Parallel Advisors LLC Cuts Stock Position in PulteGroup, Inc. (NYSE:PHM)

Parallel Advisors LLC decreased its holdings in PulteGroup, Inc. (NYSE:PHM) by 13.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,226 shares of the construction company’s stock after selling 521 shares during the quarter. Parallel Advisors LLC’s holdings in PulteGroup were worth $355,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PHM. Swedbank AB purchased a new position in PulteGroup in the 1st quarter valued at approximately $68,985,000. Allianz Asset Management GmbH increased its stake in shares of PulteGroup by 38.3% during the fourth quarter. Allianz Asset Management GmbH now owns 1,892,229 shares of the construction company’s stock worth $195,316,000 after buying an additional 523,623 shares during the period. Janney Montgomery Scott LLC raised its holdings in PulteGroup by 130.2% in the first quarter. Janney Montgomery Scott LLC now owns 388,298 shares of the construction company’s stock valued at $46,837,000 after acquiring an additional 219,609 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in PulteGroup by 40.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 733,804 shares of the construction company’s stock worth $88,511,000 after acquiring an additional 212,837 shares during the last quarter. Finally, Homestead Advisers Corp acquired a new position in PulteGroup during the 4th quarter worth approximately $20,417,000. Institutional investors and hedge funds own 89.90% of the company’s stock.

PulteGroup Stock Performance

Shares of PHM opened at $140.99 on Thursday. The stock has a market capitalization of $29.66 billion, a P/E ratio of 11.29, a P/E/G ratio of 0.55 and a beta of 1.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.76 and a current ratio of 0.76. PulteGroup, Inc. has a 1 year low of $68.80 and a 1 year high of $144.18. The company’s fifty day moving average is $127.82 and its two-hundred day moving average is $118.10.

PulteGroup (NYSE:PHM) last issued its quarterly earnings results on Tuesday, July 23rd. The construction company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.27 by $0.56. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.49 billion. PulteGroup had a net margin of 16.75% and a return on equity of 25.67%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $3.00 earnings per share. On average, sell-side analysts predict that PulteGroup, Inc. will post 12.9 earnings per share for the current year.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 17th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend is Tuesday, September 17th. PulteGroup’s dividend payout ratio (DPR) is 6.41%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PHM shares. Oppenheimer raised their price objective on shares of PulteGroup from $143.00 to $151.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Barclays raised their price objective on shares of PulteGroup from $131.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Wolfe Research downgraded shares of PulteGroup from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, August 14th. Royal Bank of Canada boosted their target price on PulteGroup from $113.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. raised their price target on PulteGroup from $141.00 to $152.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $133.14.

Insider Activity

In other news, Director Thomas J. Folliard sold 19,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $131.14, for a total value of $2,491,660.00. Following the completion of the transaction, the director now owns 45,230 shares in the company, valued at approximately $5,931,462.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other PulteGroup news, CFO Robert Oshaughnessy sold 28,993 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $129.29, for a total transaction of $3,748,504.97. Following the completion of the transaction, the chief financial officer now owns 160,330 shares of the company’s stock, valued at $20,729,065.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas J. Folliard sold 19,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $131.14, for a total value of $2,491,660.00. Following the completion of the sale, the director now owns 45,230 shares in the company, valued at $5,931,462.20. The disclosure for this sale can be found here. Insiders sold 119,000 shares of company stock valued at $15,814,039 in the last three months. 0.83% of the stock is currently owned by company insiders.

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.