An issue of PulteGroup Inc. (NYSE:PHM) bonds fell 1.3% against their face value during trading on Wednesday. The high-yield issue of debt has a 5% coupon and will mature on January 15, 2027. The debt is now trading at $99.19 and was trading at $102.31 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
A number of equities research analysts have weighed in on the company. Zacks Investment Research upgraded PulteGroup from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Monday, July 25th. Deutsche Bank AG upgraded PulteGroup from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Monday, July 25th. RBC Capital Markets restated an “outperform” rating and set a $26.00 price objective (up previously from $23.00) on shares of PulteGroup in a research note on Sunday, July 24th. FBR & Co raised their price objective on PulteGroup from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, July 22nd. Finally, Royal Bank Of Canada raised their price objective on PulteGroup from $23.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, July 22nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of C$20.39.
Shares of PulteGroup Inc. (NYSE:PHM) opened at 19.88 on Thursday. PulteGroup Inc. has a 52-week low of $14.61 and a 52-week high of $22.40. The company has a 50-day moving average price of $21.13 and a 200 day moving average price of $19.37. The firm has a market capitalization of $6.83 billion, a PE ratio of 13.09 and a beta of 1.59.
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PulteGroup (NYSE:PHM) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.66 billion. PulteGroup had a return on equity of 11.24% and a net margin of 7.89%. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. Analysts expect that PulteGroup Inc. will post $1.61 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 20th will be paid a $0.09 dividend. The ex-dividend date is Friday, September 16th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.81%. PulteGroup’s payout ratio is presently 23.68%.
In related news, VP James L. Ossowski sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of C$20.00, for a total transaction of C$200,000.00. Following the transaction, the vice president now directly owns 51,880 shares in the company, valued at C$1,037,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Harmon D. Smith sold 53,582 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of C$22.05, for a total value of C$1,181,483.10. Following the transaction, the chief operating officer now owns 313,628 shares in the company, valued at C$6,915,497.40. The disclosure for this sale can be found here. 1.83% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Maltese Capital Management LLC purchased a new position in shares of PulteGroup during the fourth quarter valued at about $1,693,000. Norges Bank purchased a new position in shares of PulteGroup during the fourth quarter valued at about $50,019,000. Chevy Chase Trust Holdings Inc. raised its position in shares of PulteGroup by 4.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 268,951 shares of the company’s stock valued at $5,032,000 after buying an additional 11,864 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of PulteGroup by 13.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 72,797 shares of the company’s stock valued at $1,362,000 after buying an additional 8,550 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in shares of PulteGroup by 8.6% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 77,358 shares of the company’s stock valued at $1,447,000 after buying an additional 6,145 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.
PulteGroup, Inc is a homebuilder operating in the United States. The Company, through Pulte Mortgage LLC, is engaged in mortgage banking operations and title operations. The Company’s subsidiaries are also engaged in the homebuilding business. The Company operates through Homebuilding and Financial Services segments.
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