Yesterday’s Downgrade: PulteGroup, Inc. (PHM)

PulteGroup, Inc. (NYSE:PHM) received a stock rating downgrade from KeyBanc Capital Markets on Apr-04-16. In a note to investors, the firm issued a Sector Weight rating. The analysts previously had an Overweight rating on the stock.

Analysts have a consensus target price of $ 19.28 in the 12-month period. The price objective is 12.03 % higher than the recent closing price of $ 17.21. The 52-week price range is $ 14.54 – 22.54 and the company has a market capitalization of $ 6.10B. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. 2 analyst has rated the stock with a sell rating, 3 has assigned a hold rating, 2 says it’s a buy, and 3 have assigned a strong buy rating to the company.

PulteGroup, Inc. (PHM) on April 4, 2016 filed its definitive proxy statement and determined to nominate the following incumbent directors to stand for election at its annual shareholders meeting to be held on May 4, 2016:

• Brian P. Anderson, 65, Former CFO, OfficeMax, Inc.


• Bryce Blair, 57, Executive Chairman of the Board, Invitation Homes and former Chairman and CEO, AvalonBay Communities, Inc.


• Richard W. Dreiling, 62, Former Chairman and CEO of Dollar General Corporation


• Richard J. Dugas, Jr., 50, Chairman and CEO, PulteGroup, Inc.


• Thomas J. Folliard, 51, President and CEO of CarMax, Inc.


• Cheryl W. Grisé, 63, Former Executive Vice President of Northeast Utilities


• André J. Hawaux, 55, Executive Vice President and COO, Dick’s Sporting Goods, Inc.


• Debra J. Kelly-Ennis, 59, Former President and CEO, Diageo Canada, Inc.


• Patrick J. O’Leary, 58, Former Executive Vice President and CFO of SPX Corporation


• James J. Postl, 70, Former President and CEO of Pennzoil-Quaker State Company

As noted in the proxy statement, the Company’s Board of Directors determined not to nominate James Grosfeld to stand for election as a Director at the Company’s Annual Meeting of Shareholders for a number of reasons, including as a result of differing points of view between Mr. Grosfeld and the other independent directors over succession planning and other business strategy matters.

As announced separately by PulteGroup today, Mr. Dugas, Jr. has informed the Company’s Board of Directors of his intention to retire as Chairman and Chief Executive Officer at the May 2017 Annual Meeting of Shareholders, in an effort to avoid a contested public battle with Bill Pulte and Jim Grosfeld, who was appointed to the Board in December at the behest of Mr. Pulte.

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