PulteGroup, Inc. (NYSE:PHM) reported better-than-expected second-quarter EPS results on Tuesday.
The company posted adjusted earnings of $3.03 per share, beating the consensus estimate of $3.00. Revenue came in at $4.40 billion, slightly below analysts’ expectations of $4.41 billion.
Net new orders fell to 7,083 homes from 7,649 in the prior-year quarter, with the dollar value of new orders declining to $3.9 billion from $4.4 billion. The company ended the quarter with a backlog of 10,779 homes valued at $6.8 billion.
“Our disciplined business practices continue to deliver strong results in a competitive housing environment,” CEO Ryan Marshall said. “We’re encouraged by improving consumer activity in response to recent pullbacks in interest rates.”
PulteGroup shares fell 1.4% to trade at $119.52 on Wednesday.
These analysts made changes to their price targets on PulteGroup following earnings announcement.
- Wells Fargo analyst Sam Reid maintained PulteGroup with an Overweight rating and raised the price target from $125 to $135.
- RBC Capital analyst Mike Dahl maintained the stock with a Sector Perform and raised the price target from $109 to $112.
- JP Morgan analyst Michael Rehaut maintained PulteGroup with an Overweight rating and raised the price target from $121 to $123.
- Raymond James analyst Buck Horne reiterated the stock with an Outperform rating and boosted the price target from $115 to $140.
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