New York State Teachers Retirement System Has $26.11 Million Holdings in PulteGroup, Inc. $PHM

New York State Teachers Retirement System cut its holdings in PulteGroup, Inc. (NYSE:PHM) by 2.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 222,652 shares of the construction company’s stock after selling 4,674 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of PulteGroup worth $26,108,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Franklin Resources Inc. grew its stake in shares of PulteGroup by 5.0% in the third quarter. Franklin Resources Inc. now owns 12,900,271 shares of the construction company’s stock valued at $1,704,513,000 after acquiring an additional 609,640 shares in the last quarter. First Trust Advisors LP grew its stake in shares of PulteGroup by 13.3% in the third quarter. First Trust Advisors LP now owns 3,623,917 shares of the construction company’s stock valued at $478,828,000 after acquiring an additional 424,011 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of PulteGroup in the third quarter valued at about $315,883,000. Bank of America Corp DE grew its stake in shares of PulteGroup by 13.1% in the second quarter. Bank of America Corp DE now owns 1,755,241 shares of the construction company’s stock valued at $185,108,000 after acquiring an additional 202,870 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of PulteGroup by 120.4% in the third quarter. American Century Companies Inc. now owns 1,703,049 shares of the construction company’s stock valued at $225,024,000 after acquiring an additional 930,287 shares in the last quarter. 89.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Kevin A. Henry sold 5,173 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total value of $729,548.19. Following the sale, the executive vice president directly owned 14,673 shares in the company, valued at approximately $2,069,333.19. This trade represents a 26.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Matthew William Koart sold 15,309 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $135.79, for a total transaction of $2,078,809.11. Following the completion of the sale, the chief operating officer owned 42,418 shares in the company, valued at approximately $5,759,940.22. The trade was a 26.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 149,952 shares of company stock worth $20,162,165 in the last quarter. Corporate insiders own 0.75% of the company’s stock.

PulteGroup Trading Down 2.4%

Shares of PulteGroup stock opened at $119.44 on Friday. The company has a market capitalization of $22.75 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.51 and a beta of 1.24. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. PulteGroup, Inc. has a 12-month low of $95.20 and a 12-month high of $144.49. The firm’s 50-day moving average price is $124.18 and its two-hundred day moving average price is $124.71.

PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Thursday, April 23rd. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.01). The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.40 billion. PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.57 earnings per share. On average, analysts forecast that PulteGroup, Inc. will post 10.02 earnings per share for the current fiscal year.

PulteGroup announced that its board has authorized a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

PulteGroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, June 16th. PulteGroup’s dividend payout ratio (DPR) is presently 10.06%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Truist Financial decreased their price target on shares of PulteGroup from $170.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of PulteGroup from $149.00 to $131.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 3rd. UBS Group increased their price objective on shares of PulteGroup from $159.00 to $162.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Citigroup increased their price objective on shares of PulteGroup from $136.00 to $138.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Wall Street Zen upgraded shares of PulteGroup from a “sell” rating to a “hold” rating in a research note on Sunday, January 11th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.71.

About PulteGroup

PulteGroup, Inc (NYSE: PHM) is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.