Swedbank AB Sells 13,525 Shares of PulteGroup, Inc. $PHM

Key Points

• Swedbank AB cut its stake in PulteGroup by 2.3%, selling 13,525 shares and now holds 571,130 shares (about 0.29% of the company), while institutional investors own roughly 89.9% of PulteGroup.
• Company insiders sold a total of 38,702 shares worth $5.27 million last quarter (including the COO and an EVP), reducing insider ownership to about 0.75%.
• PulteGroup authorized a $1.5 billion share repurchase (up to 6.1% of outstanding shares) and declared a quarterly dividend of $0.26 ($1.04 annual, ~0.9% yield); the company reported Q earnings of $1.79 EPS (missed by $0.01) with revenue down 12.4% year-over-year.

Swedbank AB decreased its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 2.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 571,130 shares of the construction company's stock after selling 13,525 shares during the period. Swedbank AB owned about 0.29% of PulteGroup worth $66,971,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Rachor Investment Advisory Services LLC bought a new stake in PulteGroup in the 4th quarter valued at approximately $31,000. High Point Wealth Management LLC bought a new stake in PulteGroup in the 4th quarter valued at approximately $38,000. Beacon Financial Strategies CORP bought a new stake in PulteGroup in the 4th quarter valued at approximately $40,000. Fulcrum Asset Management LLP bought a new stake in PulteGroup in the 3rd quarter valued at approximately $47,000. Finally, Root Financial Partners LLC bought a new stake in PulteGroup in the 3rd quarter valued at approximately $54,000. Institutional investors own 89.90% of the company's stock.

Insiders Place Their Bets

In related news, COO Matthew William Koart sold 15,309 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $135.79, for a total value of $2,078,809.11. Following the sale, the chief operating officer owned 42,418 shares in the company, valued at approximately $5,759,940.22. This represents a 26.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin A. Henry sold 5,173 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the sale, the executive vice president owned 14,673 shares in the company, valued at approximately $2,069,333.19. This trade represents a 26.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 38,702 shares of company stock worth $5,270,240 in the last quarter. Insiders own 0.75% of the company's stock.

PulteGroup Trading Up 1.8%

Shares of PulteGroup stock opened at $120.10 on Thursday. PulteGroup, Inc. has a 12-month low of $95.20 and a 12-month high of $144.49. The stock has a market cap of $22.88 billion, a P/E ratio of 11.61, a P/E/G ratio of 1.49 and a beta of 1.23. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The business's 50 day moving average is $123.34 and its 200-day moving average is $124.64.

PulteGroup (NYSE:PHM - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the prior year, the company earned $2.57 EPS. The company's revenue for the quarter was down 12.4% on a year-over-year basis. Equities research analysts predict that PulteGroup, Inc. will post 10.02 earnings per share for the current fiscal year.

PulteGroup announced that its board has authorized a share repurchase plan on Thursday, April 23rd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the construction company to buy up to 6.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

PulteGroup Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup's dividend payout ratio is 10.06%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PHM shares. JPMorgan Chase & Co. cut their target price on PulteGroup from $149.00 to $131.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 3rd. Weiss Ratings cut PulteGroup from a "buy (b-)" rating to a "hold (c)" rating in a research note on Monday, April 27th. Evercore upped their price objective on PulteGroup from $146.00 to $151.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Raymond James Financial reiterated an "outperform" rating and set a $145.00 price objective on shares of PulteGroup in a research note on Wednesday, February 4th. Finally, Wells Fargo & Company upped their price objective on PulteGroup from $132.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $140.71.

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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