Lazard Asset Management LLC Trims Holdings in PulteGroup, Inc. (NYSE:PHM)

Lazard Asset Management LLC reduced its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 46.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,272 shares of the construction company's stock after selling 23,499 shares during the period. Lazard Asset Management LLC's holdings in PulteGroup were worth $2,969,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. lifted its stake in PulteGroup by 16.7% in the fourth quarter. Richardson Financial Services Inc. now owns 622 shares of the construction company's stock worth $68,000 after purchasing an additional 89 shares during the last quarter. Premier Path Wealth Partners LLC grew its position in PulteGroup by 3.8% in the 4th quarter. Premier Path Wealth Partners LLC now owns 2,572 shares of the construction company's stock valued at $280,000 after acquiring an additional 95 shares during the last quarter. Meridian Wealth Management LLC grew its position in PulteGroup by 0.7% in the 4th quarter. Meridian Wealth Management LLC now owns 13,224 shares of the construction company's stock valued at $1,440,000 after acquiring an additional 95 shares during the last quarter. Fidelis Capital Partners LLC increased its stake in PulteGroup by 2.4% in the fourth quarter. Fidelis Capital Partners LLC now owns 4,384 shares of the construction company's stock worth $479,000 after purchasing an additional 103 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its position in shares of 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 during the last quarter. 89.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on PHM shares. Oppenheimer reduced their price target on shares of PulteGroup from $165.00 to $150.00 and set an "outperform" rating on the stock in a research note on Friday, January 31st. Royal Bank of Canada decreased their price target on shares of PulteGroup from $116.00 to $109.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. UBS Group dropped their price objective on PulteGroup from $151.00 to $141.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI lifted their target price on PulteGroup from $161.00 to $165.00 and gave the company an "outperform" rating in a research report on Wednesday, April 23rd. Finally, Bank of America dropped their price target on PulteGroup from $135.00 to $134.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, PulteGroup presently has an average rating of "Moderate Buy" and a consensus price target of $134.69.

PulteGroup Stock Down 2.2%

NYSE PHM traded down $2.18 on Wednesday, hitting $99.13. The stock had a trading volume of 1,557,943 shares, compared to its average volume of 1,997,040. The business's fifty day moving average price is $100.85 and its 200 day moving average price is $110.74. The stock has a market cap of $19.87 billion, a price-to-earnings ratio of 6.75, a price-to-earnings-growth ratio of 0.29 and a beta of 1.37. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. 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 released its quarterly earnings results on Tuesday, April 22nd. The construction company reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.10. The company had revenue of $3.89 billion during the quarter, compared to analysts' expectations of $3.86 billion. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. During the same period last year, the business posted $3.10 earnings per share. Equities research analysts anticipate that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Tuesday, June 17th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Tuesday, June 17th. PulteGroup's payout ratio is currently 6.21%.

PulteGroup announced that its board has approved a stock buyback program on Thursday, January 30th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the construction company to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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.