Meritage Portfolio Management Sells 965 Shares of PulteGroup, Inc. (NYSE:PHM)

Meritage Portfolio Management lowered its position in PulteGroup, Inc. (NYSE:PHM) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,854 shares of the construction company’s stock after selling 965 shares during the quarter. PulteGroup makes up approximately 0.7% of Meritage Portfolio Management’s portfolio, making the stock its 29th biggest position. Meritage Portfolio Management’s holdings in PulteGroup were worth $10,513,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PHM. Nordea Investment Management AB lifted its position in PulteGroup by 4.0% in the fourth quarter. Nordea Investment Management AB now owns 753,768 shares of the construction company’s stock valued at $78,030,000 after purchasing an additional 28,833 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in PulteGroup by 24.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 26,341 shares of the construction company’s stock worth $1,951,000 after purchasing an additional 5,257 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of PulteGroup by 65.0% during the third quarter. American Century Companies Inc. now owns 224,978 shares of the construction company’s stock valued at $16,660,000 after buying an additional 88,638 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of PulteGroup in the 4th quarter worth $6,111,000. Finally, Louisiana State Employees Retirement System purchased a new position in PulteGroup in the 4th quarter worth about $1,342,000. Institutional investors own 89.90% of the company’s stock.

PulteGroup Stock Up 2.2 %

Shares of NYSE PHM traded up $2.41 during trading hours on Friday, hitting $113.77. 819,692 shares of the stock were exchanged, compared to its average volume of 1,815,900. The firm has a fifty day moving average price of $111.04 and a 200-day moving average price of $99.13. The company has a market cap of $23.93 billion, a PE ratio of 8.92, a PEG ratio of 0.54 and a beta of 1.56. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.18. PulteGroup, Inc. has a 12 month low of $64.70 and a 12 month high of $121.07.

PulteGroup (NYSE:PHM) last posted its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.21 by $0.07. PulteGroup had a net margin of 16.63% and a return on equity of 25.81%. The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same quarter in the prior year, the company posted $3.63 earnings per share. The company’s revenue for the quarter was down 15.5% compared to the same quarter last year. On average, sell-side analysts expect that PulteGroup, Inc. will post 11.96 EPS for the current year.

PulteGroup announced that its Board of Directors has authorized a stock buyback plan on Tuesday, January 30th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

PulteGroup Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date was Thursday, March 14th. PulteGroup’s dividend payout ratio (DPR) is 6.41%.

Insider Transactions at PulteGroup

In related news, VP Brien P. O’meara sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $103.09, for a total value of $206,180.00. Following the completion of the sale, the vice president now owns 15,389 shares of the company’s stock, valued at $1,586,452.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PHM. Raymond James reissued an “outperform” rating and issued a $135.00 target price (up previously from $120.00) on shares of PulteGroup in a report on Thursday. Oppenheimer increased their price target on PulteGroup from $138.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday. Wedbush reissued a “neutral” rating and set a $85.00 price objective on shares of PulteGroup in a research note on Wednesday, January 31st. Jefferies Financial Group raised their price objective on shares of PulteGroup from $126.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, StockNews.com raised shares of PulteGroup from a “hold” rating to a “buy” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, PulteGroup presently has an average rating of “Moderate Buy” and a consensus price target of $111.73.

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.