State of New Jersey Common Pension Fund D Reduces Stake in PulteGroup, Inc. $PHM

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in PulteGroup, Inc. by 23.6%, owning 54,225 shares after selling 16,735 shares in the first quarter.
• Several other institutional investors have varied their positions in PulteGroup, with significant increases, such as Vest Financial LLC raising its stake by 1,311.3%.
• Analysts have revised their target prices for PulteGroup, with JPMorgan raising it from $121 to $123 and UBS from $141 to $150, indicating a positive outlook on the stock.

State of New Jersey Common Pension Fund D decreased its holdings in PulteGroup, Inc. (NYSE:PHM - Free Report) by 23.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,225 shares of the construction company's stock after selling 16,735 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in PulteGroup were worth $5,574,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PHM. Merit Financial Group LLC lifted its position in shares of PulteGroup by 20.5% in the 1st quarter. Merit Financial Group LLC now owns 15,388 shares of the construction company's stock worth $1,582,000 after purchasing an additional 2,613 shares during the period. Vest Financial LLC raised its stake in PulteGroup by 1,311.3% in the first quarter. Vest Financial LLC now owns 312,723 shares of the construction company's stock worth $32,148,000 after buying an additional 290,564 shares in the last quarter. Hudson Capital Management LLC lifted its holdings in PulteGroup by 8.6% in the first quarter. Hudson Capital Management LLC now owns 41,305 shares of the construction company's stock worth $4,246,000 after buying an additional 3,266 shares during the period. NBC Securities Inc. boosted its position in PulteGroup by 103,800.0% during the 1st quarter. NBC Securities Inc. now owns 5,195 shares of the construction company's stock valued at $534,000 after acquiring an additional 5,190 shares in the last quarter. Finally, Reyes Financial Architecture Inc. grew its holdings in shares of PulteGroup by 42.1% during the 1st quarter. Reyes Financial Architecture Inc. now owns 770 shares of the construction company's stock worth $79,000 after acquiring an additional 228 shares during the period. Hedge funds and other institutional investors own 89.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PHM shares. JPMorgan Chase & Co. raised their target price on PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. UBS Group increased their price objective on PulteGroup from $141.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Wells Fargo & Company boosted their target price on shares of PulteGroup from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Citigroup upped their target price on shares of PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Oppenheimer lifted their price target on shares of PulteGroup from $132.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $135.31.

PulteGroup Price Performance

Shares of PHM opened at $128.33 on Tuesday. PulteGroup, Inc. has a twelve month low of $88.07 and a twelve month high of $149.47. The company has a market capitalization of $25.32 billion, a P/E ratio of 9.59, a price-to-earnings-growth ratio of 0.38 and a beta of 1.22. The firm has a 50 day moving average of $112.30 and a 200 day moving average of $105.73. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.13.

PulteGroup (NYSE:PHM - Get Free Report) last issued 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. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the business posted $3.83 EPS. The company's revenue was down 4.3% compared to the same quarter last year. As a group, equities research analysts anticipate that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal 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.

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