Abacus Planning Group Inc. boosted its stake in Lennar Co. (NYSE:LEN) by 14.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 15,947 shares of the construction company’s stock after acquiring an additional 2,019 shares during the quarter. Abacus Planning Group Inc.’s holdings in Lennar were worth $891,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Paloma Partners Management Co grew its position in Lennar by 61.4% in the 2nd quarter. Paloma Partners Management Co now owns 78,524 shares of the construction company’s stock valued at $3,805,000 after buying an additional 29,862 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Lennar by 58.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 71,343 shares of the construction company’s stock valued at $3,985,000 after buying an additional 26,296 shares in the last quarter. Elkfork Partners LLC grew its position in Lennar by 2.7% in the 2nd quarter. Elkfork Partners LLC now owns 28,700 shares of the construction company’s stock valued at $1,391,000 after buying an additional 756 shares in the last quarter. Verition Fund Management LLC bought a new position in Lennar in the 2nd quarter valued at about $2,850,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Lennar in the 2nd quarter valued at about $2,218,000. Hedge funds and other institutional investors own 84.97% of the company’s stock.
In other Lennar news, President Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $56.00, for a total value of $1,120,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jeffrey Joseph Mccall sold 1,126 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $46.82, for a total transaction of $52,719.32. Following the completion of the transaction, the senior vice president now owns 184,034 shares of the company’s stock, valued at $8,616,471.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,126 shares of company stock valued at $2,954,819. Corporate insiders own 8.43% of the company’s stock.
LEN has been the subject of several research reports. BTIG Research raised their price objective on shares of Lennar from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. SunTrust Banks initiated coverage on shares of Lennar in a research report on Monday, August 12th. They set a “hold” rating and a $47.00 price objective for the company. JMP Securities raised their price objective on shares of Lennar from $58.00 to $65.00 and gave the company a “market outperform” rating in a research report on Thursday, October 3rd. Barclays raised their price objective on shares of Lennar from $60.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Finally, Royal Bank of Canada raised their price objective on shares of Lennar from $59.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company. Lennar presently has a consensus rating of “Buy” and an average price target of $60.00.
Shares of LEN opened at $59.22 on Thursday. Lennar Co. has a one year low of $37.29 and a one year high of $62.63. The company has a 50-day moving average of $58.61 and a two-hundred day moving average of $52.61. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of 9.33, a PEG ratio of 1.23 and a beta of 1.09. The company has a debt-to-equity ratio of 0.59, a current ratio of 14.19 and a quick ratio of 0.79.
Lennar (NYSE:LEN) last announced its earnings results on Wednesday, October 2nd. The construction company reported $1.59 EPS for the quarter, topping the consensus estimate of $1.32 by $0.27. Lennar had a net margin of 9.06% and a return on equity of 12.10%. The company had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $5.48 billion. During the same period last year, the company posted $1.61 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts anticipate that Lennar Co. will post 5.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend was Thursday, October 17th. Lennar’s payout ratio is 2.52%.
Lennar Company Profile
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Multifamily, and Rialto segments. The company's 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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