Wedbush Reaffirms Outperform Rating for PulteGroup (NYSE:PHM)

Key Points

• Wedbush has reaffirmed an outperform rating for PulteGroup (NYSE:PHM) with a price target of $150.00, indicating a potential upside of 15.38% from its previous close.
• PulteGroup's stock saw a 5.4% increase during midday trading, reaching $130.01, with a trading volume of over 3 million shares.
• Analysts have a consensus rating of Moderate Buy for PulteGroup, with a consensus target price of $135.31 based on multiple brokerages' evaluations.

PulteGroup (NYSE:PHM - Get Free Report)'s stock had its "outperform" rating reissued by analysts at Wedbush in a research report issued to clients and investors on Wednesday,RTT News reports. They presently have a $150.00 price objective on the construction company's stock. Wedbush's target price would indicate a potential upside of 15.38% from the company's previous close.

A number of other brokerages have also recently commented on PHM. Raymond James Financial reaffirmed an "outperform" rating and issued a $140.00 target price (up from $115.00) on shares of PulteGroup in a report on Wednesday, July 23rd. Seaport Res Ptn upgraded shares of PulteGroup from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada lifted their price objective on shares of PulteGroup from $109.00 to $112.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 23rd. Oppenheimer lifted their price objective on shares of PulteGroup from $132.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Wells Fargo & Company boosted their target price on shares of PulteGroup from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $135.31.

PulteGroup Stock Up 5.4%

Shares of NYSE PHM traded up $6.68 during midday trading on Wednesday, hitting $130.01. The company's stock had a trading volume of 3,061,746 shares, compared to its average volume of 2,175,776. The business's fifty day simple moving average is $110.08 and its two-hundred day simple moving average is $105.42. 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 has a 1 year low of $88.07 and a 1 year high of $149.47. The firm has a market capitalization of $25.65 billion, a price-to-earnings ratio of 9.72, a price-to-earnings-growth ratio of 0.35 and a beta of 1.22.

PulteGroup (NYSE:PHM - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.11. The firm had revenue of $4.40 billion for 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 firm's revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $3.83 earnings per share. On average, equities analysts predict that PulteGroup will post 12.32 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its stake in PulteGroup by 0.8% in the 2nd quarter. Franklin Resources Inc. now owns 12,290,631 shares of the construction company's stock valued at $1,296,170,000 after purchasing an additional 95,058 shares during the last quarter. Norges Bank acquired a new position in PulteGroup in the 2nd quarter valued at about $404,339,000. JPMorgan Chase & Co. increased its stake in shares of PulteGroup by 40.3% during the 1st quarter. JPMorgan Chase & Co. now owns 3,486,330 shares of the construction company's stock valued at $358,395,000 after acquiring an additional 1,001,290 shares during the last quarter. First Trust Advisors LP increased its stake in shares of PulteGroup by 27.2% during the 2nd quarter. First Trust Advisors LP now owns 3,199,906 shares of the construction company's stock valued at $337,462,000 after acquiring an additional 683,728 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of PulteGroup by 0.9% during the 2nd quarter. Invesco Ltd. now owns 2,634,275 shares of the construction company's stock valued at $277,811,000 after acquiring an additional 23,051 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

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.

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