Ritholtz Wealth Management purchased a new position in shares of Lennar Co. (NYSE:LEN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,769 shares of the construction company’s stock, valued at approximately $226,000.
A number of other institutional investors have also recently added to or reduced their stakes in LEN. Nachman Norwood & Parrott Inc purchased a new stake in Lennar during the 3rd quarter worth $27,000. Liberty One Investment Management LLC acquired a new position in shares of Lennar in the 2nd quarter valued at about $40,000. Maverick Capital Ltd. acquired a new position in shares of Lennar in the 1st quarter valued at about $42,000. Pacitti Group Inc. acquired a new position in shares of Lennar in the 2nd quarter valued at about $44,000. Finally, NEXT Financial Group Inc acquired a new position in shares of Lennar in the 3rd quarter valued at about $62,000. 81.62% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Jeffrey Joseph Mccall sold 1,769 shares of the business’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $80.22, for a total value of $141,909.18. Following the sale, the executive vice president now directly owns 171,617 shares in the company, valued at approximately $13,767,115.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David M. Collins sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,700,000.00. Following the completion of the sale, the insider now owns 46,803 shares in the company, valued at $3,978,255. The disclosure for this sale can be found here. Insiders sold a total of 204,964 shares of company stock worth $15,898,918 over the last quarter. Insiders own 8.60% of the company’s stock.
Shares of LEN stock traded down $2.42 during midday trading on Monday, reaching $75.85. 39,520 shares of the company were exchanged, compared to its average volume of 3,523,165. Lennar Co. has a 12 month low of $25.42 and a 12 month high of $86.80. The company has a market cap of $24.48 billion, a P/E ratio of 10.54, a PEG ratio of 1.01 and a beta of 1.56. The company’s 50 day moving average price is $79.67 and its two-hundred day moving average price is $65.70. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.55 and a current ratio of 13.62.
Lennar (NYSE:LEN) last released its earnings results on Monday, September 14th. The construction company reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.61. Lennar had a net margin of 9.97% and a return on equity of 13.35%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same period in the previous year, the firm earned $1.59 EPS. The business’s revenue for the quarter was up .2% on a year-over-year basis. As a group, sell-side analysts predict that Lennar Co. will post 7.17 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be issued a $0.25 dividend. This is an increase from Lennar’s previous quarterly dividend of $0.13. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Thursday, October 15th. Lennar’s payout ratio is presently 17.42%.
A number of research firms have issued reports on LEN. Bank of America boosted their target price on shares of Lennar from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, September 16th. Wells Fargo & Company reduced their target price on shares of Lennar from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, September 16th. JMP Securities began coverage on shares of Lennar in a research note on Tuesday, July 14th. They set a “market outperform” rating and a $83.00 target price for the company. Zacks Investment Research raised shares of Lennar from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research note on Monday, September 14th. Finally, 140166 raised shares of Lennar from a “neutral” rating to a “positive” rating and boosted their target price for the company from $77.00 to $94.00 in a research note on Thursday, September 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $80.00.
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, Financial Services, Multifamily, and Lennar Other 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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