Park Avenue Securities LLC Grows Stock Holdings in PulteGroup, Inc. (NYSE:PHM)

Posted by Defense World Staff on Jul 2nd, 2023

Park Avenue Securities LLC grew its holdings in shares of PulteGroup, Inc. (NYSE:PHM – Free Report) by 20.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,511 shares of the construction company’s stock after purchasing an additional 4,652 shares during the quarter. Park Avenue Securities LLC’s holdings in PulteGroup were worth $1,603,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. CVA Family Office LLC lifted its position in PulteGroup by 222.9% during the fourth quarter. CVA Family Office LLC now owns 565 shares of the construction company’s stock worth $26,000 after buying an additional 390 shares during the period. Coppell Advisory Solutions Corp. purchased a new position in shares of PulteGroup during the 4th quarter worth about $26,000. ST Germain D J Co. Inc. acquired a new stake in shares of PulteGroup in the fourth quarter worth approximately $31,000. General Partner Inc. purchased a new stake in PulteGroup in the fourth quarter valued at approximately $32,000. Finally, Denali Advisors LLC increased its position in PulteGroup by 104.3% during the fourth quarter. Denali Advisors LLC now owns 811 shares of the construction company’s stock worth $37,000 after purchasing an additional 414 shares during the last quarter. Institutional investors and hedge funds own 90.24% of the company’s stock.

PulteGroup Stock Up 0.5 %

Shares of NYSE PHM opened at $77.68 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.70 and a current ratio of 0.70. PulteGroup, Inc. has a 1 year low of $35.99 and a 1 year high of $79.14. The stock’s 50-day simple moving average is $69.98 and its 200-day simple moving average is $59.39. The firm has a market cap of $17.34 billion, a price-to-earnings ratio of 6.69, a PEG ratio of 0.52 and a beta of 1.34.

PulteGroup (NYSE:PHM – Free Report) last posted its quarterly earnings data on Tuesday, April 25th. The construction company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.57. The company had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.27 billion. PulteGroup had a return on equity of 31.03% and a net margin of 16.22%. PulteGroup’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.83 EPS. As a group, equities analysts anticipate that PulteGroup, Inc. will post 9.3 earnings per share for the current fiscal year.

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

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Tuesday, June 20th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 0.82%. PulteGroup’s dividend payout ratio (DPR) is 5.51%.

Insiders Place Their Bets

In other news, CFO Robert Oshaughnessy sold 115,102 shares of the company’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 approximately $11,879,031.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Brian P. Anderson sold 15,000 shares of the business’s stock in a transaction that occurred on 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 completion of 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert Oshaughnessy sold 115,102 shares of the firm’s stock in a transaction on 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 transaction, 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 sold a total of 228,102 shares of company stock valued at $15,101,034 in the last ninety days. Corporate insiders own 0.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PHM shares. Wolfe Research raised shares of PulteGroup from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research note on Wednesday, March 22nd. Oppenheimer upped their price target on PulteGroup from $73.00 to $80.00 in a research note on Wednesday, April 26th. VNET Group reaffirmed a “maintains” rating on shares of PulteGroup in a research note on Wednesday, April 26th. StockNews.com assumed coverage on shares of PulteGroup in a research report on Thursday, May 18th. They set a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of PulteGroup in a research report on Wednesday, May 31st. They set a “buy” rating and a $95.00 price target on the stock. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, PulteGroup has a consensus rating of “Moderate Buy” and an average price target of $70.79.

PulteGroup Company Profile

(Free Report)

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods brand names.