Franklin Resources Inc. Grows Position in PulteGroup, Inc. $PHM

Franklin Resources Inc. raised its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 5.0% during the third quarter, HoldingsChannel reports. The firm owned 12,900,271 shares of the construction company’s stock after purchasing an additional 609,640 shares during the quarter. Franklin Resources Inc. owned approximately 0.07% of PulteGroup worth $1,704,513,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in PulteGroup in the second quarter valued at $404,339,000. Massachusetts Financial Services Co. MA acquired a new stake in PulteGroup during the 3rd quarter worth about $315,883,000. AGF Management Ltd. purchased a new position in shares of PulteGroup during the 3rd quarter valued at about $174,347,000. American Century Companies Inc. raised its stake in shares of PulteGroup by 120.4% during the 3rd quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock valued at $225,024,000 after buying an additional 930,287 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of PulteGroup by 27.2% in the 2nd quarter. First Trust Advisors LP now owns 3,199,906 shares of the construction company’s stock valued at $337,462,000 after buying an additional 683,728 shares during the period. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group lowered their target price on PulteGroup from $160.00 to $159.00 and set a “buy” rating on the stock in a research note on Tuesday, January 6th. Oppenheimer reiterated an “outperform” rating and set a $149.00 price target (up from $140.00) on shares of PulteGroup in a research report on Friday, January 30th. Truist Financial started coverage on PulteGroup in a research report on Wednesday, March 4th. They issued a “buy” rating and a $170.00 price objective on the stock. Evercore raised their price objective on shares of PulteGroup from $134.00 to $143.00 in a research note on Friday, January 30th. Finally, Zacks Research cut shares of PulteGroup from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $142.71.

PulteGroup Trading Down 1.9%

PHM stock opened at $124.29 on Wednesday. PulteGroup, Inc. has a 52-week low of $88.07 and a 52-week high of $144.49. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.13. The firm has a market cap of $23.91 billion, a P/E ratio of 11.18, a PEG ratio of 1.47 and a beta of 1.32. The company’s 50-day simple moving average is $130.88 and its 200-day simple moving average is $127.67.

PulteGroup Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 17th. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. PulteGroup’s dividend payout ratio is currently 9.35%.

Insider Buying and Selling

In other PulteGroup news, VP Brien P. O’meara sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $135.51, for a total value of $542,040.00. Following the sale, the vice president directly owned 8,601 shares of the company’s stock, valued at approximately $1,165,521.51. This trade represents a 31.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kevin A. Henry sold 5,173 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the sale, the executive vice president owned 14,673 shares of the company’s stock, valued at $2,069,333.19. This trade represents a 26.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 149,952 shares of company stock valued at $20,162,165 in the last 90 days. Corporate insiders own 0.76% of the company’s stock.

PulteGroup 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.