Covalent Partners Lowers stake in PulteGroup (PHM)

PulteGroup (PHM) : Covalent Partners reduced its stake in PulteGroup by 31.05% during the most recent quarter end. The investment management company now holds a total of 1,333,594 shares of PulteGroup which is valued at $24 Million after selling 600,600 shares in PulteGroup , the firm said in a disclosure report filed with the SEC on May 13, 2016.PulteGroup makes up approximately 8.23% of Covalent Partners’s portfolio.

Other Hedge Funds, Including , Bluemountain Capital Management sold out all of its stake in PHM during the most recent quarter. The investment firm sold 15,569 shares of PHM which is valued $279,931.Signaturefd boosted its stake in PHM in the latest quarter, The investment management firm added 164 additional shares and now holds a total of 422 shares of PulteGroup which is valued at $7,588.Spot Trading L.l.c reduced its stake in PHM by selling 86,455 shares or 81.68% in the most recent quarter. The Hedge Fund company now holds 19,397 shares of PHM which is valued at $348,758. PulteGroup makes up approx 0.05% of Spot Trading L.l.c’s portfolio.Ibm Retirement Fund reduced its stake in PHM by selling 51,800 shares or 58.76% in the most recent quarter. The Hedge Fund company now holds 36,352 shares of PHM which is valued at $653,609. PulteGroup makes up approx 0.03% of Ibm Retirement Fund’s portfolio.Liberty Mutual Group Asset Management boosted its stake in PHM in the latest quarter, The investment management firm added 563 additional shares and now holds a total of 20,966 shares of PulteGroup which is valued at $382,210. PulteGroup makes up approx 0.02% of Liberty Mutual Group Asset Management’s portfolio.

PulteGroup closed down -0.03 points or -0.16% at $18.7 with 32,91,367 shares getting traded on Wednesday. Post opening the session at $18.84, the shares hit an intraday low of $18.675 and an intraday high of $19.04 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, PulteGroup reported $0.24 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $0.20. The company had revenue of $1432.60 million for the quarter, compared to analysts expectations of $1349.50 million. The company’s revenue was up 26.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS.

Investors should note that on May 5, 2016, PulteGroup announced a cash dividend of $0.0900. The company’s management has announced Jun 7, 2016 as the ex-dividend date and fixed the record date on Jun 9, 2016. The payable date has been fixed on Jul 1, 2016.

Many Wall Street Analysts have commented on PulteGroup. PulteGroup was Downgraded by Raymond James to ” Mkt Perform” on Apr 25, 2016. Company shares were Reiterated by FBR Capital on Apr 22, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 20 from a previous price target of $18 .Company shares were Reiterated by RBC Capital Mkts on Apr 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 22 from a previous price target of $21 .

PulteGroup Inc. (PulteGroup) is a homebuilder operating in the United States. The Company’s subsidiaries engage in the homebuilding business. The Company also offers mortgage banking operations through Pulte Mortgage LLC (Pulte Mortgage) and title operations. It offers a variety of home designs including single-family detached townhouses condominiums and duplexes. It has delivered approximately 640000 homes. It operates in approximately 49 markets located throughout 26 states. The Company operates through its Homebuilding and Financial Services segments. The Company’s Homebuilding Operations include the acquisition and development of land for residential purposes within the United States and the construction of housing on such land. The Financial Services operations consist of mortgage banking and title operations.

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