Chevy Chase Trust Holdings LLC Trims Position in PulteGroup, Inc. (NYSE:PHM)

Posted by Defense World Staff on May 22nd, 2023

Chevy Chase Trust Holdings LLC lessened its stake in shares of PulteGroup, Inc. (NYSE:PHM – Get Rating) by 7.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 131,573 shares of the construction company’s stock after selling 10,323 shares during the period. Chevy Chase Trust Holdings LLC owned 0.06% of PulteGroup worth $5,991,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of PulteGroup by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 27,748,609 shares of the construction company’s stock worth $1,162,667,000 after acquiring an additional 261,934 shares during the period. Putnam Investments LLC raised its holdings in PulteGroup by 0.7% in the 3rd quarter. Putnam Investments LLC now owns 9,181,836 shares of the construction company’s stock valued at $344,319,000 after buying an additional 60,882 shares during the period. Dimensional Fund Advisors LP raised its holdings in PulteGroup by 6.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,118,354 shares of the construction company’s stock valued at $324,104,000 after buying an additional 451,733 shares during the period. Alliancebernstein L.P. raised its holdings in PulteGroup by 8.2% in the 3rd quarter. Alliancebernstein L.P. now owns 5,711,291 shares of the construction company’s stock valued at $214,173,000 after buying an additional 433,627 shares during the period. Finally, Greenhaven Associates Inc. raised its holdings in PulteGroup by 6.0% in the 4th quarter. Greenhaven Associates Inc. now owns 5,623,990 shares of the construction company’s stock valued at $256,060,000 after buying an additional 318,680 shares during the period. Hedge funds and other institutional investors own 88.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of PulteGroup from $54.00 to $68.00 in a report on Wednesday, April 26th. Oppenheimer boosted their price target on shares of PulteGroup from $73.00 to $80.00 in a research note on Wednesday, April 26th. Barclays boosted their price objective on PulteGroup from $75.00 to $86.00 in a research report on Wednesday, April 26th. VNET Group reissued a “maintains” rating on shares of PulteGroup in a research report on Wednesday, April 26th. Finally, Wedbush boosted their price objective on PulteGroup from $47.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 1st. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

PulteGroup Stock Down 1.4 %

PulteGroup stock opened at $69.18 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $15.44 billion, a price-to-earnings ratio of 5.95, a price-to-earnings-growth ratio of 0.48 and a beta of 1.33. PulteGroup, Inc. has a fifty-two week low of $35.03 and a fifty-two week high of $70.54. The stock’s fifty day moving average is $61.73 and its two-hundred day moving average is $53.43.

PulteGroup (NYSE:PHM – Get Rating) last posted its earnings results on Tuesday, April 25th. The construction company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.57. The company had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.27 billion. PulteGroup had a return on equity of 31.03% and a net margin of 16.22%. PulteGroup’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 earnings per share. Analysts predict that PulteGroup, Inc. will post 9.05 EPS for the current fiscal year.

PulteGroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Tuesday, June 20th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Friday, June 16th. PulteGroup’s payout ratio is currently 5.51%.

PulteGroup announced that its Board of Directors has approved a stock repurchase plan on Tuesday, April 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 6.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at PulteGroup

In other PulteGroup news, CFO Robert Oshaughnessy sold 115,102 shares of the firm’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $66.90, for a total value of $7,700,323.80. Following the sale, the chief financial officer now directly owns 177,564 shares of the company’s stock, valued at approximately $11,879,031.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Brian P. Anderson sold 15,000 shares of the firm’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $66.95, for a total transaction of $1,004,250.00. Following the sale, the director now directly owns 55,886 shares in the company, valued at approximately $3,741,567.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Robert Oshaughnessy sold 115,102 shares of the firm’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $66.90, for a total value of $7,700,323.80. Following the sale, the chief financial officer now owns 177,564 shares in the company, valued at $11,879,031.60. The disclosure for this sale can be found here. Insiders have sold a total of 244,100 shares of company stock valued at $15,962,206 over the last quarter. Insiders own 0.83% of the company’s stock.

PulteGroup 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.