QRG Capital Management Inc. Sells 8,392 Shares of PulteGroup, Inc. $PHM

Key Points

• QRG Capital Management cut its PulteGroup stake by 5.7% in Q1, selling 8,392 shares and ending with 137,962 shares worth about $16.2 million.
• PulteGroup reported mixed quarterly results, with EPS of $1.79 narrowly missing estimates while revenue of $3.41 billion slightly topped forecasts; revenue was still down 12.4% year over year.
• The company’s board approved a $1.5 billion share buyback and it also paid a $0.26 quarterly dividend, while analysts currently rate the stock a “Moderate Buy” with an average target price of $140.71.

QRG Capital Management Inc. lowered its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 5.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 137,962 shares of the construction company's stock after selling 8,392 shares during the period. QRG Capital Management Inc. owned 0.07% of PulteGroup worth $16,226,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its position in PulteGroup by 18.3% in the fourth quarter. Golden State Wealth Management LLC now owns 484 shares of the construction company's stock worth $57,000 after acquiring an additional 75 shares in the last quarter. Evergreen Capital Management LLC lifted its stake in shares of PulteGroup by 2.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,875 shares of the construction company's stock valued at $304,000 after purchasing an additional 78 shares during the last quarter. Stephens Inc. AR boosted its holdings in PulteGroup by 3.5% in the fourth quarter. Stephens Inc. AR now owns 2,350 shares of the construction company's stock worth $276,000 after purchasing an additional 80 shares in the last quarter. Perigon Wealth Management LLC increased its position in PulteGroup by 3.6% during the fourth quarter. Perigon Wealth Management LLC now owns 2,672 shares of the construction company's stock worth $313,000 after buying an additional 92 shares during the last quarter. Finally, Opal Wealth Advisors LLC raised its holdings in PulteGroup by 4.8% during the fourth quarter. Opal Wealth Advisors LLC now owns 2,169 shares of the construction company's stock valued at $254,000 after buying an additional 99 shares in the last quarter. Institutional investors own 89.90% of the company's stock.

PulteGroup Price Performance

Shares of NYSE:PHM opened at $133.79 on Friday. The company has a market cap of $25.49 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.70 and a beta of 1.18. The business has a 50 day moving average price of $122.23 and a 200 day moving average price of $124.62. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a twelve month low of $107.07 and a twelve month high of $144.49.

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

PulteGroup declared that its Board of Directors has approved a share buyback plan on Thursday, April 23rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the construction company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th were paid a $0.26 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. PulteGroup's dividend payout ratio (DPR) is presently 10.06%.

Insider Buying and Selling at PulteGroup

In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total value of $894,840.00. Following the completion of the sale, the chief operating officer directly owned 28,100 shares of the company's stock, valued at $3,372,000. This represents a 20.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the sale, the director directly owned 3,540 shares of the company's stock, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on PHM shares. Citigroup upped their price target on PulteGroup from $136.00 to $138.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Bank of America decreased their target price on PulteGroup from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Weiss Ratings lowered shares of PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a research report on Monday, April 27th. Barclays reduced their price objective on shares of PulteGroup from $115.00 to $112.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 8th. Finally, The Goldman Sachs Group raised their target price on shares of PulteGroup from $133.00 to $142.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $140.71.

PulteGroup 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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