PulteGroup (NYSE:PHM) Price Target Cut to $140.00 by Analysts at Bank of America

Key Points

• Bank of America cut its price target on PulteGroup from $145 to $140 but kept a "buy" rating, implying roughly a 9.7% upside from the prior close.
• Analyst consensus is a Moderate Buy with an average target of $138.79 after several firms trimmed targets (e.g., Wells Fargo $132, Truist $150, Barclays $112); 11 analysts rate the stock Buy and 6 rate it Hold.
• Insiders have been net sellers recently — about 149,952 shares sold (~$20.16M) in the last three months (including EVP and COO sales) — while institutional investors own roughly 89.9% of the stock.

PulteGroup (NYSE:PHM - Get Free Report) had its price target reduced by Bank of America from $145.00 to $140.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Bank of America's target price would suggest a potential upside of 9.72% from the stock's previous close.

A number of other analysts have also issued reports on PHM. Zacks Research upgraded PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Wells Fargo & Company reduced their price objective on PulteGroup from $150.00 to $132.00 and set an "overweight" rating for the company in a research report on Wednesday, April 8th. Truist Financial reduced their price objective on PulteGroup from $170.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday. Barclays reduced their price objective on PulteGroup from $115.00 to $112.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Finally, Weiss Ratings upgraded PulteGroup from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 12th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $138.79.

PulteGroup Stock Performance

PHM traded up $1.07 during midday trading on Monday, reaching $127.60. The company's stock had a trading volume of 292,850 shares, compared to its average volume of 1,863,984. The stock has a market cap of $24.45 billion, a P/E ratio of 11.47, a PEG ratio of 1.48 and a beta of 1.33. The company has a fifty day simple moving average of $126.54 and a 200 day simple moving average of $124.80. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. PulteGroup has a twelve month low of $91.76 and a twelve month high of $144.49.

Insider Buying and Selling

In other news, EVP Todd N. Sheldon sold 14,220 shares of PulteGroup stock in a transaction on Friday, February 6th. The stock was sold at an average price of $135.01, for a total value of $1,919,842.20. Following the completion of the sale, the executive vice president directly owned 69,753 shares of the company's stock, valued at approximately $9,417,352.53. This trade represents a 16.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Matthew William Koart sold 15,309 shares of PulteGroup stock in a transaction on Friday, February 6th. The shares were sold at an average price of $135.79, for a total value of $2,078,809.11. Following the completion of the sale, the chief operating officer directly owned 42,418 shares of the company's stock, valued at $5,759,940.22. This trade represents a 26.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 149,952 shares of company stock worth $20,162,165. 0.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PulteGroup

Institutional investors have recently made changes to their positions in the stock. Rachor Investment Advisory Services LLC acquired a new stake in shares of PulteGroup during the fourth quarter worth $31,000. HHM Wealth Advisors LLC grew its stake in shares of PulteGroup by 158.5% during the first quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company's stock worth $32,000 after purchasing an additional 168 shares during the period. DV Equities LLC acquired a new stake in shares of PulteGroup during the fourth quarter worth $32,000. Lloyd Advisory Services LLC. acquired a new stake in shares of PulteGroup during the fourth quarter worth $33,000. Finally, Private Wealth Management Group LLC grew its stake in shares of PulteGroup by 281.7% during the third quarter. Private Wealth Management Group LLC now owns 271 shares of the construction company's stock worth $36,000 after purchasing an additional 200 shares during the period. 89.90% of the stock is owned by institutional investors and hedge funds.

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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