PulteGroup, Inc. (NYSE:PHM) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its stake in PulteGroup, Inc. (NYSE:PHM) by 1.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 89,269 shares of the construction company’s stock after selling 900 shares during the period. State of Michigan Retirement System’s holdings in PulteGroup were worth $10,768,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Putnam Investments LLC grew its stake in shares of PulteGroup by 1.8% in the fourth quarter. Putnam Investments LLC now owns 11,008,695 shares of the construction company’s stock worth $1,136,318,000 after acquiring an additional 197,656 shares in the last quarter. Greenhaven Associates Inc. increased its holdings in PulteGroup by 0.4% during the 4th quarter. Greenhaven Associates Inc. now owns 5,726,368 shares of the construction company’s stock worth $591,076,000 after purchasing an additional 24,350 shares during the period. Norges Bank purchased a new position in shares of PulteGroup in the 4th quarter valued at about $381,960,000. Morgan Stanley grew its position in shares of PulteGroup by 2.0% during the third quarter. Morgan Stanley now owns 3,115,877 shares of the construction company’s stock worth $230,731,000 after buying an additional 61,953 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of PulteGroup by 54.6% during the fourth quarter. Pacer Advisors Inc. now owns 3,003,713 shares of the construction company’s stock worth $310,043,000 after buying an additional 1,060,466 shares during the period. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PHM. Jefferies Financial Group lifted their price target on shares of PulteGroup from $126.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Barclays increased their target price on PulteGroup from $126.00 to $136.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Zelman & Associates raised PulteGroup from a “neutral” rating to an “outperform” rating in a report on Wednesday, April 24th. StockNews.com upgraded PulteGroup from a “hold” rating to a “buy” rating in a report on Wednesday, April 24th. Finally, Oppenheimer raised their target price on PulteGroup from $138.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $112.21.

PulteGroup Stock Performance

NYSE PHM traded down $1.71 on Tuesday, reaching $104.52. The stock had a trading volume of 2,569,577 shares, compared to its average volume of 1,784,277. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $21.98 billion, a P/E ratio of 8.37, a price-to-earnings-growth ratio of 0.49 and a beta of 1.61. The business’s 50-day moving average price is $113.93 and its 200 day moving average price is $109.81. PulteGroup, Inc. has a 12-month low of $68.80 and a 12-month high of $122.72.

PulteGroup (NYSE:PHM) last issued its quarterly earnings results on Tuesday, April 23rd. The construction company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.51. PulteGroup had a net margin of 16.63% and a return on equity of 25.81%. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.59 billion. As a group, equities analysts expect that PulteGroup, Inc. will post 12.64 earnings per share for the current year.

PulteGroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Tuesday, June 18th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Tuesday, June 18th. PulteGroup’s dividend payout ratio is currently 6.41%.

PulteGroup Profile

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.