Putnam Investments LLC increased its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 5.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,419,053 shares of the construction company’s stock after purchasing an additional 187,703 shares during the period. Putnam Investments LLC’s holdings in PulteGroup were worth $84,690,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in shares of PulteGroup by 26.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 8,749,795 shares of the construction company’s stock worth $216,733,000 after purchasing an additional 1,834,260 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of PulteGroup by 6.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,169,124 shares of the construction company’s stock worth $202,356,000 after purchasing an additional 497,053 shares during the last quarter. LSV Asset Management raised its position in shares of PulteGroup by 121.7% during the 3rd 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 during the last quarter. Bank of America Corp DE raised its position in shares of PulteGroup by 1.5% during the 2nd quarter. Bank of America Corp DE now owns 7,112,473 shares of the construction company’s stock worth $204,484,000 after purchasing an additional 106,483 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of PulteGroup by 53.9% during the 3rd quarter. American Century Companies Inc. now owns 6,096,979 shares of the construction company’s stock worth $151,022,000 after purchasing an additional 2,136,034 shares during the last quarter. Hedge funds and other institutional investors own 87.67% of the company’s stock.
PHM has been the subject of several research analyst reports. Barclays set a $30.00 price target on shares of PulteGroup and gave the stock a “hold” rating in a research report on Friday, September 14th. JPMorgan Chase & Co. downgraded shares of PulteGroup from an “overweight” rating to an “underweight” rating and reduced their price target for the stock from $37.50 to $28.00 in a research report on Friday, September 21st. ValuEngine downgraded shares of PulteGroup from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 27th. Citigroup reduced their price target on shares of PulteGroup from $32.00 to $26.00 and set a “hold” rating for the company in a research report on Wednesday, October 10th. Finally, Bank of America set a $32.00 price objective on shares of PulteGroup and gave the company a “buy” rating in a report on Thursday, October 11th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $30.94.
PulteGroup (NYSE:PHM) last released its quarterly earnings data on Tuesday, October 23rd. The construction company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.06. The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.62 billion. PulteGroup had a net margin of 8.63% and a return on equity of 21.98%. PulteGroup’s quarterly revenue was up 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. On average, sell-side analysts expect that PulteGroup, Inc. will post 3.58 earnings per share for the current year.
The firm also recently disclosed 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 is an increase from PulteGroup’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, December 17th. This represents a $0.44 dividend on an annualized basis and a yield of 1.72%. PulteGroup’s dividend payout ratio is presently 16.44%.
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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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