Norges Bank Takes $427.56 Million Position in PulteGroup, Inc. (NYSE:PHM)

Norges Bank bought a new position in PulteGroup, Inc. (NYSE:PHM) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,926,185 shares of the construction company’s stock, valued at approximately $427,562,000. Norges Bank owned 1.91% of PulteGroup at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hager Investment Management Services LLC acquired a new position in shares of PulteGroup in the 4th quarter valued at $29,000. Fortitude Family Office LLC raised its position in PulteGroup by 74.1% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the construction company’s stock worth $35,000 after purchasing an additional 137 shares in the last quarter. R Squared Ltd bought a new position in PulteGroup during the fourth quarter worth about $39,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in PulteGroup by 41.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 444 shares of the construction company’s stock worth $48,000 after purchasing an additional 131 shares during the period. Finally, Oakworth Capital Inc. boosted its holdings in PulteGroup by 642.2% during the fourth quarter. Oakworth Capital Inc. now owns 475 shares of the construction company’s stock valued at $52,000 after purchasing an additional 411 shares in the last quarter. 89.90% of the stock is owned by institutional investors.

PulteGroup Stock Performance

PulteGroup stock opened at $101.76 on Friday. The company has a market cap of $20.60 billion, a PE ratio of 6.92, a PEG ratio of 0.29 and a beta of 1.71. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a 1 year low of $100.35 and a 1 year high of $149.47. The company’s 50-day moving average is $107.58 and its two-hundred day moving average is $121.39.

PulteGroup (NYSE:PHM) last issued its earnings results on Thursday, January 30th. The construction company reported $3.50 EPS for the quarter, beating the consensus estimate of $3.28 by $0.22. PulteGroup had a net margin of 17.18% and a return on equity of 24.43%. Equities analysts anticipate that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup announced that its board has initiated a share repurchase program on Thursday, January 30th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

PulteGroup Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Tuesday, March 18th. PulteGroup’s dividend payout ratio (DPR) is currently 5.98%.

Insider Transactions at PulteGroup

In other news, EVP Todd N. Sheldon sold 15,191 shares of PulteGroup stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $106.50, for a total transaction of $1,617,841.50. Following the transaction, the executive vice president now directly owns 74,758 shares of the company’s stock, valued at $7,961,727. This trade represents a 16.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian P. Anderson sold 2,500 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $106.45, for a total transaction of $266,125.00. Following the completion of the sale, the director now owns 56,617 shares of the company’s stock, valued at approximately $6,026,879.65. This represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,191 shares of company stock worth $2,256,367. 0.83% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PHM has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on PulteGroup from $162.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, December 13th. Wedbush restated an “outperform” rating and issued a $135.00 target price on shares of PulteGroup in a research note on Friday, January 31st. Wells Fargo & Company dropped their target price on shares of PulteGroup from $165.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. StockNews.com lowered shares of PulteGroup from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Seaport Res Ptn raised shares of PulteGroup from a “strong sell” rating to a “hold” rating in a report on Thursday, March 6th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.86.

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.