Third Avenue Management LLC Takes Position in PulteGroup, Inc. $PHM

Third Avenue Management LLC purchased a new stake in PulteGroup, Inc. (NYSE:PHM) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 63,800 shares of the construction company’s stock, valued at approximately $6,559,000. PulteGroup accounts for about 1.3% of Third Avenue Management LLC’s holdings, making the stock its 27th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Ameriflex Group Inc. purchased a new position in PulteGroup in the 4th quarter valued at approximately $37,000. TD Waterhouse Canada Inc. increased its position in PulteGroup by 43.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 349 shares of the construction company’s stock worth $38,000 after buying an additional 105 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of PulteGroup in the first quarter valued at $39,000. Quarry LP purchased a new stake in shares of PulteGroup in the fourth quarter valued at $43,000. Finally, Catalyst Capital Advisors LLC purchased a new position in PulteGroup during the first quarter worth approximately $54,000. 89.90% of the stock is owned by hedge funds and other institutional investors.

PulteGroup Stock Down 0.3%

NYSE PHM opened at $128.33 on Tuesday. PulteGroup, Inc. has a 12 month low of $88.07 and a 12 month high of $149.47. The company’s 50 day simple moving average is $112.30 and its 200 day simple moving average is $105.73. The company has a market capitalization of $25.32 billion, a P/E ratio of 9.59, a PEG ratio of 0.38 and a beta of 1.22. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.77.

PulteGroup (NYSE:PHM) last issued its quarterly earnings results on Tuesday, July 22nd. The construction company reported $3.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.11. PulteGroup had a return on equity of 21.01% and a net margin of 15.50%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the previous year, the company posted $3.83 earnings per share. PulteGroup’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts expect that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PHM. Seaport Res Ptn upgraded PulteGroup from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 22nd. UBS Group boosted their price objective on PulteGroup from $141.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Raymond James Financial restated an “outperform” rating and set a $140.00 price objective (up previously from $115.00) on shares of PulteGroup in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price objective on PulteGroup from $121.00 to $123.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 23rd. Finally, Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of PulteGroup in a research note on Wednesday, August 13th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, PulteGroup presently has an average rating of “Moderate Buy” and a consensus target price of $135.31.

PulteGroup Company Profile

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.