Pallas Capital Advisors LLC Trims Stock Position in PulteGroup, Inc. $PHM

Pallas Capital Advisors LLC lessened its position in shares of PulteGroup, Inc. (NYSE:PHM) by 5.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,185 shares of the construction company’s stock after selling 116 shares during the quarter. Pallas Capital Advisors LLC’s holdings in PulteGroup were worth $230,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PHM. Nuveen LLC purchased a new position in shares of PulteGroup during the 1st quarter worth $213,092,000. Pacer Advisors Inc. lifted its position in PulteGroup by 2,586.8% in the first quarter. Pacer Advisors Inc. now owns 1,166,902 shares of the construction company’s stock valued at $119,958,000 after buying an additional 1,123,471 shares during the last quarter. JPMorgan Chase & Co. lifted its position in PulteGroup by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 3,486,330 shares of the construction company’s stock valued at $358,395,000 after buying an additional 1,001,290 shares during the last quarter. AustralianSuper Pty Ltd raised its stake in shares of PulteGroup by 219.2% in the 1st quarter. AustralianSuper Pty Ltd now owns 1,039,107 shares of the construction company’s stock valued at $106,820,000 after acquiring an additional 713,534 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of PulteGroup in the 1st quarter valued at approximately $53,262,000. Institutional investors and hedge funds own 89.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Seaport Res Ptn upgraded shares of PulteGroup from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 22nd. Oppenheimer lifted their price objective on PulteGroup from $132.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. lifted their price objective on PulteGroup from $121.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, July 23rd. Wells Fargo & Company raised their target price on PulteGroup from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Finally, UBS Group raised their target price on PulteGroup from $141.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $136.46.

PulteGroup Stock Down 2.0%

Shares of NYSE PHM opened at $129.25 on Tuesday. The business’s fifty day simple moving average is $125.86 and its 200-day simple moving average is $110.50. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a 12-month low of $88.07 and a 12-month high of $149.47. The stock has a market cap of $25.50 billion, a P/E ratio of 9.66, a PEG ratio of 0.39 and a beta of 1.26.

PulteGroup (NYSE:PHM) last issued its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.11. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%.The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the prior year, the business earned $3.83 EPS. PulteGroup’s revenue was down 4.3% on a year-over-year basis. As a group, equities analysts predict that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

PulteGroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 16th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 0.7%. PulteGroup’s payout ratio is currently 6.58%.

PulteGroup Profile

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, John Wieland Homes and Neighborhoods, and American West brand names.