PulteGroup (NYSE:PHM) Shares Break Below 50 Day Moving Average – Here’s What Happened

PulteGroup, Inc. (NYSE:PHM)’s share price passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $122.48 and traded as low as $111.14. PulteGroup shares last traded at $111.7270, with a volume of 1,784,813 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PHM shares. Melius Research assumed coverage on PulteGroup in a report on Tuesday, October 6th. They set a “hold” rating and a $132.00 price objective for the company. Wolfe Research set a $129.00 price objective on shares of PulteGroup and gave the stock an “outperform” rating in a research note on Monday, August 24th. Piper Sandler cut PulteGroup to a “hold” rating and set a $145.00 target price for the company. in a research note on Thursday, October 8th. Morgan Stanley started coverage on PulteGroup in a research report on Thursday, October 1st. They set an “equal weight” rating and a $128.00 price target on the stock. Finally, Weiss Ratings cut PulteGroup from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $138.94.

PulteGroup Trading Up 0.5%

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average is $122.48 and its 200 day moving average is $122.87. The firm has a market capitalization of $20.94 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16.

PulteGroup (NYSE:PHM) last released its earnings results on Wednesday, July 22nd. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.12. PulteGroup had a return on equity of 15.21% and a net margin of 11.62%. The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.94 billion. During the same quarter in the prior year, the company earned $3.03 EPS. The company’s revenue was down 9.6% on a year-over-year basis. Equities analysts predict that PulteGroup, Inc. will post 10.08 earnings per share for the current year.

PulteGroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, September 15th. PulteGroup’s dividend payout ratio is currently 10.62%.

Institutional Investors Weigh In On PulteGroup

Hedge funds and other institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. boosted its position in PulteGroup by 9.6% during the 2nd quarter. QRG Capital Management Inc. now owns 151,274 shares of the construction company’s stock worth $20,756,000 after acquiring an additional 13,312 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of PulteGroup by 9.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 8,732 shares of the construction company’s stock worth $1,198,000 after acquiring an additional 754 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of PulteGroup by 5.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 359,552 shares of the construction company’s stock worth $49,333,000 after acquiring an additional 18,524 shares in the last quarter. State Street Corp raised its holdings in shares of 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 purchasing an additional 288,054 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its holdings in shares of PulteGroup by 19.6% in the second quarter. Integrated Wealth Concepts LLC now owns 10,547 shares of the construction company’s stock valued at $1,447,000 after purchasing an additional 1,729 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.

About PulteGroup

PulteGroup, Inc is a homebuilding company headquartered in Atlanta, Georgia. Founded in 1950 by William J. Pulte, the company develops, builds and sells homes for a range of buyers, including first-time, move-up and active-adult customers.

The company operates through several well-known brands, including Pulte Homes, Centex, Del Webb and DiVosta. Its offerings include single-family homes and related residential developments, with designs and communities tailored to different lifestyles, price points and stages of homeownership.

PulteGroup serves homebuyers across numerous markets in the United States.