UPDATE: Williams Financial Group Initiates PulteGroup at Hold

Williams Financial Group has published a research report on PulteGroup

and has initiated coverage on the company with a Hold rating and $8.75. In the report, Williams Financial Group writes, "Gross margins are still weak, but improving as older communities from the Centex acquisition cycle out and new communities with mix to the move-up segment. SG&A costs are among the lowest in its peer group with additional leverage from cost reductions in 2Q11 driving additional benefits." PulteGroup is currently trading up $0.14 from Friday's $9.02 closing price.