PulteGroup, Inc. (PHM) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of PulteGroup, Inc. (NYSE:PHM) from a buy rating to a hold rating in a report released on Monday morning.
According to Zacks, “PulteGroup’s third-quarter 2017 earnings beat the Zacks Consensus Estimate by 1.7%, while revenues missed the same. Earnings in the quarter increased a solid 40% from the year-ago level. The upside was supported by higher demand despite disruptions caused by hurricanes Harvey and Irma, courtesy of positive U.S. housing market dynamics as well as an improving economy and jobs market. Also, historically low interest rates and growing demand among first-time buyers bode well. Revenues also increased 9.6% year over year owing to a rise in the number of homes delivered. The company’s prudent land investments are expected to translate into higher community count and volume growth. Home closings increased across all operating regions of the company, barring Texas and West region. however, rising labor, land and material costs can keep the housing momentum in check.”
Several other brokerages have also recently weighed in on PHM. UBS AG cut PulteGroup from a positive rating to a neutral rating in a report on Wednesday, July 26th. Citigroup Inc. cut PulteGroup from a neutral rating to a sell rating and set a $26.00 price objective for the company. in a report on Friday, October 20th. Bank of America Corporation set a $34.00 price objective on PulteGroup and gave the company a buy rating in a report on Wednesday, October 25th. Susquehanna Bancshares Inc cut PulteGroup from a positive rating to a neutral rating and set a $26.00 price objective for the company. in a report on Wednesday, July 26th. Finally, BidaskClub cut PulteGroup from a buy rating to a hold rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. PulteGroup has a consensus rating of Hold and a consensus price target of $28.67.
PulteGroup (PHM) traded up 1.17% on Monday, reaching $30.14. The company’s stock had a trading volume of 2,254,142 shares. The company has a 50-day moving average price of $27.21 and a 200 day moving average price of $24.91. PulteGroup has a 12 month low of $17.69 and a 12 month high of $30.33. The company has a market cap of $9.09 billion, a P/E ratio of 16.68 and a beta of 1.06.
PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Tuesday, October 24th. The construction company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The firm had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.30 billion. PulteGroup had a return on equity of 14.38% and a net margin of 7.77%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.43 EPS. On average, equities research analysts anticipate that PulteGroup will post $2.08 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 19th were issued a dividend of $0.09 per share. The ex-dividend date was Monday, September 18th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.21%. PulteGroup’s dividend payout ratio (DPR) is currently 17.91%.
In other news, insider James R. Ellinghausen sold 136,912 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $29.70, for a total transaction of $4,066,286.40. Following the completion of the transaction, the insider now owns 294,369 shares of the company’s stock, valued at approximately $8,742,759.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.71% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its holdings in PulteGroup by 3.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,086 shares of the construction company’s stock worth $100,000 after purchasing an additional 148 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in PulteGroup by 7.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,845 shares of the construction company’s stock worth $168,000 after purchasing an additional 465 shares in the last quarter. Koch Industries Inc. acquired a new position in PulteGroup in the 2nd quarter worth about $220,000. QCM Cayman Ltd. acquired a new position in PulteGroup in the 2nd quarter worth about $223,000. Finally, BKS Advisors LLC acquired a new position in PulteGroup in the 2nd quarter worth about $232,000. 85.39% of the stock is owned by institutional investors and hedge funds.
PulteGroup, Inc is a homebuilder in the United States. The Company’s segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land.
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