Get Stock Quote Here PulteGroup, Inc (Pulte Homes) is a homebuilding company founded in 1950 by Bill Pulte in Oakland County, Michigan. It is now based in Buckhead, Atlanta, Georgia. In 2009, the company, then known as Pulte Homes Inc., bought rival Centex — creating the nation's largest homebuilding company — in a stock transaction worth $3.1 billion, including $1.8 billion of debt. Pulte completed the acquisition of Centex February 23, 2010. In June 2013, Pulte announced it would move its headquarters to Buckhead, Atlanta, citing a better economic climate outside Metro Atlanta.
PulteGroup CEO to retire under pressure from homebuilder's founder U.S. homebuilder PulteGroup Inc (PHM.N) said Chief Executive Richard Dugas would retire effective May 2017, bowing to a demand from founder and Chairman Emeritus Bill Pulte. Dugas's decision to retire after nearly 13 years at the helm comes as Pulte is seeking a "different direction" for the No. 3 U.S. homebuilder by home sales, PulteGroup said. Pulte, however, said the year-long succession plan fell "far short of the short-term leadership change" that the company needs. In a letter to shareholders, he reiterated his "extreme disappointment" in the leadership of Dugas and asked the board to speed up the succession plan. PulteGroup's shares fell as much as 9.8 percent before closing down 6.6 percent at $17.21. "In an effort to avoid a contested public battle that would not be in the interests of shareholders, Mr. Dugas offered to accelerate and make public the board's succession plan, prompting today's announcement," the company said earlier on Monday. PulteGroup, which was the No. 2 U.S. homebuilder until 2014, has been unable to take full advantage of a steady recovery in the nationwide housing market. The housing market in Texas, PulteGroup's biggest market by home closings in 2015, has been affected by a sharp drop in oil prices. The company's home sales have also underperformed those of larger rivals D.R. Horton Inc (DHI.N) and Lennar Corp (LEN.N), as labor shortages delayed home closings and rising costs hit margins. "I was surprised by this announcement," Susquehanna Financial Group analyst Jack Micenko told Reuters. "I found the comment about 'demanding immediate change in CEO' as extremely strong wording and not consistent with the progress Dugas had made at the company." Under Dugas, who has been with the company for nearly 22 years, the company's market value has grown to about $6.5 billion from $2.7 billion at the beginning of 2004. Micenko said pushing for change at this point seemed to be the wrong solution, adding that Dugas was not responsible for the company's lagging stock price. Up to Friday's close, PulteGroup's stock had fallen about 19 percent in the past 12 months, compared with a 2.2 percent rise in the Dow Jones U.S. Household Goods & Home Construction index .DJUSHG. PulteGroup's board has formed a special committee of independent directors to search for Dugas's successor, the company said.
Last few times this one has tried to break above the 200MA it dropped the next day. Same story with this one tomorrow?
PulteGroup Founder Vows to Vote Against Board Unless CEO Removed PulteGroup Inc.’s founder and largest stockholder, stepping up his fight with the homebuilder’s managers, says he’ll vote against its entire board unless the company’s chief executive officer and lead independent director are immediately replaced. Read full article here: http://bloom.bg/1SufGXg
Reported before open today (4/21/16) Earnings: EPS $0.24 and revenue $1.43B Estimates: EPS $0.19 and revenue $1.36B
Reported before open today (7/21/16) Earnings: EPS $0.34 Revenue $1.8B Estimates: EPS $0.32 Revenue $1.66B Up 2.84% pre-market so far
Analyst Upgrade/Downgrade Update Brokerage firm: FBR & Co. Change: Coverage Reiterated/Price Target Changed Previous Rating: N/A Current Rating: Market Perform Previous Price Target: $24 Current Price Target: $23
Housing market has peaked for now. This looks like a good short here, just reported earnings this morning but notice that the volume is relatively miniscule.
