PulteGroup, Inc. (NYSE:PHM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “PulteGroup’s third-quarter 2017 earnings beat the Zacks Consensus Estimate by 1.7%, while revenues missed the same. Earnings in the quarter increased a solid 40% from the year-ago level. The upside was supported by higher demand despite disruptions caused by hurricanes Harvey and Irma, courtesy of positive U.S. housing market dynamics as well as an improving economy and jobs market. Also, historically low interest rates and growing demand among first-time buyers bode well. Revenues also increased 9.6% year over year owing to a rise in the number of homes delivered. The company’s prudent land investments are expected to translate into higher community count and volume growth. Home closings increased across all operating regions of the company, barring Texas and West region. however, rising labor, land and material costs can keep the housing momentum in check.”
Several other research firms have also commented on PHM. BidaskClub raised shares of PulteGroup from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th. Wedbush raised shares of PulteGroup from an “underperform” rating to a “neutral” rating and increased their target price for the company from $15.00 to $22.00 in a report on Thursday, July 13th. FBR & Co reaffirmed a “buy” rating and set a $31.00 target price (up previously from $28.00) on shares of PulteGroup in a report on Wednesday, October 25th. Barclays PLC set a $26.00 target price on shares of PulteGroup and gave the company a “hold” rating in a report on Wednesday, October 25th. Finally, Mizuho lowered shares of PulteGroup from a “neutral” rating to an “underperform” rating and set a $22.00 target price on the stock. in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $28.67.
Shares of PulteGroup (PHM) traded down 0.40% on Monday, reaching $29.95. 3,071,944 shares of the company’s stock traded hands. PulteGroup has a one year low of $17.69 and a one year high of $30.33. The firm has a market cap of $9.04 billion, a P/E ratio of 16.57 and a beta of 1.06. The company’s 50-day moving average price is $27.10 and its 200 day moving average price is $24.85.
PulteGroup (NYSE:PHM) last posted its earnings results on Tuesday, October 24th. The construction company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.01. PulteGroup had a net margin of 7.77% and a return on equity of 14.38%. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the company posted $0.43 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that PulteGroup will post $2.08 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in PHM. Principal Financial Group Inc. boosted its stake in shares of PulteGroup by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 467,882 shares of the construction company’s stock valued at $11,018,000 after purchasing an additional 12,321 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of PulteGroup by 7.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,025 shares of the construction company’s stock valued at $377,000 after purchasing an additional 1,118 shares in the last quarter. Thrivent Financial For Lutherans boosted its stake in shares of PulteGroup by 3.2% during the 1st quarter. Thrivent Financial For Lutherans now owns 10,492 shares of the construction company’s stock valued at $247,000 after purchasing an additional 330 shares in the last quarter. Paloma Partners Management Co boosted its stake in shares of PulteGroup by 212.0% during the 1st quarter. Paloma Partners Management Co now owns 57,373 shares of the construction company’s stock valued at $1,351,000 after purchasing an additional 38,983 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in shares of PulteGroup during the 1st quarter valued at about $897,000. 85.39% of the stock is currently owned by hedge funds and other institutional investors.
PulteGroup Company Profile
PulteGroup, Inc is a homebuilder in the United States. The Company’s segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land.
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