Q2 2024 Earnings Estimate for PulteGroup, Inc. Issued By Seaport Res Ptn (NYSE:PHM)

PulteGroup, Inc. (NYSE:PHM) – Seaport Res Ptn boosted their Q2 2024 earnings estimates for shares of PulteGroup in a research report issued on Tuesday, April 23rd. Seaport Res Ptn analyst K. Zener now expects that the construction company will post earnings per share of $3.22 for the quarter, up from their previous forecast of $3.07. The consensus estimate for PulteGroup’s current full-year earnings is $11.96 per share. Seaport Res Ptn also issued estimates for PulteGroup’s Q4 2024 earnings at $3.45 EPS and FY2024 earnings at $12.79 EPS.

PulteGroup (NYSE:PHM) last released its quarterly earnings data on Tuesday, January 30th. The construction company reported $3.28 earnings per share for the quarter, beating analysts’ consensus estimates of $3.21 by $0.07. The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.47 billion. PulteGroup had a net margin of 16.63% and a return on equity of 25.81%. PulteGroup’s revenue was down 15.5% compared to the same quarter last year. During the same period last year, the business earned $3.63 EPS.

A number of other brokerages also recently issued reports on PHM. Raymond James reaffirmed an “outperform” rating and set a $135.00 price target (up previously from $120.00) on shares of PulteGroup in a report on Thursday. StockNews.com raised shares of PulteGroup from a “hold” rating to a “buy” rating in a report on Wednesday. Oppenheimer raised their target price on shares of PulteGroup from $138.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wedbush restated a “neutral” rating and set a $85.00 target price on shares of PulteGroup in a research note on Wednesday, January 31st. Finally, Citigroup raised their target price on shares of PulteGroup from $116.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.73.

PulteGroup Stock Performance

Shares of NYSE PHM opened at $111.36 on Friday. The firm’s 50-day moving average price is $111.04 and its 200-day moving average price is $99.13. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.18. The company has a market cap of $23.42 billion, a PE ratio of 8.92, a PEG ratio of 0.54 and a beta of 1.56. PulteGroup has a 52-week low of $64.41 and a 52-week high of $121.07.

PulteGroup declared that its board has initiated a stock buyback plan on Tuesday, January 30th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

PulteGroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Friday, March 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend was Thursday, March 14th. PulteGroup’s dividend payout ratio (DPR) is presently 6.41%.

Insider Buying and Selling

In other PulteGroup news, VP Brien P. O’meara sold 2,000 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $103.09, for a total value of $206,180.00. Following the completion of the transaction, the vice president now directly owns 15,389 shares in the company, valued at $1,586,452.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.83% of the stock is owned by insiders.

Hedge Funds Weigh In On PulteGroup

A number of large investors have recently added to or reduced their stakes in the company. Putnam Investments LLC raised its holdings in PulteGroup by 1.8% in the fourth quarter. Putnam Investments LLC now owns 11,008,695 shares of the construction company’s stock worth $1,136,318,000 after purchasing an additional 197,656 shares in the last quarter. Greenhaven Associates Inc. raised its holdings in PulteGroup by 0.4% in the fourth quarter. Greenhaven Associates Inc. now owns 5,726,368 shares of the construction company’s stock worth $591,076,000 after purchasing an additional 24,350 shares in the last quarter. FMR LLC raised its holdings in PulteGroup by 1.8% in the third quarter. FMR LLC now owns 5,484,469 shares of the construction company’s stock worth $406,125,000 after purchasing an additional 95,945 shares in the last quarter. Invesco Ltd. raised its holdings in PulteGroup by 13.3% in the third quarter. Invesco Ltd. now owns 4,432,965 shares of the construction company’s stock worth $328,261,000 after purchasing an additional 522,032 shares in the last quarter. Finally, Norges Bank bought a new position in PulteGroup in the fourth quarter worth about $381,960,000. 89.90% of the stock is currently owned by institutional investors.

PulteGroup Company 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.