California State Teachers Retirement System Cuts Stake in PulteGroup, Inc. $PHM

California State Teachers Retirement System cut its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 2.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 274,092 shares of the construction company’s stock after selling 6,216 shares during the quarter. California State Teachers Retirement System owned 0.14% of PulteGroup worth $32,236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PHM. Cedar Mountain Advisors LLC increased its position in shares of PulteGroup by 1,650.0% during the first quarter. Cedar Mountain Advisors LLC now owns 210 shares of the construction company’s stock worth $25,000 after acquiring an additional 198 shares during the period. NFSG Corp purchased a new position in PulteGroup in the first quarter valued at $29,000. Rachor Investment Advisory Services LLC purchased a new position in PulteGroup in the fourth quarter valued at $31,000. HHM Wealth Advisors LLC grew its stake in PulteGroup by 158.5% during the 1st quarter. HHM Wealth Advisors LLC now owns 274 shares of the construction company’s stock worth $32,000 after purchasing an additional 168 shares in the last quarter. Finally, DV Equities LLC acquired a new position in PulteGroup during the 4th quarter worth $32,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.

PulteGroup Stock Down 1.6%

Shares of NYSE PHM opened at $126.71 on Friday. The company has a market capitalization of $23.75 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.60 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $125.75 and a two-hundred day moving average of $125.52. PulteGroup, Inc. has a 1 year low of $108.49 and a 1 year high of $144.49.

PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Wednesday, July 22nd. The construction company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.36 by $0.12. PulteGroup had a net margin of 11.62% and a return on equity of 15.21%. The company had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same period in the prior year, the firm posted $3.03 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. On average, analysts forecast that PulteGroup, Inc. will post 10.08 earnings per share for the current fiscal year.

PulteGroup declared that its board has authorized a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the construction company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at PulteGroup

In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $120.00, for a total transaction of $894,840.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lila Snyder sold 3,339 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $117.18, for a total value of $391,264.02. Following the transaction, the director owned 3,540 shares in the company, valued at $414,817.20. This represents a 48.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PHM. Weiss Ratings raised PulteGroup from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd. Truist Financial lowered their price objective on PulteGroup from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Wells Fargo & Company upped their target price on shares of PulteGroup from $140.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Zacks Research raised shares of PulteGroup from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Finally, Barclays lifted their price target on shares of PulteGroup from $123.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.14.

PulteGroup Company Profile

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.