PulteGroup (NYSE:PHM) PT Raised to $80.00

Posted by Defense World Staff on Apr 28th, 2023

PulteGroup (NYSE:PHM – Get Rating) had its price objective raised by analysts at Oppenheimer from $73.00 to $80.00 in a note issued to investors on Wednesday, The Fly reports. Oppenheimer’s target price indicates a potential upside of 20.72% from the company’s current price. Oppenheimer also issued estimates for PulteGroup’s Q1 2024 earnings at $1.86 EPS, Q2 2024 earnings at $2.17 EPS, Q3 2024 earnings at $2.09 EPS, Q4 2024 earnings at $2.90 EPS and FY2024 earnings at $9.02 EPS.

Several other analysts have also commented on PHM. Credit Suisse Group increased their target price on shares of PulteGroup from $52.00 to $61.00 and gave the company an “outperform” rating in a research note on Wednesday, February 1st. Citigroup increased their target price on shares of PulteGroup from $56.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. Royal Bank of Canada boosted their price target on shares of PulteGroup from $46.00 to $54.00 and gave the company a “sector perform” rating in a report on Wednesday, February 1st. Bank of America upgraded shares of PulteGroup from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $60.00 in a report on Wednesday, January 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of PulteGroup from $65.00 to $74.00 and gave the company an “overweight” rating in a report on Thursday, February 2nd. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.86.

PulteGroup Trading Up 2.5 %

PulteGroup stock opened at $66.27 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average price of $57.13 and a two-hundred day moving average price of $49.89. The firm has a market capitalization of $14.87 billion, a price-to-earnings ratio of 5.97, a PEG ratio of 0.55 and a beta of 1.33. PulteGroup has a 52-week low of $35.03 and a 52-week high of $66.27.

PulteGroup (NYSE:PHM – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The construction company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.57. The company had revenue of $3.58 billion during the quarter, compared to analyst estimates of $3.27 billion. PulteGroup had a net margin of 16.22% and a return on equity of 31.03%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.83 EPS. Sell-side analysts expect that PulteGroup will post 7.44 earnings per share for the current year.

PulteGroup announced that its Board of Directors has authorized a share repurchase plan on Tuesday, April 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the construction company to purchase up to 6.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at PulteGroup

In other PulteGroup news, VP Brien P. O’meara sold 4,924 shares of the stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $60.00, for a total value of $295,440.00. Following the completion of the sale, the vice president now directly owns 17,308 shares of the company’s stock, valued at approximately $1,038,480. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP John J. Chadwick sold 29,817 shares of PulteGroup stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $56.63, for a total transaction of $1,688,536.71. Following the sale, the vice president now directly owns 87,428 shares in the company, valued at approximately $4,951,047.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Brien P. O’meara sold 4,924 shares of PulteGroup stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $60.00, for a total transaction of $295,440.00. Following the sale, the vice president now owns 17,308 shares in the company, valued at $1,038,480. The disclosure for this sale can be found here. Insiders sold a total of 50,739 shares of company stock valued at $2,845,149 in the last ninety days. Company insiders own 0.83% of the company’s stock.

Institutional Trading of PulteGroup

Several institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its holdings in PulteGroup by 24.4% during the 3rd quarter. Royal Bank of Canada now owns 728,006 shares of the construction company’s stock valued at $27,300,000 after purchasing an additional 142,668 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in PulteGroup by 24.0% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 174,838 shares of the construction company’s stock valued at $6,556,000 after purchasing an additional 33,834 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in PulteGroup by 11.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 144,076 shares of the construction company’s stock valued at $6,560,000 after purchasing an additional 14,572 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in PulteGroup by 71.0% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 41,567 shares of the construction company’s stock valued at $1,559,000 after purchasing an additional 17,264 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in PulteGroup by 40.6% during the 3rd quarter. ProShare Advisors LLC now owns 45,922 shares of the construction company’s stock valued at $1,723,000 after purchasing an additional 13,256 shares during the last quarter. 88.07% of the stock is currently owned by institutional investors and hedge funds.

PulteGroup Company Profile

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PulteGroup, Inc engages in the homebuilding business. The firm is also involved in mortgage banking and title and insurance brokerage operations. It operates through the Homebuilding and Financial services business segments. The Homebuilding segment includes operations from Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, Georgia, North Carolina, South Carolina, Tennessee, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Texas, Arizona, California, Nevada, New Mexico, and Washington.