PulteGroup (NYSE:PHM) Stock Rating Lowered by Zacks Research

PulteGroup (NYSE:PHM) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday, Zacks reports.

A number of other research firms have also recently issued reports on PHM. The Goldman Sachs Group set a $138.00 target price on shares of PulteGroup in a research note on Monday, October 12th. UBS Group decreased their target price on PulteGroup from $166.00 to $162.00 and set a “buy” rating for the company in a research note on Friday, October 23rd. Benchmark upgraded shares of PulteGroup to a “strong-buy” rating in a research report on Thursday, September 3rd. Piper Sandler cut PulteGroup to a “hold” rating and set a $145.00 price target for the company. in a report on Thursday, October 8th. Finally, Royal Bank Of Canada decreased their price target on shares of PulteGroup from $111.00 to $110.00 and set a “sector perform” rating on the stock in a research note on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $137.24.

PulteGroup Price Performance

NYSE:PHM opened at $121.77 on Monday. PulteGroup has a 1-year low of $107.15 and a 1-year high of $144.49. The business’s fifty day moving average price is $119.61 and its 200 day moving average price is $124.28.

PulteGroup (NYSE:PHM) last posted its quarterly earnings results on Thursday, October 22nd. The construction company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.10). The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.15 billion. During the same period last year, the business earned $2.96 earnings per share. PulteGroup’s quarterly revenue was down 9.8% compared to the same quarter last year. Analysts predict that PulteGroup will post 9.63 earnings per share for the current fiscal year.

Institutional Trading of PulteGroup

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in shares of PulteGroup during the second quarter worth approximately $189,931,000. Amundi raised its stake in shares of PulteGroup by 28.6% in the first quarter. Amundi now owns 1,438,508 shares of the construction company’s stock valued at $169,183,000 after acquiring an additional 319,617 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of PulteGroup by 7.8% in the 1st quarter. First Trust Advisors LP now owns 4,314,501 shares of the construction company’s stock worth $507,428,000 after acquiring an additional 313,581 shares in the last quarter. State Street Corp boosted its holdings in shares of PulteGroup by 3.2% in the 2nd quarter. State Street Corp now owns 9,174,111 shares of the construction company’s stock worth $1,261,092,000 after acquiring an additional 288,054 shares in the last quarter. Finally, iA Global Asset Management Inc. bought a new stake in PulteGroup during the 2nd quarter worth approximately $38,937,000. 89.90% of the stock is owned by institutional investors.

About PulteGroup

PulteGroup, Inc is a major U.S. homebuilding company that designs, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its operations include land acquisition and development, home construction, sales and marketing, and customer service.

The company markets homes under several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West. Through these brands, PulteGroup offers a variety of single-family home designs and communities, with products tailored to different price points, lifestyles and stages of homeownership.