PulteGroup (NYSE:PHM – Get Free Report) had its price target hoisted by equities researchers at UBS Group from $148.00 to $151.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. UBS Group’s target price would suggest a potential upside of 30.70% from the company’s current price.
Several other equities analysts have also recently issued reports on PHM. Citigroup decreased their target price on shares of PulteGroup from $146.00 to $119.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group cut their price target on shares of PulteGroup from $140.00 to $124.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Wells Fargo & Company dropped their target price on shares of PulteGroup from $165.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Wedbush raised shares of PulteGroup from a “neutral” rating to an “outperform” rating and set a $135.00 price target on the stock in a research report on Friday, January 3rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of PulteGroup from $162.00 to $155.00 and set an “overweight” rating on the stock in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PulteGroup has a consensus rating of “Moderate Buy” and a consensus price target of $140.86.
Read Our Latest Stock Analysis on PHM
PulteGroup Stock Performance
PulteGroup (NYSE:PHM – Get Free Report) last posted its earnings results on Thursday, January 30th. The construction company reported $3.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.22. PulteGroup had a net margin of 16.64% and a return on equity of 25.30%. As a group, analysts expect that PulteGroup will post 13.06 EPS for the current year.
PulteGroup announced that its Board of Directors has initiated a stock buyback program on Thursday, January 30th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the construction company to buy up to 6.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Hedge Funds Weigh In On PulteGroup
Hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC lifted its holdings in shares of PulteGroup by 115.1% during the third quarter. Fortitude Family Office LLC now owns 185 shares of the construction company’s stock worth $27,000 after purchasing an additional 99 shares during the period. Transcendent Capital Group LLC acquired a new stake in shares of PulteGroup during the third quarter worth $29,000. Hager Investment Management Services LLC acquired a new stake in shares of PulteGroup during the fourth quarter worth $29,000. R Squared Ltd acquired a new stake in shares of PulteGroup during the fourth quarter worth $39,000. Finally, JNBA Financial Advisors acquired a new stake in shares of PulteGroup during the third quarter worth $43,000. 89.90% of the stock is currently owned by hedge funds and other institutional investors.
About PulteGroup
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.
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