JPMorgan Chase & Co. Trims PulteGroup (NYSE:PHM) Target Price to $71.00

PulteGroup (NYSE:PHM) had its price target dropped by research analysts at JPMorgan Chase & Co. from $81.00 to $71.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 45.25% from the company’s current price.

A number of other equities research analysts have also weighed in on PHM. BTIG Research lowered their price target on shares of PulteGroup from $77.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, September 9th. Zacks Investment Research lowered shares of PulteGroup from a “strong-buy” rating to a “hold” rating and set a $57.00 price objective for the company. in a report on Tuesday, June 29th. Citigroup reduced their price target on shares of PulteGroup from $63.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, September 27th. The Goldman Sachs Group downgraded shares of PulteGroup from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $69.00 to $62.00 in a research report on Wednesday, June 30th. Finally, Seaport Res Ptn restated a “neutral” rating on shares of PulteGroup in a research report on Monday, July 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $60.14.

Shares of PulteGroup stock traded up $1.10 during trading hours on Thursday, hitting $48.88. The company’s stock had a trading volume of 32,895 shares, compared to its average volume of 2,750,794. PulteGroup has a 1-year low of $39.92 and a 1-year high of $63.90. The business has a fifty day moving average of $50.44 and a 200 day moving average of $53.48. The company has a market capitalization of $12.69 billion, a PE ratio of 7.72 and a beta of 1.43. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.29.

PulteGroup (NYSE:PHM) last released its quarterly earnings data on Tuesday, July 27th. The construction company reported $1.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.72. PulteGroup had a net margin of 13.58% and a return on equity of 23.69%. The company had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. The business’s quarterly revenue was up 29.5% compared to the same quarter last year. On average, sell-side analysts anticipate that PulteGroup will post 7.37 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. acquired a new position in PulteGroup during the 2nd quarter valued at about $38,000. Canada Pension Plan Investment Board acquired a new position in PulteGroup during the 2nd quarter valued at about $51,000. Sandy Spring Bank raised its holdings in shares of PulteGroup by 39.7% in the 2nd quarter. Sandy Spring Bank now owns 1,408 shares of the construction company’s stock worth $77,000 after purchasing an additional 400 shares in the last quarter. Jacobi Capital Management LLC lifted its stake in PulteGroup by 29.7% during the second quarter. Jacobi Capital Management LLC now owns 1,464 shares of the construction company’s stock valued at $80,000 after purchasing an additional 335 shares during the last quarter. Finally, Archer Investment Corp lifted its stake in PulteGroup by 22.5% during the second quarter. Archer Investment Corp now owns 1,510 shares of the construction company’s stock valued at $82,000 after purchasing an additional 277 shares during the last quarter. 86.57% of the stock is currently owned by hedge funds and other institutional investors.

About PulteGroup

PulteGroup, Inc engages in the homebuilding business. The firm also involved in the mortgage banking, and title and insurance brokerage operations. It operates through the Homebuilding and Financial services business segments. The Homebuilding segment comprises of operations from the Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, Georgia, North Carolina, South Carolina, Tennessee, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Texas, Arizona, California, Nevada, New Mexico, and Washington.

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