PulteGroup (NYSE:PHM) Stock Price Target Cut by Morgan Stanley

PulteGroup (NYSE:PHM) had its price objective decreased by Morgan Stanley from $128.00 to $120.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the construction company’s stock. Morgan Stanley‘s price objective suggests a potential downside of 6.07% from the company’s previous close.

Several other equities analysts have also recently commented on PHM. Truist Financial dropped their target price on shares of PulteGroup from $145.00 to $136.00 and set a “buy” rating on the stock in a research report on Wednesday, September 16th. Zacks Research lowered PulteGroup from a “hold” rating to a “strong sell” rating in a report on Monday, October 26th. Piper Sandler downgraded PulteGroup to a “hold” rating and set a $145.00 price target for the company. in a research report on Thursday, October 8th. Benchmark raised PulteGroup to a “strong-buy” rating in a research report on Thursday, September 3rd. Finally, Barclays dropped their price target on PulteGroup from $110.00 to $109.00 and set an “equal weight” rating on the stock in a report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $136.76.

PulteGroup Stock Down 2.7%

Shares of PHM traded down $3.54 during trading hours on Tuesday, reaching $127.75. 536,064 shares of the stock traded hands, compared to its average volume of 1,824,349. PulteGroup has a 52 week low of $107.15 and a 52 week high of $144.49. The company has a market cap of $23.52 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.98 and a beta of 1.16. The stock has a fifty day simple moving average of $119.34 and a 200 day simple moving average of $124.17. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.14.

PulteGroup (NYSE:PHM) last issued its quarterly earnings data on Thursday, October 22nd. The construction company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.10). PulteGroup had a return on equity of 14.29% and a net margin of 11.24%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same period in the previous year, the company posted $2.96 earnings per share. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, equities analysts forecast that PulteGroup will post 9.51 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. State Street Corp raised its holdings in shares of PulteGroup by 3.2% in the 2nd quarter. State Street Corp now owns 9,174,111 shares of the construction company’s stock valued at $1,261,092,000 after acquiring an additional 288,054 shares in the last quarter. First Trust Advisors LP lifted its stake in PulteGroup by 7.8% during the first quarter. First Trust Advisors LP now owns 4,314,501 shares of the construction company’s stock worth $507,428,000 after purchasing an additional 313,581 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of PulteGroup by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,146,857 shares of the construction company’s stock worth $370,008,000 after purchasing an additional 26,790 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of PulteGroup by 4.3% in the 1st quarter. Bank of America Corp DE now owns 1,963,175 shares of the construction company’s stock worth $230,889,000 after purchasing an additional 80,352 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of PulteGroup during the 2nd quarter valued at about $189,931,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

PulteGroup Company Profile

PulteGroup, Inc is a major U.S. homebuilding company that designs, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its operations include land acquisition and development, home construction, sales and marketing, and customer service.

The company markets homes under several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West. Through these brands, PulteGroup offers a variety of single-family home designs and communities, with products tailored to different price points, lifestyles and stages of homeownership.