Concord Wealth Partners Decreases Stock Position in PulteGroup, Inc. (NYSE:PHM)

Concord Wealth Partners trimmed its position in shares of PulteGroup, Inc. (NYSE:PHM) by 72.4% in the 4th quarter, Holdings Channel reports. The firm owned 2,430 shares of the construction company’s stock after selling 6,376 shares during the period. Concord Wealth Partners’ holdings in PulteGroup were worth $251,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in PulteGroup by 4.0% during the 4th quarter. Nordea Investment Management AB now owns 753,768 shares of the construction company’s stock worth $78,030,000 after purchasing an additional 28,833 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of PulteGroup by 24.9% in the third quarter. Illinois Municipal Retirement Fund now owns 26,341 shares of the construction company’s stock worth $1,951,000 after buying an additional 5,257 shares in the last quarter. Truist Financial Corp lifted its stake in shares of PulteGroup by 248.6% in the fourth quarter. Truist Financial Corp now owns 191,219 shares of the construction company’s stock worth $19,738,000 after buying an additional 136,370 shares in the last quarter. American Century Companies Inc. boosted its position in PulteGroup by 65.0% during the third quarter. American Century Companies Inc. now owns 224,978 shares of the construction company’s stock worth $16,660,000 after acquiring an additional 88,638 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in PulteGroup during the 4th quarter valued at about $6,111,000. 89.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PHM has been the topic of a number of research reports. Royal Bank of Canada raised their target price on shares of PulteGroup from $106.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 24th. Citigroup boosted their price objective on PulteGroup from $116.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Wedbush reaffirmed a “neutral” rating and issued a $85.00 target price on shares of PulteGroup in a research note on Wednesday, January 31st. The Goldman Sachs Group boosted their price target on shares of PulteGroup from $91.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. Finally, Barclays upped their price objective on shares of PulteGroup from $126.00 to $136.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $111.73.

Insider Buying and Selling at PulteGroup

In other news, VP Brien P. O’meara sold 2,000 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total transaction of $206,180.00. Following the completion of the transaction, the vice president now directly owns 15,389 shares in the company, valued at $1,586,452.01. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.83% of the stock is owned by corporate insiders.

PulteGroup Trading Up 0.4 %

Shares of PHM stock opened at $111.82 on Thursday. PulteGroup, Inc. has a 1-year low of $64.70 and a 1-year high of $121.07. The firm has a market cap of $23.52 billion, a PE ratio of 8.95, a price-to-earnings-growth ratio of 0.50 and a beta of 1.56. The company has a 50-day moving average of $111.88 and a two-hundred day moving average of $100.41. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.85 and a quick ratio of 0.85.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 EPS for the quarter, topping the consensus estimate of $3.21 by $0.07. PulteGroup had a net margin of 16.63% and a return on equity of 25.81%. The firm had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.47 billion. During the same period in the prior year, the business posted $3.63 EPS. The business’s revenue for the quarter was down 15.5% compared to the same quarter last year. On average, analysts predict that PulteGroup, Inc. will post 12.62 EPS for the current year.

PulteGroup announced that its Board of Directors has initiated a share buyback program on Tuesday, January 30th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.