Handelsbanken Fonder AB Cuts Stake in PulteGroup, Inc. (NYSE:PHM)

Handelsbanken Fonder AB reduced its stake in PulteGroup, Inc. (NYSE:PHM) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,021 shares of the construction company’s stock after selling 9,020 shares during the period. Handelsbanken Fonder AB’s holdings in PulteGroup were worth $9,259,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cromwell Holdings LLC lifted its holdings in shares of PulteGroup by 17.2% during the third quarter. Cromwell Holdings LLC now owns 565 shares of the construction company’s stock valued at $81,000 after purchasing an additional 83 shares in the last quarter. Concord Wealth Partners lifted its holdings in PulteGroup by 1.7% in the third quarter. Concord Wealth Partners now owns 5,002 shares of the construction company’s stock valued at $718,000 after acquiring an additional 83 shares during the period. Ashton Thomas Private Wealth LLC lifted its holdings in PulteGroup by 3.0% in the third quarter. Ashton Thomas Private Wealth LLC now owns 3,054 shares of the construction company’s stock valued at $438,000 after acquiring an additional 88 shares during the period. Richardson Financial Services Inc. lifted its holdings in PulteGroup by 16.7% in the fourth quarter. Richardson Financial Services Inc. now owns 622 shares of the construction company’s stock valued at $68,000 after acquiring an additional 89 shares during the period. Finally, Premier Path Wealth Partners LLC lifted its holdings in PulteGroup by 3.8% in the fourth quarter. Premier Path Wealth Partners LLC now owns 2,572 shares of the construction company’s stock valued at $280,000 after acquiring an additional 95 shares during the period. 89.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Seaport Res Ptn downgraded PulteGroup from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Citigroup lowered their target price on PulteGroup from $146.00 to $119.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Bank of America lowered their target price on PulteGroup from $135.00 to $134.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Wells Fargo & Company lowered their target price on PulteGroup from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. lowered their target price on PulteGroup from $162.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.86.

PulteGroup Stock Performance

NYSE:PHM opened at $103.04 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. PulteGroup, Inc. has a 12-month low of $101.13 and a 12-month high of $149.47. The stock has a 50-day moving average price of $110.87 and a 200 day moving average price of $125.35. The stock has a market capitalization of $20.86 billion, a P/E ratio of 7.00, a P/E/G ratio of 0.29 and a beta of 1.68.

PulteGroup (NYSE:PHM) last released its earnings results on Thursday, January 30th. The construction company reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.28 by $0.22. PulteGroup had a return on equity of 24.43% and a net margin of 17.18%. Equities research analysts forecast that PulteGroup, Inc. will post 12.32 EPS for the current fiscal year.

PulteGroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Tuesday, March 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend is Tuesday, March 18th. PulteGroup’s dividend payout ratio is currently 5.98%.

PulteGroup declared that its board has authorized a stock repurchase plan on Thursday, January 30th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to buy up to 6.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other PulteGroup news, Director Brian P. Anderson sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $106.45, for a total transaction of $266,125.00. Following the completion of the transaction, the director now owns 56,617 shares in the company, valued at $6,026,879.65. This trade represents a 4.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Todd N. Sheldon sold 15,191 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $106.50, for a total value of $1,617,841.50. Following the transaction, the executive vice president now owns 74,758 shares of the company’s stock, valued at $7,961,727. This represents a 16.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,191 shares of company stock worth $2,256,367. 0.83% of the stock is owned by corporate insiders.

PulteGroup Company 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.