Korea Investment CORP Decreases Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Korea Investment CORP cut its stake in PulteGroup, Inc. (NYSE:PHM) by 24.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 183,751 shares of the construction company’s stock after selling 58,045 shares during the period. Korea Investment CORP owned approximately 0.09% of PulteGroup worth $20,010,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PHM. Franklin Resources Inc. raised its holdings in PulteGroup by 5.5% during the third quarter. Franklin Resources Inc. now owns 11,254,274 shares of the construction company’s stock worth $1,647,364,000 after purchasing an additional 585,735 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of PulteGroup by 7.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,864,040 shares of the construction company’s stock worth $267,546,000 after buying an additional 135,391 shares during the last quarter. Amundi boosted its position in shares of PulteGroup by 77.9% in the 4th quarter. Amundi now owns 1,636,562 shares of the construction company’s stock worth $180,775,000 after buying an additional 716,716 shares in the last quarter. Nordea Investment Management AB grew its stake in PulteGroup by 10.0% in the 4th quarter. Nordea Investment Management AB now owns 1,424,119 shares of the construction company’s stock valued at $155,856,000 after acquiring an additional 129,975 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in PulteGroup by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,351,491 shares of the construction company’s stock valued at $147,177,000 after acquiring an additional 19,829 shares in the last quarter. 89.90% of the stock is currently owned by institutional investors and hedge funds.

PulteGroup Stock Down 3.1 %

Shares of NYSE:PHM opened at $101.76 on Friday. The stock has a 50-day simple moving average of $107.58 and a 200-day simple moving average of $121.31. The stock has a market capitalization of $20.60 billion, a P/E ratio of 6.92, a PEG ratio of 0.29 and a beta of 1.71. PulteGroup, Inc. has a 1 year low of $100.35 and a 1 year high of $149.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86.

PulteGroup (NYSE:PHM) last released its quarterly earnings data on Thursday, January 30th. The construction company reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.28 by $0.22. PulteGroup had a net margin of 17.18% and a return on equity of 24.43%. Equities analysts forecast that PulteGroup, Inc. will post 12.32 earnings per share for the current year.

PulteGroup announced that its board has initiated a stock repurchase program on Thursday, January 30th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to repurchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.86%. The ex-dividend date is Tuesday, March 18th. PulteGroup’s dividend payout ratio (DPR) is presently 5.98%.

Insiders Place Their Bets

In other news, EVP Todd N. Sheldon sold 15,191 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $106.50, for a total value of $1,617,841.50. Following the completion of the transaction, the executive vice president now directly owns 74,758 shares in the company, valued at approximately $7,961,727. This represents a 16.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian P. Anderson sold 2,500 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $106.45, for a total transaction of $266,125.00. Following the completion of the transaction, the director now owns 56,617 shares in the company, valued at $6,026,879.65. This represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,191 shares of company stock worth $2,256,367 over the last quarter. 0.76% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on PHM shares. StockNews.com lowered shares of PulteGroup from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Oppenheimer cut their price target on PulteGroup from $165.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, January 31st. Barclays decreased their price objective on PulteGroup from $125.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Wedbush reissued an “outperform” rating and issued a $135.00 target price on shares of PulteGroup in a research note on Friday, January 31st. Finally, Bank of America decreased their price target on shares of PulteGroup from $135.00 to $134.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, PulteGroup presently has an average rating of “Moderate Buy” and a consensus target price of $140.86.

About PulteGroup

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.