The cluster is small relative to market cap and lacks insider corroboration, but the doubling by Assenagon (a sizable active manager) suggests some conviction in the homebuilder's value despite weak Q3. Monitor Q4 orders and margin trends for confirmation of thesis.
Executive Summary
Four institutional investors accumulated $17.6M in PulteGroup during Q3 2026, led by Assenagon Asset Management doubling its stake to $39.2M, while one advisor trimmed $9.7M. The cluster follows a Q3 earnings miss (revenue -9% YoY, EPS slightly below consensus) and continued share repurchases, suggesting selective conviction in the homebuilder despite weak quarterly results.
Key Financial Metrics
Institutional Positions
Net institutional flow: $7.9M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | DOUBLED | +107.3% | $39.2M | $16.8M |
| Unisuper Management Pty | ADD | +36.2% | $2.8M | $369.0K |
| Abn Amro Investment Solutions | ADD | +34% | $1.6M | $190.0K |
| Atwood & Palmer | DOUBLED | +2593.7% | $247.0K | $236.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Wealth Enhancement Advisory Services | TRIM | -31.9% | $14.9M | -$9.7M |
Key Facts
- 4 institutional buyers added $17.6M net; 1 seller reduced $9.7M
- Assenagon Asset Management doubled its position to $39.2M (largest buyer)
- Wealth Enhancement Advisory Services trimmed 31.9% of its stake, selling $9.7M
- Q3 2026 earnings missed consensus: EPS $2.53 vs $2.54, revenue $3.86B vs $4.30B
- Home sale gross margin contracted to 24.8% from 26.2% YoY; closings fell 9%
- Company repurchased $350M in shares during Q3; debt-to-capital ratio 12.1%
- No open-market insider buying in the quarter (confluence score 28/100)
Financial Impact
Institutional cluster shows net buying of $7.9M ($17.6M accumulated minus $9.7M sold), representing about 0.04% of PHM's $22.4B market cap
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Revenue declined 9% YoY and gross margin compressed — fundamentals are weakening
- No insider buying to corroborate institutional conviction
- Cluster size is immaterial relative to $22.4B market cap
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-PHM-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Institutional Cluster | $121.31 | awaiting T+60 | awaiting T+60 | No price |
Oct 22, 2026 5d ago | 8-K | $119.48 | awaiting T+60 | awaiting T+60 | No price |
Jul 22, 2026 13w ago | 8-K | $126.75 $112.99 | ▲ +10.86% | ▲ +14.12% | No price |
Jun 18, 2026 18w ago | Institutional Cluster | $126.96 $118.94 | ▼ −6.32% | ▼ −8.21% | No price |
Apr 23, 2026 26w ago | 8-K | $130.64 $123.18 | ▲ +5.71% | ▲ +10.73% | No price |
Mar 13, 2026 32w ago | DEFA14A | $121.91 $117.71 | ▼ −3.45% | ▼ −13.93% | No price |
Feb 28, 2026 34w ago | Institutional Cluster | $133.44 $117.84 | ▼ −11.69% | ▼ −21.01% | No price |
US Market Status
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