An issue of PulteGroup (NYSE:PHM) debt fell 0.8% as a percentage of its face value during trading on Tuesday. The debt issue has a 5.5% coupon and will mature on March 1, 2026. The bonds in the issue are now trading at $99.75 and were trading at $100.50 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
A number of analysts have recently commented on PHM shares. Credit Suisse Group upgraded PulteGroup to a “buy” rating and set a $38.00 price objective for the company in a research report on Wednesday, January 31st. B. Riley restated a “hold” rating and issued a $36.00 price objective on shares of PulteGroup in a research report on Wednesday, January 31st. Zacks Investment Research cut PulteGroup from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Royal Bank of Canada set a $39.00 price objective on PulteGroup and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Mizuho restated a “buy” rating and issued a $36.00 price objective on shares of PulteGroup in a research report on Thursday, March 15th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $35.21.
Shares of NYSE:PHM opened at $29.48 on Wednesday. The company has a market capitalization of $8.54 billion, a PE ratio of 13.46, a PEG ratio of 0.50 and a beta of 1.03. PulteGroup has a 1 year low of $22.52 and a 1 year high of $35.21.
PulteGroup (NYSE:PHM) last issued its quarterly earnings results on Tuesday, April 24th. The construction company reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.15. The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $1.84 billion. PulteGroup had a return on equity of 17.48% and a net margin of 5.91%. The business’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 earnings per share. research analysts predict that PulteGroup will post 3.31 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Thursday, June 7th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Wednesday, June 6th. PulteGroup’s dividend payout ratio (DPR) is currently 16.44%.
PulteGroup declared that its board has authorized a share buyback program on Tuesday, January 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, Director Andre J. Hawaux acquired 3,100 shares of the stock in a transaction on Friday, May 11th. The shares were bought at an average price of $31.31 per share, with a total value of $97,061.00. Following the completion of the purchase, the director now owns 48,548 shares of the company’s stock, valued at approximately $1,520,037.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cheryl W. Grise sold 14,000 shares of the business’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $30.74, for a total value of $430,360.00. Following the transaction, the director now directly owns 15,200 shares in the company, valued at approximately $467,248. The disclosure for this sale can be found here. Insiders have sold 66,761 shares of company stock worth $2,086,972 in the last three months. 0.86% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PHM. BlackRock Inc. raised its position in PulteGroup by 3.0% in the fourth quarter. BlackRock Inc. now owns 22,912,891 shares of the construction company’s stock valued at $761,852,000 after purchasing an additional 658,662 shares during the period. Greenhaven Associates Inc. increased its holdings in PulteGroup by 13.5% during the 1st quarter. Greenhaven Associates Inc. now owns 6,522,895 shares of the construction company’s stock worth $192,360,000 after purchasing an additional 773,494 shares during the period. Millennium Management LLC increased its holdings in PulteGroup by 2,993.9% during the 1st quarter. Millennium Management LLC now owns 6,059,291 shares of the construction company’s stock worth $178,688,000 after purchasing an additional 5,863,443 shares during the period. Geode Capital Management LLC increased its holdings in PulteGroup by 18.8% during the 4th quarter. Geode Capital Management LLC now owns 3,962,526 shares of the construction company’s stock worth $131,550,000 after purchasing an additional 627,590 shares during the period. Finally, Boston Partners purchased a new stake in PulteGroup during the 1st quarter worth about $109,951,000. 84.63% of the stock is currently owned by institutional investors.
PulteGroup Company Profile
PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods names.
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