Morse Asset Management Inc Sells 6,780 Shares of PulteGroup, Inc. (NYSE:PHM)

Morse Asset Management Inc reduced its position in PulteGroup, Inc. (NYSE:PHM - Free Report) by 69.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,955 shares of the construction company's stock after selling 6,780 shares during the quarter. Morse Asset Management Inc's holdings in PulteGroup were worth $322,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PHM. Franklin Resources Inc. raised its holdings in shares of PulteGroup by 6.1% in the fourth quarter. Franklin Resources Inc. now owns 11,937,866 shares of the construction company's stock valued at $1,300,034,000 after buying an additional 683,592 shares during the last quarter. Geode Capital Management LLC raised its holdings in PulteGroup by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,120,878 shares of the construction company's stock worth $556,465,000 after purchasing an additional 64,947 shares during the last quarter. Norges Bank bought a new stake in PulteGroup during the 4th quarter worth about $427,562,000. Northern Trust Corp raised its holdings in PulteGroup by 14.9% during the 4th quarter. Northern Trust Corp now owns 2,425,941 shares of the construction company's stock worth $264,185,000 after purchasing an additional 315,148 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in PulteGroup by 14.3% during the 4th quarter. Deutsche Bank AG now owns 1,859,029 shares of the construction company's stock worth $202,448,000 after purchasing an additional 232,939 shares during the last quarter. 89.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on PHM shares. UBS Group lowered their target price on shares of PulteGroup from $151.00 to $141.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company lowered their price target on PulteGroup from $140.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Bank of America lowered their price target on PulteGroup from $135.00 to $134.00 and set a "buy" rating for the company in a research note on Monday, January 27th. Barclays lowered their price target on PulteGroup from $100.00 to $98.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 23rd. Finally, Evercore ISI upped their target price on shares of PulteGroup from $161.00 to $165.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 23rd. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $134.69.

PulteGroup Stock Performance

Shares of NYSE:PHM traded down $1.19 on Monday, reaching $103.23. 459,812 shares of the company's stock were exchanged, compared to its average volume of 1,995,133. The company has a fifty day moving average of $100.86 and a 200-day moving average of $110.99. 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 $20.69 billion, a price-to-earnings ratio of 7.01, a PEG ratio of 0.29 and a beta of 1.37. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13.

PulteGroup (NYSE:PHM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The construction company reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.10. The firm had revenue of $3.89 billion for the quarter, compared to analyst estimates of $3.86 billion. PulteGroup had a net margin of 17.18% and a return on equity of 24.43%. During the same quarter in the prior year, the business posted $3.10 EPS. On average, research analysts predict that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

PulteGroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Tuesday, June 17th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Tuesday, June 17th. PulteGroup's dividend payout ratio (DPR) is presently 6.21%.

PulteGroup declared that its board has approved a share buyback plan on Thursday, January 30th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are 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.