PulteGroup (NYSE:PHM) has been assigned a $36.00 price target by research analysts at Royal Bank of Canada in a report issued on Wednesday. The brokerage presently has a “buy” rating on the construction company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 17.92% from the company’s current price.
Several other brokerages have also issued reports on PHM. UBS boosted their price target on shares of PulteGroup from $38.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Credit Suisse Group set a $35.00 price target on shares of PulteGroup and gave the company a “buy” rating in a report on Tuesday. Zacks Investment Research lowered shares of PulteGroup from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Mizuho raised shares of PulteGroup from a “neutral” rating to a “buy” rating in a report on Thursday, January 18th. Finally, B. Riley reissued a “hold” rating and issued a $36.00 price target on shares of PulteGroup in a report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. PulteGroup currently has an average rating of “Buy” and a consensus price target of $34.85.
Shares of PulteGroup stock opened at $30.53 on Wednesday. The firm has a market capitalization of $8,493.69, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 0.47 and a beta of 1.04. PulteGroup has a 52-week low of $22.07 and a 52-week high of $35.21.
PulteGroup announced that its board has authorized a stock buyback program on Tuesday, January 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In other news, Director Patrick J. Oleary sold 8,677 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $30.03, for a total value of $260,570.31. Following the sale, the director now owns 90,687 shares of the company’s stock, valued at approximately $2,723,330.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.86% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. grew its holdings in PulteGroup by 15.0% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 17,330 shares of the construction company’s stock worth $576,000 after acquiring an additional 2,263 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in PulteGroup by 65.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 286,709 shares of the construction company’s stock worth $9,533,000 after acquiring an additional 113,011 shares during the last quarter. We Are One Seven LLC bought a new stake in PulteGroup during the 4th quarter worth about $353,000. HM Payson & Co. bought a new stake in PulteGroup during the 4th quarter worth about $237,000. Finally, Westover Capital Advisors LLC grew its holdings in PulteGroup by 39.4% during the 4th quarter. Westover Capital Advisors LLC now owns 48,078 shares of the construction company’s stock worth $1,599,000 after acquiring an additional 13,593 shares during the last quarter. 85.05% of the stock is currently owned by hedge funds and other institutional investors.
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PulteGroup Company Profile
PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods names.
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