Westpac Banking Corp Has $119,000 Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Key Points

• Westpac Banking Corp significantly reduced its stake in PulteGroup, Inc. by 96.4% in Q1, holding only 1,162 shares worth approximately $119,000 after selling 30,973 shares.
• PulteGroup's stock price increased by 0.2% to $128.82, with a market cap of $25.42 billion, while the company reported earnings of $3.03 per share, exceeding expectations of $2.92.
• Several analysts upgraded their ratings and price targets for PulteGroup, with Wells Fargo raising the target from $125 to $135, indicating overall positive sentiment toward the stock.

Westpac Banking Corp lowered its stake in PulteGroup, Inc. (NYSE:PHM - Free Report) by 96.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,162 shares of the construction company's stock after selling 30,973 shares during the period. Westpac Banking Corp's holdings in PulteGroup were worth $119,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PHM. Townsquare Capital LLC increased its holdings in shares of PulteGroup by 91.0% in the fourth quarter. Townsquare Capital LLC now owns 13,516 shares of the construction company's stock valued at $1,472,000 after purchasing an additional 6,438 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in PulteGroup during the 4th quarter worth $224,000. Barclays PLC grew its holdings in PulteGroup by 27.8% during the 4th quarter. Barclays PLC now owns 612,320 shares of the construction company's stock worth $66,683,000 after acquiring an additional 133,024 shares during the period. Belpointe Asset Management LLC grew its holdings in PulteGroup by 3.9% during the 4th quarter. Belpointe Asset Management LLC now owns 3,277 shares of the construction company's stock worth $357,000 after acquiring an additional 123 shares during the period. Finally, Jump Financial LLC grew its holdings in PulteGroup by 210.5% during the 4th quarter. Jump Financial LLC now owns 16,799 shares of the construction company's stock worth $1,829,000 after acquiring an additional 11,388 shares during the period. Institutional investors and hedge funds own 89.90% of the company's stock.

PulteGroup Stock Up 0.2%

NYSE:PHM traded up $0.27 on Friday, hitting $128.82. 1,920,227 shares of the company's stock were exchanged, compared to its average volume of 2,149,599. The firm has a 50-day moving average price of $111.76 and a 200-day moving average price of $105.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77. PulteGroup, Inc. has a 52 week low of $88.07 and a 52 week high of $149.47. The company has a market cap of $25.42 billion, a P/E ratio of 9.63, a price-to-earnings-growth ratio of 0.38 and a beta of 1.22.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 EPS for the quarter, topping the consensus estimate of $2.92 by $0.11. PulteGroup had a net margin of 15.50% and a return on equity of 21.01%. The firm had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.42 billion. During the same period in the previous year, the firm posted $3.83 EPS. The company's revenue for the quarter was down 4.3% on a year-over-year basis. As a group, analysts expect that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on PHM shares. Wells Fargo & Company lifted their target price on shares of PulteGroup from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada boosted their price target on shares of PulteGroup from $109.00 to $112.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. Citigroup boosted their price target on shares of PulteGroup from $128.00 to $132.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Barclays decreased their price target on shares of PulteGroup from $100.00 to $98.00 and set an "equal weight" rating for the company in a report on Wednesday, April 23rd. Finally, Seaport Res Ptn raised shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 22nd. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $135.31.

PulteGroup Profile

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.