Norges Bank Invests $427.56 Million in PulteGroup, Inc. (NYSE:PHM)

Norges Bank purchased a new stake in PulteGroup, Inc. (NYSE:PHM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,926,185 shares of the construction company's stock, valued at approximately $427,562,000. Norges Bank owned 1.91% of PulteGroup as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Caisse Des Depots ET Consignations acquired a new position in shares of PulteGroup during the 4th quarter worth about $1,235,000. Homestead Advisers Corp increased its position in shares of PulteGroup by 4.0% during the fourth quarter. Homestead Advisers Corp now owns 455,800 shares of the construction company's stock worth $49,637,000 after purchasing an additional 17,400 shares in the last quarter. NEOS Investment Management LLC boosted its position in shares of PulteGroup by 29.2% in the 4th quarter. NEOS Investment Management LLC now owns 10,985 shares of the construction company's stock valued at $1,196,000 after purchasing an additional 2,485 shares during the period. Elo Mutual Pension Insurance Co increased its position in PulteGroup by 21.4% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 22,618 shares of the construction company's stock worth $2,463,000 after buying an additional 3,991 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in PulteGroup by 2.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 316,252 shares of the construction company's stock valued at $34,804,000 after buying an additional 8,996 shares during the last quarter. Institutional investors and hedge funds own 89.90% of the company's stock.

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PulteGroup Price Performance

Shares of NYSE PHM traded up $0.55 on Wednesday, hitting $103.59. The company's stock had a trading volume of 387,382 shares, compared to its average volume of 1,944,572. The stock has a 50 day moving average of $107.04 and a 200-day moving average of $120.76. The company has a market capitalization of $20.97 billion, a price-to-earnings ratio of 7.04, a price-to-earnings-growth ratio of 0.29 and a beta of 1.71. PulteGroup, Inc. has a 12-month low of $99.58 and a 12-month high of $149.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86.

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

PulteGroup declared that its Board of Directors has authorized a stock buyback program on Thursday, January 30th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

PulteGroup Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors 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 of this dividend is Tuesday, March 18th. PulteGroup's payout ratio is 5.98%.

Insider Buying and Selling at PulteGroup

In other PulteGroup news, EVP Todd N. Sheldon sold 15,191 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $106.50, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Brien P. O'meara sold 3,500 shares of the firm's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $106.40, for a total value of $372,400.00. Following the sale, the vice president now owns 11,372 shares in the company, valued at $1,209,980.80. This trade represents a 23.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,191 shares of company stock worth $2,256,367. Corporate insiders own 0.76% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on PHM shares. Barclays reduced their price target on shares of PulteGroup from $125.00 to $117.00 and set an "equal weight" rating for the company in a research report on Friday, January 31st. StockNews.com cut shares of PulteGroup from a "buy" rating to a "hold" rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. lowered their price objective on PulteGroup from $162.00 to $155.00 and set an "overweight" rating on the stock in a report on Friday, December 13th. Seaport Res Ptn upgraded PulteGroup from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group reduced their price target on PulteGroup from $140.00 to $124.00 and set a "neutral" rating for the company in a report on Tuesday, January 14th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $140.86.

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.