PulteGroup (NYSE:PHM) Rating Increased to Outperform at Wedbush

Wedbush upgraded shares of PulteGroup (NYSE:PHM) from a neutral rating to an outperform rating in a research note issued to investors on Friday morning, MarketBeat reports. The brokerage currently has $135.00 target price on the construction company’s stock.

A number of other brokerages have also recently issued reports on PHM. Barclays reissued an “equal weight” rating and issued a $140.00 price objective (down from $150.00) on shares of PulteGroup in a research note on Wednesday, December 11th. JPMorgan Chase & Co. cut their target price on PulteGroup from $162.00 to $155.00 and set an “overweight” rating on the stock in a research report on Friday, December 13th. Oppenheimer decreased their price target on PulteGroup from $168.00 to $165.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. BTIG Research lifted their price target on shares of PulteGroup from $139.00 to $156.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Bank of America increased their price objective on shares of PulteGroup from $138.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.14.

PulteGroup Stock Performance

Shares of PHM stock opened at $110.05 on Friday. The company has a market capitalization of $22.57 billion, a price-to-earnings ratio of 8.12, a price-to-earnings-growth ratio of 0.48 and a beta of 1.62. The company’s 50-day moving average is $124.17 and its 200 day moving average is $126.77. PulteGroup has a one year low of $99.68 and a one year high of $149.47. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.73 and a current ratio of 0.73.

PulteGroup (NYSE:PHM) last posted its earnings results on Tuesday, October 22nd. The construction company reported $3.35 earnings per share for the quarter, beating analysts’ consensus estimates of $3.10 by $0.25. PulteGroup had a return on equity of 25.30% and a net margin of 16.64%. The company had revenue of $4.48 billion for the quarter, compared to the consensus estimate of $4.27 billion. During the same quarter in the prior year, the company earned $2.90 earnings per share. PulteGroup’s revenue was up 11.8% on a year-over-year basis. Sell-side analysts expect that PulteGroup will post 12.94 EPS for the current fiscal year.

PulteGroup Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Tuesday, December 17th were given a dividend of $0.22 per share. This is an increase from PulteGroup’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 0.80%. The ex-dividend date was Tuesday, December 17th. PulteGroup’s dividend payout ratio (DPR) is currently 6.49%.

Hedge Funds Weigh In On PulteGroup

Several institutional investors have recently made changes to their positions in the company. Logan Capital Management Inc. raised its stake in shares of PulteGroup by 67.7% during the 3rd quarter. Logan Capital Management Inc. now owns 14,797 shares of the construction company’s stock worth $2,124,000 after buying an additional 5,976 shares during the period. Sanctuary Advisors LLC raised its stake in PulteGroup by 38.1% during the third quarter. Sanctuary Advisors LLC now owns 121,299 shares of the construction company’s stock worth $17,410,000 after purchasing an additional 33,472 shares during the period. Trustmark National Bank Trust Department raised its position in PulteGroup by 39.8% in the third quarter. Trustmark National Bank Trust Department now owns 39,589 shares of the construction company’s stock valued at $5,682,000 after purchasing an additional 11,269 shares during the period. New Millennium Group LLC increased its position in shares of PulteGroup by 10,625.8% during the third quarter. New Millennium Group LLC now owns 9,546 shares of the construction company’s stock valued at $1,370,000 after acquiring an additional 9,457 shares during the last quarter. Finally, Systematic Financial Management LP grew its stake in shares of PulteGroup by 3.9% in the third quarter. Systematic Financial Management LP now owns 130,257 shares of the construction company’s stock valued at $18,696,000 after buying an additional 4,840 shares in the last quarter. 89.90% of the stock is 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.