PulteGroup (NYSE:PHM) Given New $150.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for PulteGroup from $135.00 to $150.00, indicating a potential upside of 15.09% from the stock's previous close.
• PulteGroup's recent earnings report exceeded analyst expectations, with $3.03 earnings per share for the quarter, surpassing the consensus estimate of $2.92.
• The company's stock has a consensus rating of "Moderate Buy" with an average price target of $136.46, as rated by various analysts.

PulteGroup (NYSE:PHM - Get Free Report) had its price objective boosted by Wells Fargo & Company from $135.00 to $150.00 in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's price objective would suggest a potential upside of 8.89% from the stock's previous close.

Several other equities analysts have also recently weighed in on PHM. Citigroup raised their price target on shares of PulteGroup from $128.00 to $132.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada raised their price target on shares of PulteGroup from $109.00 to $112.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. Seaport Res Ptn raised shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of PulteGroup from $121.00 to $123.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Wedbush reissued an "outperform" rating and issued a $150.00 target price on shares of PulteGroup in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $136.46.

PulteGroup Stock Up 3.3%

Shares of PHM traded up $4.46 during mid-day trading on Tuesday, hitting $137.76. 2,279,965 shares of the company's stock were exchanged, compared to its average volume of 1,869,165. The company has a market cap of $27.18 billion, a PE ratio of 10.30, a P/E/G ratio of 0.39 and a beta of 1.27. PulteGroup has a 52 week low of $88.07 and a 52 week high of $149.47. The company has a 50-day simple moving average of $119.79 and a 200 day simple moving average of $107.85. 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 (NYSE:PHM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.11. The company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.42 billion. PulteGroup had a net margin of 15.50% and a return on equity of 21.01%. The business's quarterly revenue was down 4.3% on a year-over-year basis. During the same period last year, the business earned $3.83 EPS. On average, research analysts forecast that PulteGroup will post 12.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PulteGroup

Several hedge funds have recently added to or reduced their stakes in the business. Evergreen Capital Management LLC lifted its holdings in PulteGroup by 2.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,875 shares of the construction company's stock valued at $304,000 after purchasing an additional 78 shares during the last quarter. Fidelis Capital Partners LLC lifted its holdings in PulteGroup by 1.0% during the 2nd quarter. Fidelis Capital Partners LLC now owns 8,760 shares of the construction company's stock valued at $924,000 after purchasing an additional 85 shares during the last quarter. Cooper Financial Group lifted its holdings in PulteGroup by 1.4% during the 2nd quarter. Cooper Financial Group now owns 6,697 shares of the construction company's stock valued at $706,000 after purchasing an additional 92 shares during the last quarter. Tocqueville Asset Management L.P. lifted its holdings in PulteGroup by 2.0% during the 1st quarter. Tocqueville Asset Management L.P. now owns 5,062 shares of the construction company's stock valued at $520,000 after purchasing an additional 100 shares during the last quarter. Finally, Leavell Investment Management Inc. lifted its holdings in PulteGroup by 4.7% during the 2nd quarter. Leavell Investment Management Inc. now owns 2,260 shares of the construction company's stock valued at $239,000 after purchasing an additional 102 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

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.