Elk River Wealth Management LLC Trims Position in PulteGroup, Inc. $PHM

Elk River Wealth Management LLC decreased its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 27.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 58,801 shares of the construction company’s stock after selling 22,103 shares during the period. PulteGroup comprises approximately 1.1% of Elk River Wealth Management LLC’s holdings, making the stock its 26th largest position. Elk River Wealth Management LLC’s holdings in PulteGroup were worth $6,931,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in shares of PulteGroup by 2.4% during the fourth quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company’s stock worth $67,387,000 after acquiring an additional 13,259 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in shares of PulteGroup by 166.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 16,753 shares of the construction company’s stock valued at $1,964,000 after purchasing an additional 10,467 shares during the period. Dorato Capital Management bought a new position in PulteGroup in the fourth quarter worth approximately $2,625,000. EFG Asset Management Americas Corp. grew its stake in PulteGroup by 351.9% in the third quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company’s stock worth $6,177,000 after purchasing an additional 36,407 shares in the last quarter. Finally, Ritholtz Wealth Management increased its holdings in PulteGroup by 43.2% during the 4th quarter. Ritholtz Wealth Management now owns 91,473 shares of the construction company’s stock worth $10,726,000 after purchasing an additional 27,590 shares during the period. 89.90% of the stock is owned by hedge funds and other institutional investors.

PulteGroup Stock Down 1.0%

PulteGroup stock opened at $125.74 on Tuesday. The business has a fifty day moving average of $120.34 and a two-hundred day moving average of $124.12. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The firm has a market cap of $23.95 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.61 and a beta of 1.20. PulteGroup, Inc. has a twelve month low of $100.70 and a twelve month high of $144.49.

PulteGroup (NYSE:PHM) last announced its quarterly earnings results on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the prior year, the business posted $2.57 earnings per share. The company’s revenue was down 12.4% compared to the same quarter last year. On average, analysts forecast that PulteGroup, Inc. will post 10 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Tuesday, June 16th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. PulteGroup’s dividend payout ratio (DPR) is presently 10.06%.

PulteGroup declared that its board has approved a stock repurchase program on Thursday, April 23rd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PHM. Citigroup lifted their target price on PulteGroup from $136.00 to $138.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Zacks Research raised PulteGroup from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Weiss Ratings lowered PulteGroup from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Oppenheimer restated an “outperform” rating on shares of PulteGroup in a report on Tuesday, May 26th. Finally, Barclays lowered their price objective on shares of PulteGroup from $115.00 to $112.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Ten equities research 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.71.

Insider Transactions at PulteGroup

In other PulteGroup news, Director Lila Snyder sold 3,339 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $117.18, for a total value of $391,264.02. Following the completion of the transaction, the director directly owned 3,540 shares in the company, valued at approximately $414,817.20. The trade was a 48.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Matthew William Koart sold 7,457 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the sale, the chief operating officer directly owned 28,100 shares of the company’s stock, valued at approximately $3,372,000. The trade was a 20.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by company 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.