PulteGroup (PHM) is Initiated by Wedbush to Underperform, Price Target at $16

PulteGroup (PHM) was Initiated by Wedbush to “Underperform” and the brokerage firm has set the Price Target at $16. Wedbush advised their investors in a research report released on Sep 20, 2016.

Many Wall Street Analysts have commented on PulteGroup. Company shares were Upgraded by Deutsche Bank on Jul 25, 2016 to ” Buy”, Firm has raised the Price Target to $ 27 from a previous price target of $20 .Company shares were Reiterated by FBR Capital on Jul 22, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 24 from a previous price target of $20 .PulteGroup was Upgraded by JP Morgan to ” Overweight” on Jul 22, 2016.

On the company’s financial health, PulteGroup reported $0.37 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.32. The company had revenue of $1799.90 million for the quarter, compared to analysts expectations of $1662.71 million. The company’s revenue was up 40.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS.

PulteGroup closed down -0.33 points or -1.66% at $19.57 with 4,480,332 shares getting traded on Friday. Post opening the session at $19.74, the shares hit an intraday low of $19.42 and an intraday high of $19.83 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jul 28, 2016, Harmon D Smith (EVP & Chief Operating Officer) sold 53,582 shares at $22.05 per share price. According to the SEC, on Jul 28, 2016, Steven M Cook (EVP, Ch. Legal Ofcr, Corp Secy) sold 20,000 shares at $22.06 per share price. On Jul 27, 2016, Richard J Jr Dugas (Chief Executive Officer) sold 243,115 shares at $21.96 per share price, according to the Form-4 filing with the securities and exchange commission.

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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