PulteGroup (NYSE:PHM) Rating Lowered to “Strong Sell” at Zacks Research

PulteGroup (NYSE:PHM) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday, Zacks reports.

Other equities analysts also recently issued reports about the company. Evercore reissued an “outperform” rating on shares of PulteGroup in a research report on Friday, September 25th. Barclays reduced their target price on shares of PulteGroup from $110.00 to $109.00 and set an “equal weight” rating on the stock in a report on Friday. Weiss Ratings upgraded shares of PulteGroup from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. Citigroup lifted their price target on shares of PulteGroup from $122.00 to $127.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Wells Fargo & Company lowered their price target on shares of PulteGroup from $150.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.24.

PulteGroup Trading Up 0.4%

Shares of NYSE PHM opened at $121.77 on Monday. PulteGroup has a 12-month low of $107.15 and a 12-month high of $144.49. The business’s fifty day simple moving average is $119.61 and its 200-day simple moving average is $124.28.

PulteGroup (NYSE:PHM) last released its earnings results on Thursday, October 22nd. The construction company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.63 by ($0.10). The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same period last year, the firm earned $2.96 earnings per share. PulteGroup’s quarterly revenue was down 9.8% compared to the same quarter last year. On average, research analysts forecast that PulteGroup will post 9.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. boosted its position in shares of PulteGroup by 9.6% in the 2nd quarter. QRG Capital Management Inc. now owns 151,274 shares of the construction company’s stock valued at $20,756,000 after purchasing an additional 13,312 shares during the period. Convergence Investment Partners LLC acquired a new position in PulteGroup during the second quarter worth approximately $1,423,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in PulteGroup during the second quarter worth approximately $8,820,000. iA Global Asset Management Inc. acquired a new position in PulteGroup during the second quarter worth approximately $38,937,000. Finally, State Street Corp lifted its stake in PulteGroup by 3.2% in the second quarter. State Street Corp now owns 9,174,111 shares of the construction company’s stock valued at $1,261,092,000 after buying an additional 288,054 shares during the last quarter. Hedge funds and other institutional investors own 89.90% of the company’s stock.

PulteGroup Company Profile

PulteGroup, Inc is a major U.S. homebuilding company that designs, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers. Its operations include land acquisition and development, home construction, sales and marketing, and customer service.

The company markets homes under several well-known brands, including Pulte, Centex, Del Webb, DiVosta and American West. Through these brands, PulteGroup offers a variety of single-family home designs and communities, with products tailored to different price points, lifestyles and stages of homeownership.