Summit Global Investments Reduces Stock Position in PulteGroup, Inc. (NYSE:PHM)

Summit Global Investments lessened its position in shares of PulteGroup, Inc. (NYSE:PHM) by 42.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,594 shares of the construction company’s stock after selling 9,935 shares during the period. Summit Global Investments’ holdings in PulteGroup were worth $1,403,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. boosted its position in PulteGroup by 2.9% during the 4th quarter. First Horizon Advisors Inc. now owns 3,594 shares of the construction company’s stock valued at $371,000 after buying an additional 100 shares during the period. Savant Capital LLC lifted its position in PulteGroup by 6.7% during the 4th quarter. Savant Capital LLC now owns 9,397 shares of the construction company’s stock valued at $970,000 after acquiring an additional 594 shares during the period. Certuity LLC purchased a new position in PulteGroup during the 4th quarter valued at about $245,000. Kestra Private Wealth Services LLC lifted its position in PulteGroup by 111.7% during the 4th quarter. Kestra Private Wealth Services LLC now owns 7,163 shares of the construction company’s stock valued at $739,000 after acquiring an additional 3,780 shares during the period. Finally, Van ECK Associates Corp lifted its position in PulteGroup by 2.9% during the 4th quarter. Van ECK Associates Corp now owns 39,433 shares of the construction company’s stock valued at $4,070,000 after acquiring an additional 1,122 shares during the period. Institutional investors own 89.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PHM. Royal Bank of Canada lifted their price target on shares of PulteGroup from $106.00 to $113.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 24th. Barclays raised their price objective on shares of PulteGroup from $126.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. The Goldman Sachs Group raised their price objective on shares of PulteGroup from $91.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. Wedbush restated a “neutral” rating and set a $85.00 price objective on shares of PulteGroup in a research note on Wednesday, January 31st. Finally, Jefferies Financial Group raised their price objective on shares of PulteGroup from $126.00 to $131.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $111.73.

Insider Buying and Selling at PulteGroup

In other PulteGroup news, VP Brien P. O’meara sold 2,000 shares of PulteGroup stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total value of $206,180.00. Following the sale, the vice president now owns 15,389 shares in the company, valued at $1,586,452.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.83% of the company’s stock.

PulteGroup Price Performance

Shares of NYSE PHM traded up $2.79 during midday trading on Friday, hitting $116.64. The stock had a trading volume of 1,874,965 shares, compared to its average volume of 1,797,015. The company has a market capitalization of $24.53 billion, a PE ratio of 9.34, a P/E/G ratio of 0.51 and a beta of 1.56. The stock has a 50 day simple moving average of $112.06 and a 200-day simple moving average of $100.51. PulteGroup, Inc. has a 1 year low of $65.16 and a 1 year high of $121.07. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.18.

PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 EPS for the quarter, topping analysts’ consensus estimates of $3.21 by $0.07. PulteGroup had a return on equity of 25.81% and a net margin of 16.63%. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same quarter last year, the business posted $3.63 earnings per share. The firm’s revenue was down 15.5% compared to the same quarter last year. On average, sell-side analysts expect that PulteGroup, Inc. will post 12.66 EPS for the current fiscal year.

PulteGroup declared that its board has initiated a stock buyback program on Tuesday, January 30th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.