Connor Clark & Lunn Investment Management Ltd. Takes Position in PulteGroup, Inc. (NYSE:PHM)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in PulteGroup, Inc. (NYSE:PHM) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 19,663 shares of the construction company’s stock, valued at approximately $2,141,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Hager Investment Management Services LLC bought a new position in PulteGroup during the 4th quarter worth approximately $29,000. Fortitude Family Office LLC raised its stake in PulteGroup by 74.1% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the construction company’s stock worth $35,000 after buying an additional 137 shares during the last quarter. R Squared Ltd acquired a new position in PulteGroup in the fourth quarter valued at $39,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in PulteGroup by 41.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 444 shares of the construction company’s stock valued at $48,000 after acquiring an additional 131 shares during the last quarter. Finally, Oakworth Capital Inc. grew its holdings in PulteGroup by 642.2% during the 4th quarter. Oakworth Capital Inc. now owns 475 shares of the construction company’s stock worth $52,000 after acquiring an additional 411 shares during the period. 89.90% of the stock is currently owned by institutional investors.

Insider Transactions at PulteGroup

In related news, VP Brien P. O’meara sold 3,500 shares of PulteGroup stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $106.40, for a total transaction of $372,400.00. Following the sale, the vice president now directly owns 11,372 shares in the company, valued at approximately $1,209,980.80. This trade represents a 23.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Todd N. Sheldon sold 15,191 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 74,758 shares of the company’s stock, valued at $7,961,727. This trade represents a 16.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,191 shares of company stock worth $2,256,367 in the last 90 days. Insiders own 0.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group dropped their price objective on PulteGroup from $140.00 to $124.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th. JPMorgan Chase & Co. cut their price target on PulteGroup from $162.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Bank of America lowered their price objective on shares of PulteGroup from $135.00 to $134.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Seaport Res Ptn raised shares of PulteGroup from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, StockNews.com downgraded shares of PulteGroup from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.86.

PulteGroup Trading Down 0.3 %

Shares of PulteGroup stock opened at $103.53 on Wednesday. The company has a market capitalization of $20.96 billion, a P/E ratio of 7.04, a price-to-earnings-growth ratio of 0.29 and a beta of 1.71. The stock has a fifty day simple moving average of $108.83 and a 200 day simple moving average of $122.69. PulteGroup, Inc. has a 12-month low of $100.54 and a 12-month high of $149.47. 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 (NYSE:PHM) last posted 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 net margin of 17.18% and a return on equity of 24.43%. On average, sell-side analysts anticipate that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

PulteGroup declared that its board has authorized a share buyback plan on Thursday, January 30th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

PulteGroup Announces Dividend

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

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.