Lord Abbett & CO. LLC Raises Position in PulteGroup, Inc. (NYSE:PHM)

Lord Abbett & CO. LLC increased its position in PulteGroup, Inc. (NYSE:PHM) by 3,118.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 376,717 shares of the construction company’s stock after acquiring an additional 365,012 shares during the period. Lord Abbett & CO. LLC owned about 0.18% of PulteGroup worth $54,070,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Fortitude Family Office LLC increased its holdings in PulteGroup by 115.1% in the 3rd quarter. Fortitude Family Office LLC now owns 185 shares of the construction company’s stock worth $27,000 after buying an additional 99 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of PulteGroup in the third quarter worth approximately $29,000. WR Wealth Planners LLC raised its holdings in shares of PulteGroup by 54.7% during the second quarter. WR Wealth Planners LLC now owns 232 shares of the construction company’s stock valued at $26,000 after purchasing an additional 82 shares during the last quarter. Rothschild Investment LLC bought a new position in PulteGroup during the second quarter valued at approximately $31,000. Finally, Candriam S.C.A. purchased a new stake in PulteGroup in the second quarter worth approximately $33,000. Institutional investors own 89.90% of the company’s stock.

PulteGroup Stock Down 1.9 %

Shares of PHM opened at $118.42 on Friday. The business’s 50 day moving average is $133.08 and its 200 day moving average is $127.24. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a 12-month low of $99.03 and a 12-month high of $149.47. The company has a market capitalization of $24.29 billion, a PE ratio of 8.73, a price-to-earnings-growth ratio of 0.50 and a beta of 1.62.

PulteGroup (NYSE:PHM) last released its quarterly earnings data on Tuesday, October 22nd. The construction company reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.25. The firm had revenue of $4.48 billion for the quarter, compared to analysts’ expectations of $4.27 billion. PulteGroup had a net margin of 16.64% and a return on equity of 25.30%. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.90 earnings per share. Research analysts expect that PulteGroup, Inc. will post 12.94 earnings per share for the current fiscal year.

PulteGroup Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.22 per share. This is a positive change from PulteGroup’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.74%. PulteGroup’s dividend payout ratio (DPR) is presently 6.49%.

Analyst Ratings Changes

PHM has been the topic of several research analyst reports. StockNews.com cut PulteGroup from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays reissued an “equal weight” rating and issued a $140.00 target price (down from $150.00) on shares of PulteGroup in a research report on Wednesday. Wells Fargo & Company boosted their price target on PulteGroup from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. BTIG Research increased their price objective on shares of PulteGroup from $139.00 to $156.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, UBS Group boosted their target price on shares of PulteGroup from $148.00 to $154.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $144.50.

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.