Pulte Group, Inc. (NYSE:PHM) shares trading down


Dallas, Texas 07/31/2013 (Financialstrend) – Last week Pulte Group, Inc. (NYSE:PHM) announced net income of $36 million, or $0.09 per share in their second quarter financial results for 2013, revenue from Home sale grew 19% to $1.2 billion from $1.0 billion reported in the same period last year, the growth in revenue is resulting from a 9% gain in closings to 4,152 homes and 9% increase in average selling price to $294,000.they also announced their cash dividend for this quarter of $0.05 per common share it is  payable on August 12, 2013 for the shareholders recorded on August 5, 2013. Recently Pulte Group approved for repurchase of shares of $250 million rising to $352 million, Bob O’Shaughnessy Executive Vice President and Chief Financial Officer said that this approval represents the company confidence to operate in long run.

Following these results  the company shares got downgraded to a “neutral” rating  from “buy” rating by analysts at Compass Point, Goldman Sachs Group’s analysts  gave “sell” rating, analyst at Zack rated the stocks with  “neutral” rating and Bank of America Corp’s analysts have given “neutral” rating to the stocks of Pulte Group, Inc.

Pulte Group, Inc. (NYSE:PHM) had closed for the day on Tuesday with $16.18 per share with a bearish behaviour of 1.28% over the previous day’s closing price. The intraday movements of the stock were between low values of $16.14 to a high value of $16.67 per share. The yearly stock price variations are between the lower values of $10.82 to a higher value of $24.47 per share. The shares held by the investors and the company insider’s account to 388.35 million with an institutional ownership of 80%. The total stock value of the company in the stock market is $6.28 billion. The trading trend of the company for its latest trading day was 17.99 million shares compared to the average trading volume over the month of 10.86 million shares.