PHM - Free Report) by 97.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,427 shares of the construction company's stock after selling 432,039 shares during the period. Lord Abbett & CO. LLC's holdings in PulteGroup were worth $969,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its holdings in PulteGroup by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 3,486,330 shares of the construction company's stock valued at $358,395,000 after acquiring an additional 1,001,290 shares in the last quarter. Northern Trust Corp raised its holdings 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 acquiring an additional 315,148 shares in the last quarter. Nuveen LLC acquired a new stake in PulteGroup in the first quarter valued at $213,092,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in PulteGroup by 9.1% in the fourth 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 valued at $221,478,000 after acquiring an additional 169,736 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of PulteGroup by 14.3% during the fourth quarter. Deutsche Bank AG now owns 1,859,029 shares of the construction company's stock worth $202,448,000 after purchasing an additional 232,939 shares during the period. 89.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PHM has been the topic of a number of research reports. Wedbush reissued an "outperform" rating and set a $150.00 target price on shares of PulteGroup in a report on Wednesday. Barclays dropped their target price on shares of PulteGroup from $100.00 to $98.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 23rd. Evercore ISI increased their target price on shares of PulteGroup from $161.00 to $165.00 and gave the stock an "outperform" rating in a report on Wednesday, April 23rd. Raymond James Financial reissued an "outperform" rating and set a $140.00 target price (up from $115.00) on shares of PulteGroup in a report on Wednesday, July 23rd. Finally, Oppenheimer increased their target price on shares of PulteGroup from $132.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $135.31.

PulteGroup Stock Up 0.2%

PulteGroup stock opened at $128.82 on Friday. The company has a 50-day simple moving average of $111.76 and a 200-day simple moving average of $105.71. The firm has a market capitalization of $25.42 billion, a P/E ratio of 9.63, a P/E/G ratio of 0.38 and a beta of 1.22. 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 one year low of $88.07 and a one year high of $149.47.

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

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