Zacks Investment Research upgraded shares of PulteGroup, Inc. (NYSE:PHM) from a hold rating to a buy rating in a research note published on Friday. The firm currently has $33.00 price objective on the construction company’s stock.
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 sale revenues rose 9.3% on increased home closings and average selling price, while Land sale revenues of $27.3 million rose from $13.2 million a year ago. Home closings increased across all operating regions of the company, barring Texas and West region.”
Several other research analysts also recently commented on the stock. MKM Partners reissued a neutral rating on shares of PulteGroup in a research note on Tuesday, September 5th. Susquehanna Bancshares Inc downgraded shares of PulteGroup from a positive rating to a neutral rating and set a $26.00 price target on the stock. in a research note on Wednesday, July 26th. Mizuho downgraded shares of PulteGroup from a neutral rating to an underperform rating and set a $22.00 price target on the stock. in a research note on Monday, July 10th. Barclays PLC downgraded shares of PulteGroup from an overweight rating to an equal weight rating and set a $24.00 price target on the stock. in a research note on Tuesday, July 11th. They noted that the move was a valuation call. Finally, Citigroup Inc. lifted their price target on shares of PulteGroup from $23.00 to $26.00 and gave the stock a neutral rating in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $28.67.
PulteGroup (PHM) opened at 30.01 on Friday. PulteGroup has a 52-week low of $17.69 and a 52-week high of $30.16. The company’s 50-day moving average is $27.10 and its 200-day moving average is $24.85. The firm has a market capitalization of $9.05 billion, a PE ratio of 16.61 and a beta of 1.06.
PulteGroup (NYSE:PHM) last posted its quarterly earnings results on Tuesday, October 24th. The construction company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.30 billion. PulteGroup had a net margin of 7.77% and a return on equity of 14.38%. The business’s revenue was up 9.6% compared to the same quarter last year. During the same period last year, the firm posted $0.43 earnings per share. Analysts forecast that PulteGroup will post $2.08 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Investors of record on Tuesday, September 19th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, September 18th. PulteGroup’s payout ratio is 17.91%.
Large investors have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC boosted its holdings in PulteGroup by 68.5% in the second quarter. IHT Wealth Management LLC now owns 984 shares of the construction company’s stock valued at $1,017,000 after acquiring an additional 400 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in PulteGroup by 3.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,086 shares of the construction company’s stock valued at $100,000 after acquiring an additional 148 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in PulteGroup by 7.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,845 shares of the construction company’s stock valued at $168,000 after acquiring an additional 465 shares in the last quarter. QCM Cayman Ltd. bought a new stake in PulteGroup in the second quarter valued at $223,000. Finally, BKS Advisors LLC bought a new stake in PulteGroup in the second quarter valued at $232,000. Institutional investors and hedge funds own 85.39% of the company’s stock.
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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