Royce & Associates LP Trims Stock Position in PulteGroup, Inc. $PHM

Royce & Associates LP lowered its position in shares of PulteGroup, Inc. (NYSE:PHM) by 12.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,067 shares of the construction company’s stock after selling 10,149 shares during the period. Royce & Associates LP’s holdings in PulteGroup were worth $8,451,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Kestra Investment Management LLC grew its stake in PulteGroup by 7.1% in the 4th quarter. Kestra Investment Management LLC now owns 3,089 shares of the construction company’s stock worth $362,000 after buying an additional 205 shares in the last quarter. Allstate Corp grew its stake in PulteGroup by 87.4% in the 4th quarter. Allstate Corp now owns 13,535 shares of the construction company’s stock worth $1,587,000 after buying an additional 6,311 shares in the last quarter. Summitry LLC purchased a new position in PulteGroup in the 4th quarter worth approximately $394,000. Fisher Asset Management LLC purchased a new position in PulteGroup in the 4th quarter worth approximately $205,000. Finally, Rooted Wealth Advisors Inc. grew its stake in PulteGroup by 6.9% in the 4th quarter. Rooted Wealth Advisors Inc. now owns 2,883 shares of the construction company’s stock worth $338,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Insiders Place Their Bets

In related news, COO Matthew William Koart sold 7,457 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the completion of the sale, the chief operating officer directly owned 28,100 shares in the company, valued at $3,372,000. This represents a 20.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lila Snyder sold 3,339 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the sale, the director owned 3,540 shares of the company’s stock, valued at $414,817.20. This represents a 48.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.75% of the company’s stock.

PulteGroup Price Performance

Shares of PulteGroup stock opened at $118.00 on Friday. The company has a fifty day moving average of $119.00 and a 200-day moving average of $124.06. PulteGroup, Inc. has a 52-week low of $95.20 and a 52-week high of $144.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $22.48 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 1.51 and a beta of 1.23.

PulteGroup (NYSE:PHM) last posted its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the prior year, the company earned $2.57 earnings per share. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. Equities research analysts expect that PulteGroup, Inc. will post 10 EPS for the current year.

PulteGroup announced that its board has approved a share buyback plan on Thursday, April 23rd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

PulteGroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup’s dividend payout ratio is currently 10.06%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Weiss Ratings cut shares of PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Bank of America cut their price target on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Oppenheimer reissued an “outperform” rating on shares of PulteGroup in a research note on Tuesday. Royal Bank Of Canada boosted their price target on shares of PulteGroup from $111.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. Finally, Truist Financial cut their price target on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $140.71.

About PulteGroup

PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.