September 18, 2023 – BTC Capital Management Inc., a prominent institutional investor, recently announced a decrease in its holdings of PulteGroup, Inc. (NYSE:PHM) shares during the second quarter of this year. According to the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC), BTC Capital Management Inc. reduced its ownership stake in the construction company by 7.1%. This equated to selling 7,453 shares, leaving the investor with 98,225 shares of PulteGroup stock. At the end of the quarter, these remaining shares had a value of approximately $7,694,000.
This news comes after PulteGroup released its quarterly earnings results on July 25th. The construction company exceeded market expectations by reporting earnings per share (EPS) of $3.21 for the quarter, surpassing the consensus estimate by $0.69 or roughly 27%. Furthermore, PulteGroup achieved revenue of $4.19 billion during this period compared to a consensus estimate of $4.01 billion. The quarterly revenue marked a notable increase of 6.7% compared to the same quarter last year.
PulteGroup demonstrated strong financial performance with a net margin of 16.37% and a return on equity (ROE) of 29.58% for this quarter. These figures indicate that the company effectively manages its costs and generates substantial profits relative to shareholders’ equity.
Analysts predict that PulteGroup will continue to perform well throughout this fiscal year and anticipate EPS of approximately 11.65 for the period ending December 31st, presenting even further growth potential.
Investors closely monitor companies like PulteGroup as they analyze market trends and evaluate potential investment opportunities in different industries. By examining factors such as earnings reports and institutional investors’ activities, individuals can make informed decisions regarding their investment portfolios.
For those interested in further analysis of PulteGroup’s recent stock performance, detailed reports are available for review. These reports can provide valuable information about the company’s financial position, potential risks, and future growth prospects.
Overall, BTC Capital Management Inc.’s recent reduction in its holdings of PulteGroup shares showcases the constantly evolving nature of the stock market. As companies navigate changing market dynamics, investors must remain vigilant and adapt their strategies accordingly to achieve long-term success.
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Institutional Investors and Hedge Funds Drive Stock Ownership of PulteGroup
As of September 18, 2023, various institutional investors and hedge funds have been actively buying and selling shares of PulteGroup, a prominent construction company. Symmetry Partners LLC, for instance, has increased its position in PulteGroup by an astounding 64.3% during the second quarter. They now own around 24,116 shares, estimated to be valued at $1,873,000 after acquiring an additional 9,435 shares within the last quarter. Similarly, KBC Group NV saw a 125.8% surge in their stake in PulteGroup during the first quarter. Their ownership now amounts to 109,600 shares worth approximately $6,387,000 after purchasing an additional 61,064 shares in the previous quarter.
Patton Fund Management Inc., on the other hand, took a divergent strategy by introducing a completely new position in PulteGroup during the fourth quarter of last year with a value of $203,000. Cerity Partners LLC also displayed an increase in stake by 13.7% during the first quarter owning approximately 13,247 shares valued at $775,000 after obtaining an additional 1,600 shares.To round off these investment movements among institutional investors and hedge funds,Picton Mahoney Asset Management introduced another new stake valued around $147k during the fourth quarter.
Taken together,the data indicates that about89.84%of all stock currently available on PulteGroup is owned by these exclusive groups.Investors may find it useful to take note of their moves as they could potentially impact market trends and share prices.
Speaking of share prices,PulteGroup stock was trading at $76.62 as of mid-day on Monday.It experienced a trading volume reaching219kshares compared to its average volume which stands at2.7Mshares.The price range for PulteGroup over the past year varies from a low of $35.99 to a high of $86.15.Additionally, the stock’s 50-day moving average is positioned at $81.06 and its two-hundred day moving average hovers around $70.82.PulteGroup currently boasts a market capitalization of $16.81 billion with other notable indicators such as a price-to-earnings ratio of 6.30,a PEG ratio of 0.63,and a beta of 1.39.The company’s debt-to-equity ratio stands at 0.21, while its current and quick ratios are equal at 0.92.
Furthermore,PulteGroup recently announced the declaration of their quarterly dividend schedule.As per the announcement,stockholders who hold shares by Monday, September 18th will receive a dividend of $0.16 per share.The annualized basis for this payout amounts to approximately $0.64 with an associated dividend yield presently standing at 0.84%. The ex-dividend date has been set for Friday, September 15th.Meanwhile,PulteGroup’s payout ratio currently rests at5.29%.
In terms of analyst reports,PulteGroup(PHM)has garnered significant attention.StockNews.com initiated coverage on PulteGroup just last month,giving the construction company a “buy” rating.Other analytics firms have also shared favorable outlooks.BTIG Research,for instance, raised their target price on PulteGroup from $83 to$100 and labeled it as “buy” in July.Citigroup also raised their target price from$90 to $97.Barclays has likewise shown confidence by upping their target price from$90 to$104.Three analysts have given the stock an overall rating of “hold,”while fourteen analysts expressed optimism through a “buy”rating.Based on data published by Bloomberg,the stock boasts an average rating classified as”Moderate Buy” with a consensus target price of $86.27.
In conclusion, PulteGroup has witnessed significant activity among institutional investors and hedge funds, leading to a notable increase in stock ownership. The construction company’s share prices have fluctuated over the past year but currently trades at $76.62. Additionally, they have recently announced a dividend payment for shareholders. Analyst reports also validate the positive sentiment towards PulteGroup, with most giving it a “buy” rating and projecting an average target price of $86.27.
