First Trust Direct Indexing L.P. Reduces Position in PulteGroup, Inc. (NYSE:PHM)

First Trust Direct Indexing L.P. decreased its stake in shares of PulteGroup, Inc. (NYSE:PHM) by 2.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,350 shares of the construction company’s stock after selling 181 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in PulteGroup were worth $759,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Savant Capital LLC raised its stake in PulteGroup by 6.7% in the 4th quarter. Savant Capital LLC now owns 9,397 shares of the construction company’s stock worth $970,000 after acquiring an additional 594 shares during the last quarter. Certuity LLC acquired a new position in shares of PulteGroup in the fourth quarter valued at about $245,000. Kestra Private Wealth Services LLC raised its stake in shares of PulteGroup by 111.7% in the fourth quarter. Kestra Private Wealth Services LLC now owns 7,163 shares of the construction company’s stock worth $739,000 after purchasing an additional 3,780 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of PulteGroup by 2.9% during the fourth quarter. Van ECK Associates Corp now owns 39,433 shares of the construction company’s stock worth $4,070,000 after purchasing an additional 1,122 shares during the period. Finally, Omnia Family Wealth LLC purchased a new stake in PulteGroup in the fourth quarter valued at approximately $214,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Insiders Place Their Bets

In related news, VP Brien P. O’meara sold 2,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $103.09, for a total transaction of $206,180.00. Following the completion of the sale, the vice president now owns 15,389 shares of the company’s stock, valued at approximately $1,586,452.01. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.83% of the stock is owned by company insiders.

PulteGroup Stock Up 2.5 %

PHM opened at $116.64 on Friday. The company has a market cap of $24.53 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 0.52 and a beta of 1.56. PulteGroup, Inc. has a twelve month low of $65.16 and a twelve month high of $121.07. The company has a 50-day moving average price of $112.28 and a 200 day moving average price of $101.00. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.18.

PulteGroup announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 30th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PHM shares. Royal Bank of Canada raised their price target on shares of PulteGroup from $106.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 24th. Barclays boosted their target price on shares of PulteGroup from $126.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. Oppenheimer increased their price target on PulteGroup from $138.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Raymond James reiterated an “outperform” rating and set a $135.00 price objective (up previously from $120.00) on shares of PulteGroup in a research note on Thursday, April 25th. Finally, The Goldman Sachs Group upped their target price on PulteGroup from $91.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.73.

About PulteGroup

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.