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

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

A number of other hedge funds also recently modified their holdings of PHM. CIBC Asset Management Inc raised its holdings in shares of PulteGroup by 6.6% in the 3rd quarter. CIBC Asset Management Inc now owns 30,909 shares of the construction company's stock worth $4,436,000 after purchasing an additional 1,923 shares during the period. Natixis Advisors LLC raised its holdings in shares of PulteGroup by 1.4% in the 3rd quarter. Natixis Advisors LLC now owns 166,289 shares of the construction company's stock worth $23,868,000 after purchasing an additional 2,319 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of PulteGroup by 6.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 19,524 shares of the construction company's stock worth $2,803,000 after purchasing an additional 1,160 shares during the period. LMR Partners LLP raised its holdings in shares of PulteGroup by 35.1% in the 3rd quarter. LMR Partners LLP now owns 13,286 shares of the construction company's stock worth $1,907,000 after purchasing an additional 3,450 shares during the period. Finally, First Western Trust Bank purchased a new position in PulteGroup in the 3rd quarter valued at approximately $214,000. Institutional investors own 89.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PHM. UBS Group lifted their price objective on shares of PulteGroup from $148.00 to $151.00 and gave the company a "buy" rating in a research note on Friday, January 31st. Oppenheimer reduced their price objective on shares of PulteGroup from $165.00 to $150.00 and set an "outperform" rating for the company in a research note on Friday, January 31st. StockNews.com lowered shares of PulteGroup from a "buy" rating to a "hold" rating in a research note on Wednesday, December 11th. Bank of America reduced 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. Finally, Wedbush reiterated an "outperform" rating and issued a $135.00 price objective on shares of PulteGroup in a research note on Friday, January 31st. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, PulteGroup has an average rating of "Moderate Buy" and a consensus target price of $140.86.

Remove Ads

PulteGroup Price Performance

Shares of NYSE PHM traded down $2.30 during mid-day trading on Friday, reaching $103.04. 8,818,398 shares of the company were exchanged, compared to its average volume of 1,877,576. PulteGroup, Inc. has a 52 week low of $100.35 and a 52 week high of $149.47. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $20.86 billion, a PE ratio of 7.00, a PEG ratio of 0.29 and a beta of 1.71. The company's 50 day moving average price is $108.54 and its 200 day moving average price is $122.25.

PulteGroup (NYSE:PHM - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The construction company reported $3.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.28 by $0.22. PulteGroup had a net margin of 17.18% and a return on equity of 24.43%. Sell-side analysts forecast that PulteGroup, Inc. will post 12.32 earnings per share for the current fiscal year.

PulteGroup Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.85%. The ex-dividend date is Tuesday, March 18th. PulteGroup's dividend payout ratio is presently 5.98%.

PulteGroup declared that its Board of Directors has approved 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 purchase up to 6.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other PulteGroup news, EVP Todd N. Sheldon sold 15,191 shares of the business'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 sale, the executive vice president now directly owns 74,758 shares of the company's stock, valued at $7,961,727. The trade was a 16.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian P. Anderson sold 2,500 shares of the business's stock in a transaction 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 sale, the director now directly owns 56,617 shares of the company's stock, valued at $6,026,879.65. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,191 shares of company stock valued at $2,256,367 over the last three months. 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.