Sentry Investment Management LLC acquired a new stake in Lennar Co. (NYSE:LEN) in the third quarter, HoldingsChannel reports. The firm acquired 17,946 shares of the construction company’s stock, valued at approximately $838,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of LEN. Long Pond Capital LP increased its holdings in Lennar by 197.0% in the second quarter. Long Pond Capital LP now owns 5,200,000 shares of the construction company’s stock valued at $273,000,000 after purchasing an additional 3,449,061 shares during the period. Cannell Peter B & Co. Inc. increased its holdings in Lennar by 486.7% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,016,196 shares of the construction company’s stock valued at $53,350,000 after purchasing an additional 842,976 shares during the period. Standard Life Aberdeen plc increased its holdings in Lennar by 748.7% in the second quarter. Standard Life Aberdeen plc now owns 558,515 shares of the construction company’s stock valued at $29,323,000 after purchasing an additional 492,707 shares during the period. Investec Asset Management LTD acquired a new stake in Lennar in the second quarter valued at $22,594,000. Finally, Sterling Capital Management LLC increased its holdings in Lennar by 45.0% in the second quarter. Sterling Capital Management LLC now owns 1,044,097 shares of the construction company’s stock valued at $54,815,000 after purchasing an additional 324,164 shares during the period. Institutional investors and hedge funds own 85.12% of the company’s stock.
LEN has been the subject of a number of recent research reports. Zacks Investment Research downgraded Lennar from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. JMP Securities restated an “outperform” rating on shares of Lennar in a report on Monday, October 8th. Bank of America set a $74.00 price objective on Lennar and gave the company a “buy” rating in a report on Thursday, October 11th. Wedbush upgraded Lennar from a “neutral” rating to an “outperform” rating and decreased their price objective for the company from $56.00 to $50.00 in a report on Monday, October 29th. Finally, Credit Suisse Group restated a “neutral” rating and issued a $45.00 price objective (down from $55.00) on shares of Lennar in a report on Wednesday, October 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $63.38.
Shares of LEN opened at $41.90 on Friday. The company has a current ratio of 12.62, a quick ratio of 0.72 and a debt-to-equity ratio of 0.67. The firm has a market cap of $14.19 billion, a price-to-earnings ratio of 7.99, a PEG ratio of 0.48 and a beta of 1.24. Lennar Co. has a 12 month low of $38.79 and a 12 month high of $72.17.
Lennar (NYSE:LEN) last issued its quarterly earnings results on Wednesday, October 3rd. The construction company reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. The business had revenue of $5.67 billion for the quarter, compared to analysts’ expectations of $5.62 billion. Lennar had a net margin of 6.76% and a return on equity of 12.87%. The business’s quarterly revenue was up 73.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 earnings per share. As a group, sell-side analysts predict that Lennar Co. will post 4.94 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 2nd. Shareholders of record on Friday, October 19th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, October 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.38%. Lennar’s dividend payout ratio (DPR) is currently 4.20%.
In other news, COO Jonathan M. Jaffe sold 20,000 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $46.98, for a total transaction of $939,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.50% of the company’s stock.
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.
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