Zacks Investment Research upgraded shares of PulteGroup (NYSE:PHM) from a sell rating to a hold rating in a report published on Thursday.
According to Zacks, “Shares of PulteGroup have gained 81% in the last one year, outperforming the industry. This price performance is backed by impressive earnings surprise history, surpassing the Zacks Consensus Estimate for earnings in all of the past four quarters. PulteGroup will continue to benefit from its value-creation strategy as it focuses on generating solid returns, with balanced approach across its portfolio and capital allocation plans. Prudent land investments, new value creation initiatives and solid cash position bode well. Continued favorable trends in the economy, job growth, demographics and consumer confidence can more than offset the impact of modestly higher rates, allowing the housing recovery to continue at a steady pace. However, labor shortages and gross margin compression due to rising land, labor and material costs might keep the housing momentum in check.”
A number of other research analysts have also recently weighed in on the stock. Credit Suisse Group set a $35.00 target price on shares of PulteGroup and gave the company a buy rating in a research note on Tuesday, October 24th. Citigroup cut shares of PulteGroup from a neutral rating to a sell rating and set a $26.00 target price on the stock. in a research note on Friday, October 20th. Buckingham Research cut shares of PulteGroup from a buy rating to a neutral rating and boosted their target price for the company from $31.00 to $33.00 in a research note on Sunday, November 26th. KeyCorp reiterated a hold rating on shares of PulteGroup in a research note on Wednesday, November 1st. Finally, Royal Bank of Canada boosted their target price on shares of PulteGroup from $28.00 to $33.00 and gave the company an outperform rating in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $31.38.
PulteGroup (NYSE:PHM) last released its quarterly earnings results on Tuesday, October 24th. The construction company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.30 billion. PulteGroup had a net margin of 7.77% and a return on equity of 14.38%. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 earnings per share. equities analysts predict that PulteGroup will post 2.2 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Tuesday, December 12th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Monday, December 11th. PulteGroup’s dividend payout ratio (DPR) is currently 17.65%.
In other news, CFO Robert Oshaughnessy sold 92,800 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $33.89, for a total value of $3,144,992.00. Following the sale, the chief financial officer now owns 363,722 shares of the company’s stock, valued at $12,326,538.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James R. Ellinghausen sold 67,490 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $32.35, for a total transaction of $2,183,301.50. The disclosure for this sale can be found here. In the last three months, insiders sold 297,202 shares of company stock worth $9,394,580. Insiders own 0.71% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Moors & Cabot Inc. raised its position in shares of PulteGroup by 7.3% in the third quarter. Moors & Cabot Inc. now owns 27,543 shares of the construction company’s stock valued at $755,000 after purchasing an additional 1,865 shares during the period. Fieldpoint Private Securities LLC bought a new stake in PulteGroup during the 3rd quarter worth approximately $150,000. Coldstream Capital Management Inc. bought a new stake in PulteGroup during the 3rd quarter worth approximately $680,000. Neuberger Berman Group LLC increased its holdings in PulteGroup by 885.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 396,818 shares of the construction company’s stock worth $10,845,000 after acquiring an additional 356,551 shares during the period. Finally, Guardian Capital LP increased its holdings in PulteGroup by 46.3% during the 3rd quarter. Guardian Capital LP now owns 466,305 shares of the construction company’s stock worth $12,744,000 after acquiring an additional 147,632 shares during the period. 84.53% of the stock is currently owned by institutional investors.
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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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