Deprince Race & Zollo Inc. lifted its stake in PulteGroup, Inc. (NYSE:PHM) by 19.5% during the first quarter, HoldingsChannel reports. The fund owned 19,545 shares of the construction company’s stock after purchasing an additional 3,190 shares during the quarter. Deprince Race & Zollo Inc.’s holdings in PulteGroup were worth $1,025,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Verition Fund Management LLC acquired a new position in shares of PulteGroup in the first quarter worth $245,000. Loomis Sayles & Co. L P increased its position in PulteGroup by 8,413.2% during the first quarter. Loomis Sayles & Co. L P now owns 368,195 shares of the construction company’s stock worth $19,308,000 after buying an additional 363,870 shares during the last quarter. Morgan Stanley increased its position in PulteGroup by 23.5% during the first quarter. Morgan Stanley now owns 2,037,139 shares of the construction company’s stock worth $106,826,000 after buying an additional 387,537 shares during the last quarter. Tudor Investment Corp Et Al acquired a new position in PulteGroup during the first quarter worth $642,000. Finally, IHT Wealth Management LLC acquired a new position in PulteGroup during the first quarter worth $224,000. 85.18% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on PHM. Wells Fargo & Company began coverage on shares of PulteGroup in a research report on Wednesday, April 21st. They set an “equal weight” rating and a $55.00 target price on the stock. BTIG Research lowered their target price on shares of PulteGroup from $76.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday. Seaport Res Ptn reissued a “neutral” rating on shares of PulteGroup in a research report on Monday. Zacks Investment Research downgraded PulteGroup from a “strong-buy” rating to a “hold” rating and set a $57.00 price target on the stock. in a research report on Tuesday, June 29th. Finally, The Goldman Sachs Group downgraded PulteGroup from a “buy” rating to a “neutral” rating and lowered their price target for the company from $69.00 to $62.00 in a research report on Wednesday, June 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. PulteGroup has a consensus rating of “Buy” and a consensus price target of $59.21.
PulteGroup (NYSE:PHM) last released its earnings results on Tuesday, April 27th. The construction company reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.06. PulteGroup had a net margin of 13.14% and a return on equity of 22.42%. The business had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue was up 18.9% on a year-over-year basis. On average, sell-side analysts predict that PulteGroup, Inc. will post 7.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 2nd. Shareholders of record on Friday, June 11th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Thursday, June 10th. PulteGroup’s dividend payout ratio is 11.89%.
PulteGroup declared that its Board of Directors has approved a share repurchase program on Tuesday, April 27th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other PulteGroup news, Director Brian P. Anderson sold 1,500 shares of the firm’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $59.29, for a total transaction of $88,935.00. Following the completion of the transaction, the director now owns 64,881 shares in the company, valued at $3,846,794.49. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by company insiders.
PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company acquires and develops land primarily for residential purposes; and constructs housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods brand names.
See Also: Quiet Period Expirations Explained
Want to see what other hedge funds are holding PHM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PulteGroup, Inc. (NYSE:PHM).
Receive News & Ratings for PulteGroup Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PulteGroup and related companies with MarketBeat.com's FREE daily email newsletter.