Assetmark Inc. Has $58.78 Million Stock Position in PulteGroup, Inc. $PHM

Assetmark Inc. cut its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 21.1% in the 1st quarter, HoldingsChannel reports. The fund owned 499,780 shares of the construction company’s stock after selling 133,540 shares during the period. Assetmark Inc.’s holdings in PulteGroup were worth $58,779,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Focus Partners Wealth grew its stake in shares of PulteGroup by 20.5% in the 1st quarter. Focus Partners Wealth now owns 12,517 shares of the construction company’s stock worth $1,287,000 after acquiring an additional 2,128 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in PulteGroup by 197.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,212 shares of the construction company’s stock valued at $128,000 after buying an additional 804 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of PulteGroup by 12.9% during the second quarter. Guggenheim Capital LLC now owns 8,519 shares of the construction company’s stock valued at $898,000 after acquiring an additional 975 shares during the last quarter. Baird Financial Group Inc. boosted its position in PulteGroup by 8.0% in the second quarter. Baird Financial Group Inc. now owns 29,060 shares of the construction company’s stock worth $3,065,000 after purchasing an additional 2,164 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in PulteGroup by 17.6% in the 2nd quarter. Cerity Partners LLC now owns 41,677 shares of the construction company’s stock valued at $4,395,000 after purchasing an additional 6,240 shares during the period. Institutional investors and hedge funds own 89.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays boosted their target price on shares of PulteGroup from $112.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday. Truist Financial decreased their target price on PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Bank of America lowered their target price on PulteGroup from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Zacks Research raised PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Seaport Research Partners reiterated a “sell” rating and set a $100.00 price target (down from $155.00) on shares of PulteGroup in a research note on Tuesday, April 7th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.21.

PulteGroup Stock Down 2.4%

PHM stock opened at $125.92 on Friday. The stock has a 50-day simple moving average of $122.92 and a two-hundred day simple moving average of $124.99. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a twelve month low of $107.91 and a twelve month high of $144.49. The firm has a market capitalization of $23.99 billion, a PE ratio of 12.18, a PEG ratio of 1.64 and a beta of 1.18.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.01). The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.40 billion. PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. PulteGroup’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.57 EPS. On average, equities analysts predict that PulteGroup, Inc. will post 9.95 EPS for the current fiscal year.

PulteGroup Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, June 16th. PulteGroup’s payout ratio is 10.06%.

PulteGroup declared that its board has approved a share buyback plan on Thursday, April 23rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 6.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

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

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.