PulteGroup, Inc. $PHM Position Increased by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden increased its PulteGroup stake by 20.5% in the first quarter, buying 11,400 more shares and bringing its total holding to 67,054 shares worth about $7.89 million.
• PulteGroup reported mixed quarterly results: earnings of $1.79 per share slightly missed estimates, while revenue of $3.41 billion narrowly topped expectations but fell 12.4% from a year earlier.
• The company also announced a $1.5 billion share repurchase program and continued paying a quarterly dividend of $0.26 per share, while analysts currently view the stock as a Moderate Buy with a consensus target price of $140.71.

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 20.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,054 shares of the construction company's stock after acquiring an additional 11,400 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in PulteGroup were worth $7,886,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Rachor Investment Advisory Services LLC bought a new position in shares of PulteGroup in the fourth quarter valued at approximately $31,000. HHM Wealth Advisors LLC increased its holdings in PulteGroup by 158.5% during the 1st quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company's stock valued at $32,000 after purchasing an additional 168 shares in the last quarter. DV Equities LLC acquired a new position in PulteGroup in the fourth quarter worth $32,000. Lloyd Advisory Services LLC. bought a new stake in PulteGroup during the 4th quarter worth about $33,000. Finally, High Point Wealth Management LLC acquired a new position in shares of PulteGroup during the fourth quarter valued at $38,000. Institutional investors and hedge funds own 89.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PHM shares. Truist Financial reduced their target price on PulteGroup from $170.00 to $150.00 and set a "buy" rating on the stock in a report on Thursday, April 16th. Seaport Research Partners reaffirmed a "sell" rating and issued a $100.00 target price (down from $155.00) on shares of PulteGroup in a research report on Tuesday, April 7th. Bank of America dropped their price target on PulteGroup from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Weiss Ratings downgraded PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a report on Monday, April 27th. Finally, The Goldman Sachs Group boosted their price target on PulteGroup from $133.00 to $142.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, PulteGroup currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.71.

PulteGroup Price Performance

Shares of NYSE:PHM opened at $133.79 on Monday. The firm's fifty day moving average is $122.23 and its 200-day moving average is $124.61. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $25.49 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.70 and a beta of 1.18. PulteGroup, Inc. has a 52 week low of $107.07 and a 52 week high of $144.49.

PulteGroup (NYSE:PHM - Get Free Report) last released its earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same period in the prior year, the company posted $2.57 EPS. The business's revenue for the quarter was down 12.4% compared to the same quarter last year. Sell-side analysts predict that PulteGroup, Inc. will post 9.95 earnings per share for the current year.

PulteGroup Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 16th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.04 annualized dividend and a yield of 0.8%. PulteGroup's payout ratio is 10.06%.

PulteGroup announced that its Board of Directors has approved a stock repurchase program on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to reacquire up to 6.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Lila Snyder sold 3,339 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the transaction, the director directly owned 3,540 shares of the company's stock, valued at $414,817.20. This represents a 48.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total value of $894,840.00. Following the completion of the transaction, the chief operating officer owned 28,100 shares in the company, valued at approximately $3,372,000. The trade was a 20.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by insiders.

PulteGroup Company Profile

PulteGroup, Inc NYSE: PHM is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.

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