Cibc World Markets Corp Grows Stake in PulteGroup, Inc. (NYSE:PHM)

Cibc World Markets Corp grew its position in shares of PulteGroup, Inc. (NYSE:PHM) by 14.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,496 shares of the construction company’s stock after purchasing an additional 4,193 shares during the period. Cibc World Markets Corp’s holdings in PulteGroup were worth $3,539,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Hager Investment Management Services LLC purchased a new position in shares of PulteGroup during the 4th quarter valued at $29,000. Fortitude Family Office LLC grew its position in shares of PulteGroup by 74.1% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the construction company’s stock valued at $35,000 after purchasing an additional 137 shares in the last quarter. R Squared Ltd purchased a new position in shares of PulteGroup during the 4th quarter valued at $39,000. Thurston Springer Miller Herd & Titak Inc. grew its position in PulteGroup by 41.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 444 shares of the construction company’s stock worth $48,000 after acquiring an additional 131 shares in the last quarter. Finally, Oakworth Capital Inc. grew its position in PulteGroup by 642.2% in the fourth quarter. Oakworth Capital Inc. now owns 475 shares of the construction company’s stock worth $52,000 after acquiring an additional 411 shares in the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Brien P. O’meara sold 3,500 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $106.40, for a total value of $372,400.00. Following the completion of the transaction, the vice president now directly owns 11,372 shares of the company’s stock, valued at $1,209,980.80. This represents a 23.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian P. Anderson sold 2,500 shares of the stock in a transaction dated 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 directly owns 56,617 shares of the company’s stock, valued at approximately $6,026,879.65. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,191 shares of company stock valued at $2,256,367. Insiders own 0.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on PHM shares. UBS Group upped their target price on shares of PulteGroup from $148.00 to $151.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. Citigroup cut their target price on shares of PulteGroup from $146.00 to $119.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Bank of America cut their target price on shares of PulteGroup from $135.00 to $134.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Wedbush reiterated an “outperform” rating and issued a $135.00 target price on shares of PulteGroup in a research report on Friday, January 31st. Finally, Oppenheimer cut their target price on shares of PulteGroup from $165.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, January 31st. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.86.

PulteGroup Stock Performance

Shares of NYSE:PHM opened at $105.33 on Friday. The company has a market cap of $21.32 billion, a price-to-earnings ratio of 7.16, a price-to-earnings-growth ratio of 0.29 and a beta of 1.71. The company has a 50-day moving average price of $108.63 and a 200-day moving average price of $122.45. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a 12 month low of $100.33 and a 12 month high of $149.47.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Thursday, January 30th. The construction company reported $3.50 EPS for the quarter, beating 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%. As a group, equities analysts anticipate that PulteGroup, Inc. will post 12.32 EPS for the current year.

PulteGroup declared that its board has initiated a share buyback program on Thursday, January 30th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the construction company to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

PulteGroup Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Tuesday, March 18th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Tuesday, March 18th. PulteGroup’s dividend payout ratio (DPR) is 5.98%.

PulteGroup Company 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.