PulteGroup (NYSE:PHM) Shares Gap Down – Here’s Why

PulteGroup, Inc. (NYSE:PHM)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $111.29, but opened at $107.90. PulteGroup shares last traded at $110.10, with a volume of 523,910 shares changing hands.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of PulteGroup in a research report on Tuesday, October 22nd. Evercore ISI dropped their price objective on PulteGroup from $198.00 to $195.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Wells Fargo & Company reduced their target price on shares of PulteGroup from $165.00 to $140.00 and set an “overweight” rating for the company in a research note on Tuesday. Oppenheimer decreased their target price on shares of PulteGroup from $168.00 to $165.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Finally, Barclays restated an “equal weight” rating and set a $140.00 price target (down previously from $150.00) on shares of PulteGroup in a report on Wednesday, December 11th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $142.71.

PulteGroup Stock Down 1.8 %

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $131.58 and its two-hundred day moving average is $127.23. The firm has a market cap of $22.40 billion, a P/E ratio of 8.06, a price-to-earnings-growth ratio of 0.48 and a beta of 1.62.

PulteGroup (NYSE:PHM) last released its earnings results on Tuesday, October 22nd. The construction company reported $3.35 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.25. The business had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.27 billion. PulteGroup had a net margin of 16.64% and a return on equity of 25.30%. The firm’s revenue was up 11.8% on a year-over-year basis. During the same period last year, the business earned $2.90 earnings per share. As a group, research analysts anticipate that PulteGroup, Inc. will post 12.94 EPS for the current fiscal year.

PulteGroup Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 17th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This is a positive change from PulteGroup’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.81%. PulteGroup’s payout ratio is presently 6.49%.

Hedge Funds Weigh In On PulteGroup

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. lifted its holdings in shares of PulteGroup by 17.0% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 9,066 shares of the construction company’s stock worth $999,000 after acquiring an additional 1,316 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in PulteGroup in the 2nd quarter valued at approximately $254,000. Vicus Capital increased its position in PulteGroup by 8.3% in the 2nd quarter. Vicus Capital now owns 1,823 shares of the construction company’s stock valued at $201,000 after acquiring an additional 140 shares during the period. &PARTNERS bought a new position in shares of PulteGroup during the second quarter valued at $526,000. Finally, Premier Path Wealth Partners LLC lifted its holdings in shares of PulteGroup by 27.9% during the second quarter. Premier Path Wealth Partners LLC now owns 2,217 shares of the construction company’s stock worth $244,000 after purchasing an additional 484 shares during the period. 89.90% of the stock is owned by institutional investors.

PulteGroup Company Profile

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.