PulteGroup, Inc. (NYSE:PHM) Forecasted to Post Q2 2024 Earnings of $2.22 Per Share

Posted by Defense World Staff on Jun 15th, 2023

PulteGroup, Inc. (NYSE:PHM – Get Rating) – Stock analysts at Zacks Research lifted their Q2 2024 earnings per share estimates for PulteGroup in a research report issued on Monday, June 12th. Zacks Research analyst A. Gupta now anticipates that the construction company will post earnings per share of $2.22 for the quarter, up from their previous estimate of $2.21. The consensus estimate for PulteGroup’s current full-year earnings is $9.13 per share. Zacks Research also issued estimates for PulteGroup’s Q3 2024 earnings at $1.85 EPS and FY2024 earnings at $7.94 EPS.

PulteGroup (NYSE:PHM – Get Rating) last posted its quarterly 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 firm had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.27 billion. PulteGroup had a net margin of 16.22% and a return on equity of 31.03%. The company’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.83 earnings per share.

A number of other research firms have also weighed in on PHM. Barclays raised their target price on shares of PulteGroup from $86.00 to $90.00 in a research note on Wednesday, May 24th. VNET Group reaffirmed a “maintains” rating on shares of PulteGroup in a report on Wednesday, April 26th. Citigroup increased their price target on shares of PulteGroup from $68.00 to $75.00 in a research report on Thursday, April 27th. BTIG Research increased their price objective on shares of PulteGroup from $68.00 to $83.00 in a research report on Wednesday, April 26th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of PulteGroup in a research report on Wednesday, May 31st. They issued a “buy” rating and a $95.00 price objective for the company. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.73.

PulteGroup Price Performance

Shares of PHM opened at $73.25 on Wednesday. PulteGroup has a 1-year low of $35.03 and a 1-year high of $74.53. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $16.35 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 0.50 and a beta of 1.34. The company’s fifty day moving average price is $66.24 and its 200-day moving average price is $56.75.

Hedge Funds Weigh In On PulteGroup

A number of institutional investors have recently modified their holdings of the company. Ontario Teachers Pension Plan Board boosted its position in shares of PulteGroup by 66.4% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 35,926 shares of the construction company’s stock valued at $2,094,000 after acquiring an additional 14,335 shares during the last quarter. Prelude Capital Management LLC bought a new stake in PulteGroup in the first quarter worth $208,000. ProShare Advisors LLC raised its stake in shares of PulteGroup by 26.9% in the first quarter. ProShare Advisors LLC now owns 57,863 shares of the construction company’s stock worth $3,372,000 after purchasing an additional 12,259 shares during the last quarter. Putnam Investments LLC raised its stake in shares of PulteGroup by 14.7% in the first quarter. Putnam Investments LLC now owns 11,010,203 shares of the construction company’s stock worth $641,675,000 after purchasing an additional 1,406,893 shares during the last quarter. Finally, Arete Wealth Advisors LLC purchased a new stake in PulteGroup during the first quarter valued at $1,692,000. 88.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PulteGroup

In related news, Director Brian P. Anderson sold 15,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 55,886 shares of the company’s stock, valued at approximately $3,741,567.70. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Robert Oshaughnessy sold 115,102 shares of the business’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 completion of the transaction, the chief financial officer now owns 177,564 shares of the company’s stock, valued at $11,879,031.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Brian P. Anderson sold 15,000 shares of the business’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $66.95, for a total value of $1,004,250.00. Following the transaction, the director now directly owns 55,886 shares of the company’s stock, valued at approximately $3,741,567.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,102 shares of company stock worth $15,101,034. Company insiders own 0.83% of the company’s stock.

PulteGroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Tuesday, June 20th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 0.87%. PulteGroup’s payout ratio is presently 5.51%.

PulteGroup declared that its board has authorized a share repurchase program on Tuesday, April 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the construction company to reacquire up to 6.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.