Pinnacle Associates Ltd. Reduces Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Pinnacle Associates Ltd. cut its holdings in PulteGroup, Inc. (NYSE:PHM) by 24.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,285 shares of the construction company’s stock after selling 2,638 shares during the quarter. Pinnacle Associates Ltd.’s holdings in PulteGroup were worth $1,189,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Greenhaven Associates Inc. grew its holdings in shares of PulteGroup by 0.3% during the third quarter. Greenhaven Associates Inc. now owns 5,593,179 shares of the construction company’s stock valued at $802,789,000 after buying an additional 16,871 shares during the last quarter. Pacer Advisors Inc. grew its stake in PulteGroup by 8.6% during the 2nd quarter. Pacer Advisors Inc. now owns 2,968,788 shares of the construction company’s stock valued at $326,864,000 after purchasing an additional 235,826 shares during the last quarter. Hsbc Holdings PLC grew its stake in PulteGroup by 19.6% during the 2nd quarter. Hsbc Holdings PLC now owns 1,529,698 shares of the construction company’s stock valued at $168,254,000 after purchasing an additional 250,937 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of PulteGroup by 18.4% in the first quarter. Captrust Financial Advisors now owns 1,085,939 shares of the construction company’s stock valued at $130,986,000 after purchasing an additional 168,746 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of PulteGroup by 5.9% in the second quarter. Victory Capital Management Inc. now owns 964,422 shares of the construction company’s stock worth $106,183,000 after purchasing an additional 53,924 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.

Insider Activity

In related news, CFO Robert Oshaughnessy sold 71,007 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $134.83, for a total transaction of $9,573,873.81. Following the completion of the sale, the chief financial officer now directly owns 89,323 shares in the company, valued at approximately $12,043,420.09. The trade was a 0.00 % 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 the SEC website. In other PulteGroup news, CFO Robert Oshaughnessy sold 71,007 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $134.83, for a total value of $9,573,873.81. Following the completion of the sale, the chief financial officer now owns 89,323 shares in the company, valued at approximately $12,043,420.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas J. Folliard sold 19,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $131.14, for a total transaction of $2,491,660.00. Following the completion of the transaction, the director now directly owns 45,230 shares in the company, valued at $5,931,462.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PHM. UBS Group increased their price target on shares of PulteGroup from $148.00 to $154.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. BTIG Research raised their target price on shares of PulteGroup from $139.00 to $156.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada upped their price target on shares of PulteGroup from $113.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Oppenheimer reduced their price objective on PulteGroup from $168.00 to $165.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Finally, Bank of America upped their target price on PulteGroup from $138.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, PulteGroup currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.00.

PulteGroup Price Performance

PulteGroup stock opened at $128.38 on Friday. The stock has a market capitalization of $26.33 billion, a P/E ratio of 9.47, a P/E/G ratio of 0.53 and a beta of 1.63. The company’s fifty day moving average price is $137.31 and its 200 day moving average price is $123.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.73 and a current ratio of 0.73. PulteGroup, Inc. has a 1 year low of $79.18 and a 1 year high of $149.47.

PulteGroup (NYSE:PHM) last announced its earnings results on Tuesday, October 22nd. The construction company reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.25. PulteGroup had a net margin of 16.64% and a return on equity of 25.30%. The business had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.27 billion. During the same quarter last year, the business earned $2.90 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, equities research analysts anticipate that PulteGroup, Inc. will post 12.92 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 17th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, September 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.62%. PulteGroup’s payout ratio is currently 5.90%.

PulteGroup 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.