State of Michigan Retirement System Trims Stake in PulteGroup, Inc. (NYSE:PHM)

State of Michigan Retirement System lowered its position in PulteGroup, Inc. (NYSE:PHM) by 7.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,269 shares of the construction company’s stock after selling 7,000 shares during the quarter. State of Michigan Retirement System’s holdings in PulteGroup were worth $9,058,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in PulteGroup in the 4th quarter valued at $2,103,000. CWM LLC increased its stake in PulteGroup by 3.9% in the fourth quarter. CWM LLC now owns 10,855 shares of the construction company’s stock valued at $1,120,000 after purchasing an additional 406 shares during the period. GAMMA Investing LLC purchased a new stake in shares of PulteGroup in the fourth quarter valued at about $113,000. Atria Wealth Solutions Inc. boosted its stake in shares of PulteGroup by 43.2% during the fourth quarter. Atria Wealth Solutions Inc. now owns 6,424 shares of the construction company’s stock worth $663,000 after buying an additional 1,939 shares during the period. Finally, Kovack Advisors Inc. purchased a new position in shares of PulteGroup during the fourth quarter worth about $300,000. 89.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on PHM shares. Wedbush reaffirmed a “neutral” rating and set a $115.00 price objective on shares of PulteGroup in a research note on Friday, August 16th. Citigroup cut their price objective on shares of PulteGroup from $129.00 to $117.00 and set a “neutral” rating for the company in a research report on Tuesday, July 2nd. Raymond James lifted their target price on shares of PulteGroup from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Royal Bank of Canada raised their price objective on shares of PulteGroup from $113.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Finally, BTIG Research lifted their price objective on PulteGroup from $133.00 to $139.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, PulteGroup has a consensus rating of “Moderate Buy” and a consensus price target of $133.14.

PulteGroup Stock Performance

NYSE PHM opened at $131.58 on Wednesday. The business’s 50-day simple moving average is $119.74 and its 200-day simple moving average is $115.00. The firm has a market capitalization of $27.68 billion, a P/E ratio of 10.53, a P/E/G ratio of 0.50 and a beta of 1.61. PulteGroup, Inc. has a 1-year low of $68.80 and a 1-year high of $136.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.76 and a quick ratio of 0.76.

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

Insider Activity

In other news, CFO Robert Oshaughnessy sold 28,993 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 160,330 shares in the company, valued at $20,729,065.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.83% of the company’s stock.

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.