PulteGroup (NYSE:PHM) Shares Gap Up After Better-Than-Expected Earnings

PulteGroup, Inc. (NYSE:PHM - Get Free Report) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $108.65, but opened at $117.73. PulteGroup shares last traded at $117.49, with a volume of 597,944 shares.

The construction company reported $3.03 earnings per share for the quarter, topping analysts' consensus estimates of $2.92 by $0.11. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.42 billion. PulteGroup had a return on equity of 22.86% and a net margin of 16.45%. The firm's quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.83 earnings per share.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Tuesday, June 17th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $0.88 dividend on an annualized basis and a yield of 0.75%. PulteGroup's dividend payout ratio is presently 6.21%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wells Fargo & Company upped their price objective on PulteGroup from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Oppenheimer reiterated an "outperform" rating and issued a $132.00 price objective (up previously from $125.00) on shares of PulteGroup in a report on Tuesday, July 15th. UBS Group lowered their price target on PulteGroup from $151.00 to $141.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Royal Bank Of Canada lowered their price target on PulteGroup from $116.00 to $109.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Finally, Wedbush restated an "outperform" rating and issued a $135.00 price target on shares of PulteGroup in a report on Tuesday, April 22nd. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $133.69.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. WPG Advisers LLC acquired a new position in PulteGroup during the first quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new position in PulteGroup during the fourth quarter valued at approximately $37,000. TD Waterhouse Canada Inc. boosted its position in PulteGroup by 43.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 349 shares of the construction company's stock valued at $38,000 after purchasing an additional 105 shares during the last quarter. American National Bank & Trust acquired a new position in PulteGroup during the first quarter valued at approximately $39,000. Finally, Quarry LP acquired a new position in PulteGroup during the fourth quarter valued at approximately $43,000. 89.90% of the stock is owned by institutional investors and hedge funds.

PulteGroup Stock Up 7.8%

The firm has a 50-day moving average of $104.20 and a 200 day moving average of $104.78. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $23.48 billion, a price-to-earnings ratio of 8.29, a PEG ratio of 0.32 and a beta of 1.29.

PulteGroup Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.