Bank of New York Mellon Corp Trims Stake in PulteGroup, Inc. (NYSE:PHM)

Bank of New York Mellon Corp cut its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 0.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,517,570 shares of the construction company’s stock after selling 6,733 shares during the quarter. Bank of New York Mellon Corp’s holdings in PulteGroup were worth $165,263,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fortitude Family Office LLC lifted its position in PulteGroup by 115.1% in the third quarter. Fortitude Family Office LLC now owns 185 shares of the construction company’s stock valued at $27,000 after buying an additional 99 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of PulteGroup in the 3rd quarter valued at approximately $29,000. Hager Investment Management Services LLC acquired a new position in shares of PulteGroup in the 4th quarter worth approximately $29,000. R Squared Ltd purchased a new position in shares of PulteGroup during the 4th quarter worth approximately $39,000. Finally, JNBA Financial Advisors acquired a new stake in PulteGroup in the 3rd quarter valued at approximately $43,000. 89.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PHM has been the topic of a number of research reports. Wells Fargo & Company decreased their price target on PulteGroup from $165.00 to $140.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Barclays decreased their target price on PulteGroup from $125.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. StockNews.com downgraded PulteGroup from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Seaport Res Ptn lowered shares of PulteGroup from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Finally, The Goldman Sachs Group lowered their price objective on shares of PulteGroup from $140.00 to $124.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $140.86.

PulteGroup Stock Down 1.5 %

Shares of NYSE:PHM opened at $102.88 on Friday. PulteGroup, Inc. has a twelve month low of $100.54 and a twelve month high of $149.47. The company has a market capitalization of $20.83 billion, a PE ratio of 6.99, a P/E/G ratio of 0.29 and a beta of 1.68. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $110.11 and a 200-day simple moving average of $124.84.

PulteGroup (NYSE:PHM) last posted its quarterly earnings data on Thursday, January 30th. The construction company reported $3.50 EPS for the quarter, beating the consensus estimate of $3.28 by $0.22. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. On average, equities analysts predict that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

PulteGroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Tuesday, March 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Tuesday, March 18th. PulteGroup’s dividend payout ratio is presently 5.98%.

PulteGroup announced that its Board of Directors has approved a stock buyback program on Thursday, January 30th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the construction company to buy up to 6.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Brien P. O’meara sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $106.40, for a total value of $372,400.00. Following the completion of the sale, the vice president now owns 11,372 shares in the company, valued at $1,209,980.80. This trade represents a 23.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brian P. Anderson sold 2,500 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $106.45, for a total transaction of $266,125.00. Following the transaction, the director now owns 56,617 shares in the company, valued at $6,026,879.65. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,191 shares of company stock valued at $2,256,367 over the last quarter. Company insiders own 0.75% of the company’s stock.

About PulteGroup

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.