Putnam Investments LLC raised its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,419,053 shares of the construction company’s stock after purchasing an additional 187,703 shares during the period. Putnam Investments LLC owned 1.22% of PulteGroup worth $84,690,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PHM. LSV Asset Management increased its position in shares of PulteGroup by 121.7% during the third quarter. LSV Asset Management now owns 8,122,687 shares of the construction company’s stock worth $201,198,000 after purchasing an additional 4,459,360 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of PulteGroup by 53.9% during the third quarter. American Century Companies Inc. now owns 6,096,979 shares of the construction company’s stock valued at $151,022,000 after buying an additional 2,136,034 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of PulteGroup by 26.5% during the third quarter. Bank of New York Mellon Corp now owns 8,749,795 shares of the construction company’s stock valued at $216,733,000 after buying an additional 1,834,260 shares during the last quarter. Morgan Stanley grew its holdings in shares of PulteGroup by 35.9% during the second quarter. Morgan Stanley now owns 3,812,643 shares of the construction company’s stock valued at $109,614,000 after buying an additional 1,007,452 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of PulteGroup by 163.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,517,431 shares of the construction company’s stock valued at $37,586,000 after buying an additional 942,057 shares during the last quarter. 87.67% of the stock is currently owned by institutional investors and hedge funds.
NYSE:PHM opened at $25.61 on Friday. PulteGroup, Inc. has a one year low of $20.64 and a one year high of $35.21. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 0.42 and a beta of 0.91.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 3rd. Shareholders of record on Tuesday, December 18th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.72%. This is a positive change from PulteGroup’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, December 17th. PulteGroup’s dividend payout ratio is presently 16.44%.
A number of brokerages have recently weighed in on PHM. Evercore ISI raised shares of PulteGroup to an “outperform” rating and dropped their price objective for the company from $29.00 to $28.00 in a report on Thursday, October 25th. They noted that the move was a valuation call. Deutsche Bank reissued a “hold” rating and set a $24.00 price objective (down from $34.00) on shares of PulteGroup in a report on Monday, October 22nd. Bank of America lowered shares of PulteGroup from a “buy” rating to a “neutral” rating and set a $28.00 price objective on the stock. in a report on Thursday, October 18th. BTIG Research raised shares of PulteGroup from a “sell” rating to a “neutral” rating and set a $24.00 price objective on the stock in a report on Wednesday, October 24th. Finally, JPMorgan Chase & Co. lowered shares of PulteGroup from an “overweight” rating to an “underweight” rating and dropped their price objective for the company from $37.50 to $28.00 in a report on Friday, September 21st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $30.94.
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PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods names.
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