Renaissance Technologies LLC Increases Stock Holdings in PulteGroup, Inc. $PHM

Renaissance Technologies LLC lifted its position in shares of PulteGroup, Inc. (NYSE:PHM) by 526.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 194,067 shares of the construction company’s stock after buying an additional 163,100 shares during the quarter. Renaissance Technologies LLC’s holdings in PulteGroup were worth $22,824,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morningstar Investment Management LLC raised its position in PulteGroup by 30.8% during the first quarter. Morningstar Investment Management LLC now owns 8,259 shares of the construction company’s stock worth $971,000 after acquiring an additional 1,947 shares during the last quarter. GC Wealth Management RIA LLC grew its position in shares of PulteGroup by 17.6% in the first quarter. GC Wealth Management RIA LLC now owns 2,504 shares of the construction company’s stock valued at $294,000 after purchasing an additional 375 shares during the last quarter. Keebeck Wealth Management increased its stake in shares of PulteGroup by 8.8% during the 1st quarter. Keebeck Wealth Management now owns 5,285 shares of the construction company’s stock worth $623,000 after purchasing an additional 429 shares in the last quarter. Caxton Associates LLP raised its position in shares of PulteGroup by 17.5% during the 1st quarter. Caxton Associates LLP now owns 4,165 shares of the construction company’s stock worth $490,000 after purchasing an additional 619 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of PulteGroup by 8.1% during the 1st quarter. Sei Investments Co. now owns 148,329 shares of the construction company’s stock worth $17,446,000 after purchasing an additional 11,144 shares during the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PulteGroup

In other PulteGroup news, COO Matthew William Koart sold 7,457 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total transaction of $894,840.00. Following the transaction, the chief operating officer owned 28,100 shares of the company’s stock, valued at $3,372,000. This trade represents a 20.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lila Snyder sold 3,339 shares of PulteGroup stock in a transaction on Friday, May 8th. The shares were sold at an average price of $117.18, for a total transaction of $391,264.02. Following the completion of the transaction, the director owned 3,540 shares in the company, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial lowered their target price on PulteGroup from $170.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, April 16th. Royal Bank Of Canada increased their price objective on PulteGroup from $115.00 to $116.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. Oppenheimer reissued an “outperform” rating on shares of PulteGroup in a research note on Tuesday, May 26th. Citigroup reduced their target price on shares of PulteGroup from $138.00 to $134.00 and set a “neutral” rating on the stock in a report on Friday, July 24th. Finally, Bank of America decreased their price target on shares of PulteGroup from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.14.

PulteGroup Price Performance

Shares of NYSE:PHM opened at $132.30 on Thursday. The company has a market cap of $24.80 billion, a P/E ratio of 13.51, a P/E/G ratio of 1.67 and a beta of 1.18. The business has a fifty day simple moving average of $125.29 and a 200-day simple moving average of $125.54. PulteGroup, Inc. has a 52 week low of $108.49 and a 52 week high of $144.49. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.14.

PulteGroup (NYSE:PHM) last issued its quarterly 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 for the quarter, compared to analyst estimates of $3.94 billion. During the same period last year, the company earned $3.03 EPS. The firm’s quarterly revenue was down 9.6% on a year-over-year basis. Equities research analysts forecast that PulteGroup, Inc. will post 10.08 EPS for the current year.

PulteGroup announced that its Board of Directors has authorized a share repurchase program on Thursday, April 23rd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to repurchase up to 6.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.