NEW YORK (
was the worst-performing stock in the
The S&P dropped 3.05 points, or 0.22%, to 1,389.73 Friday morning.
Shares of PulteGroup fell 5.48% to $8.62. Rival homebuilder
reported Friday a first-quarter loss of
, or 59 cents a share, much wider than analysts' expectations for a loss of 24 cents a share.
RBC Capital Markets analyst Robert Wetenhall said prior to the release of KB Home's results that it would set the stage for the rest of the homebuilders.
PulteGroup has an estimated price-to-earnings ratio for next year of 16.13 times; the average for home construction companies is 21.31. For comparison, both
have higher forward P/Es of 18.16 and 19.4, respectively.
Eighteen of the 23 analysts who cover PulteGroup rated it hold; five analysts gave the stock a buy rating.
gives PulteGroup a
and a sell rating. The stock has risen 36.13% year to date.
-- Written by Alexandra Zendrian
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