CIBC Asset Management Inc Boosts Position in PulteGroup, Inc. (NYSE:PHM)

CIBC Asset Management Inc grew its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 6.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,909 shares of the construction company’s stock after buying an additional 1,923 shares during the quarter. CIBC Asset Management Inc’s holdings in PulteGroup were worth $4,436,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Greenhaven Associates Inc. increased its holdings in PulteGroup by 0.3% in the 3rd quarter. Greenhaven Associates Inc. now owns 5,593,179 shares of the construction company’s stock valued at $802,789,000 after purchasing an additional 16,871 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of PulteGroup by 8.6% in the second quarter. Pacer Advisors Inc. now owns 2,968,788 shares of the construction company’s stock valued at $326,864,000 after buying an additional 235,826 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of 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 buying an additional 250,937 shares during the period. Captrust Financial Advisors lifted its position in PulteGroup by 18.4% during the 1st quarter. Captrust Financial Advisors now owns 1,085,939 shares of the construction company’s stock worth $130,986,000 after acquiring an additional 168,746 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in PulteGroup by 6.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,025,276 shares of the construction company’s stock worth $147,158,000 after acquiring an additional 60,854 shares during the period. Institutional investors and hedge funds own 89.90% of the company’s stock.

Wall Street Analyst Weigh In

PHM has been the topic of a number of recent research reports. Royal Bank of Canada boosted their target price on shares of PulteGroup from $113.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Wolfe Research cut shares of PulteGroup from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. Bank of America lifted their target price on PulteGroup from $138.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Oppenheimer cut their price target on PulteGroup from $168.00 to $165.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, Evercore ISI lowered their price objective on PulteGroup from $198.00 to $195.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, PulteGroup has a consensus rating of “Moderate Buy” and an average price target of $145.00.

Insider Transactions at PulteGroup

In other PulteGroup news, CFO Robert Oshaughnessy sold 71,007 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 89,323 shares in the company, valued at approximately $12,043,420.09. The trade was a 44.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas J. Folliard sold 19,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $131.14, for a total value of $2,491,660.00. Following the completion of the transaction, the director now directly owns 45,230 shares of the company’s stock, valued at approximately $5,931,462.20. The trade was a 29.58 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.

PulteGroup Price Performance

Shares of NYSE:PHM opened at $128.57 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.14. The firm has a 50-day simple moving average of $137.29 and a 200 day simple moving average of $125.46. PulteGroup, Inc. has a fifty-two week low of $86.59 and a fifty-two week high of $149.47. The company has a market cap of $26.37 billion, a PE ratio of 9.54, a P/E/G ratio of 0.52 and a beta of 1.63.

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

PulteGroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.22 per share. This is an increase from PulteGroup’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, December 17th. This represents a $0.88 annualized dividend and a dividend yield of 0.68%. PulteGroup’s payout ratio is 6.49%.

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.