Korea Investment CORP Boosts Stock Position in PulteGroup, Inc. $PHM

Key Points

• Korea Investment CORP increased its stake in PulteGroup, Inc. by 31.1%, owning around 0.12% of the company valued at approximately $24.76 million after acquiring additional shares.
• PulteGroup recently reported earnings of $3.03 per share, exceeding analysts' expectations of $2.92, despite a 4.3% year-over-year decline in quarterly revenue.
• Institutional investors own a significant 89.90% of PulteGroup's stock, reflecting strong interest from hedge funds and other investment firms.

Korea Investment CORP raised its holdings in PulteGroup, Inc. (NYSE:PHM - Free Report) by 31.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 240,826 shares of the construction company's stock after purchasing an additional 57,075 shares during the quarter. Korea Investment CORP owned 0.12% of PulteGroup worth $24,757,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new stake in PulteGroup in the fourth quarter valued at $37,000. TD Waterhouse Canada Inc. lifted its stake in PulteGroup by 43.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 349 shares of the construction company's stock worth $38,000 after purchasing 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 acquired a new position in PulteGroup during the first quarter worth $54,000. Hedge funds and other institutional investors own 89.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on PHM shares. Citigroup upped their price target on PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Wells Fargo & Company upped their price target on PulteGroup from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Seaport Res Ptn upgraded PulteGroup from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 22nd. Wedbush restated an "outperform" rating and set a $150.00 price target on shares of PulteGroup in a research note on Wednesday, August 13th. Finally, JPMorgan Chase & Co. upped their price target on PulteGroup from $121.00 to $123.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $135.31.

PulteGroup Stock Up 0.1%

NYSE:PHM traded up $0.1680 during trading hours on Monday, hitting $132.4980. The company's stock had a trading volume of 901,691 shares, compared to its average volume of 2,161,063. The stock has a market capitalization of $26.14 billion, a P/E ratio of 9.90, a price-to-earnings-growth ratio of 0.39 and a beta of 1.22. The stock has a fifty day moving average of $114.30 and a 200-day moving average of $106.24. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a 52-week low of $88.07 and a 52-week 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 EPS for the quarter, beating the consensus estimate of $2.92 by $0.11. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.42 billion. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.PulteGroup's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.83 earnings per share. On average, equities analysts forecast that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

About PulteGroup

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.