PulteGroup (NYSE:PHM) Stock Price Down 6.3% on Insider Selling

PulteGroup, Inc. (NYSE:PHM) shares were down 6.3% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $132.73 and last traded at $131.96. Approximately 280,168 shares traded hands during trading, a decline of 85% from the average daily volume of 1,848,882 shares. The stock had previously closed at $140.90.

Specifically, EVP Kevin A. Henry sold 5,173 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $141.03, for a total value of $729,548.19. Following the completion of the transaction, the executive vice president directly owned 14,673 shares of the company’s stock, valued at $2,069,333.19. This trade represents a 26.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

PHM has been the subject of a number of analyst reports. Weiss Ratings raised shares of PulteGroup from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Wall Street Zen upgraded shares of PulteGroup from a “sell” rating to a “hold” rating in a research note on Sunday, January 11th. Oppenheimer reaffirmed an “outperform” rating and set a $149.00 price objective (up from $140.00) on shares of PulteGroup in a report on Friday, January 30th. Citizens Jmp initiated coverage on PulteGroup in a report on Wednesday, January 7th. They issued a “market outperform” rating and a $145.00 target price for the company. Finally, UBS Group decreased their price target on PulteGroup from $160.00 to $159.00 and set a “buy” rating on the stock in a research note on Tuesday, January 6th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $140.62.

PulteGroup Stock Down 4.4%

The company has a market cap of $25.92 billion, a P/E ratio of 12.12, a PEG ratio of 1.64 and a beta of 1.33. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.01 and a quick ratio of 1.01. The business’s 50 day moving average price is $128.74 and its 200-day moving average price is $127.44.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, March 17th. PulteGroup’s dividend payout ratio is presently 9.35%.

Institutional Trading of PulteGroup

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in PulteGroup during the 4th quarter worth $466,653,000. Price T Rowe Associates Inc. MD raised its position in shares of PulteGroup by 126.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,284,197 shares of the construction company’s stock worth $502,366,000 after acquiring an additional 2,392,580 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of PulteGroup during the third quarter valued at $315,883,000. AGF Management Ltd. bought a new position in PulteGroup in the third quarter valued at about $174,347,000. Finally, American Century Companies Inc. increased its position in PulteGroup by 120.4% in the third quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock worth $225,024,000 after purchasing an additional 930,287 shares during the period. 89.90% of the stock is currently owned by institutional investors and hedge funds.

About PulteGroup

PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.