Rafferty Asset Management LLC Boosts Stock Position in PulteGroup, Inc. (NYSE:PHM)

Rafferty Asset Management LLC lifted its stake in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 42.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 159,244 shares of the construction company's stock after buying an additional 47,485 shares during the quarter. Rafferty Asset Management LLC owned about 0.08% of PulteGroup worth $17,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in shares of PulteGroup in the fourth quarter valued at approximately $427,562,000. Amundi boosted its stake in PulteGroup by 77.9% in the 4th quarter. Amundi now owns 1,636,562 shares of the construction company's stock valued at $180,775,000 after purchasing an additional 716,716 shares during the period. Franklin Resources Inc. boosted its stake in PulteGroup by 6.1% in the 4th quarter. Franklin Resources Inc. now owns 11,937,866 shares of the construction company's stock valued at $1,300,034,000 after purchasing an additional 683,592 shares during the period. Man Group plc grew its holdings in PulteGroup by 136.8% in the 4th quarter. Man Group plc now owns 988,963 shares of the construction company's stock valued at $107,698,000 after buying an additional 571,251 shares in the last quarter. Finally, Bridgewater Associates LP increased its position in PulteGroup by 118.8% during the 4th quarter. Bridgewater Associates LP now owns 783,581 shares of the construction company's stock worth $85,332,000 after buying an additional 425,492 shares during the period. Institutional investors own 89.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PHM shares. Barclays reduced their target price on shares of PulteGroup from $100.00 to $98.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 23rd. Wells Fargo & Company dropped their price target on shares of PulteGroup from $140.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Royal Bank of Canada reduced their price objective on shares of PulteGroup from $116.00 to $109.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. UBS Group reduced 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. Finally, Evercore ISI upped their target price on PulteGroup from $161.00 to $165.00 and gave the stock an "outperform" rating in a report on Wednesday, April 23rd. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, PulteGroup has an average rating of "Moderate Buy" and an average price target of $134.69.

PulteGroup Trading Down 1.7%

PHM traded down $1.76 during trading on Wednesday, hitting $99.55. The company's stock had a trading volume of 784,799 shares, compared to its average volume of 1,994,550. The firm has a market capitalization of $19.95 billion, a P/E ratio of 6.79, a PEG ratio of 0.29 and a beta of 1.37. The stock's fifty day moving average price is $100.85 and its 200-day moving average price is $110.74. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a twelve month low of $88.07 and a twelve month high of $149.47.

PulteGroup (NYSE:PHM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The construction company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.47 by $0.10. The firm had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.86 billion. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. During the same period in the prior year, the business posted $3.10 earnings per share. Analysts anticipate that PulteGroup, Inc. will post 12.32 EPS for the current year.

PulteGroup announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 30th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the construction company to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Tuesday, June 17th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Tuesday, June 17th. PulteGroup's dividend payout ratio is presently 6.21%.

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.