BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 6,601 Shares of Lennar Co. (NYSE:LEN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Lennar Co. (NYSE:LEN) by 14.1% during the third quarter, HoldingsChannel.com reports. The firm owned 40,335 shares of the construction company’s stock after selling 6,601 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Lennar were worth $7,562,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of LEN. Oakworth Capital Inc. acquired a new stake in Lennar during the 3rd quarter worth $27,000. Wolff Wiese Magana LLC grew its stake in shares of Lennar by 933.3% during the third quarter. Wolff Wiese Magana LLC now owns 155 shares of the construction company’s stock worth $29,000 after purchasing an additional 140 shares during the period. GHP Investment Advisors Inc. acquired a new position in Lennar in the third quarter valued at about $30,000. Asset Dedication LLC boosted its holdings in Lennar by 4,225.0% during the third quarter. Asset Dedication LLC now owns 173 shares of the construction company’s stock worth $32,000 after buying an additional 169 shares during the last quarter. Finally, DT Investment Partners LLC grew its position in shares of Lennar by 523.3% during the 3rd quarter. DT Investment Partners LLC now owns 187 shares of the construction company’s stock worth $35,000 after buying an additional 157 shares during the period. Institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LEN shares. Keefe, Bruyette & Woods boosted their price objective on shares of Lennar from $183.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Citigroup upped their price objective on shares of Lennar from $164.00 to $196.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. JMP Securities lifted their target price on Lennar from $170.00 to $210.00 and gave the stock a “market outperform” rating in a report on Wednesday, September 25th. Wedbush restated a “neutral” rating and issued a $144.00 price target on shares of Lennar in a report on Friday, September 20th. Finally, StockNews.com lowered Lennar from a “buy” rating to a “hold” rating in a research report on Saturday, September 28th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Lennar has an average rating of “Hold” and a consensus price target of $184.29.

Insider Activity

In related news, Director Jeffrey Sonnenfeld sold 17,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $175.13, for a total transaction of $3,064,775.00. Following the transaction, the director now directly owns 23,689 shares of the company’s stock, valued at approximately $4,148,654.57. The trade was a 42.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.36% of the stock is owned by insiders.

Lennar Price Performance

Shares of NYSE LEN opened at $174.39 on Monday. Lennar Co. has a fifty-two week low of $125.17 and a fifty-two week high of $193.80. The stock has a market capitalization of $47.30 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.63 and a beta of 1.62. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.90 and a quick ratio of 0.98. The business has a 50-day moving average of $176.77 and a 200-day moving average of $169.72.

Lennar (NYSE:LEN) last posted its quarterly earnings results on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, topping the consensus estimate of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The firm had revenue of $9.42 billion for the quarter, compared to analyst estimates of $9.14 billion. During the same quarter in the previous year, the firm earned $3.91 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts predict that Lennar Co. will post 14.18 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Wednesday, October 9th. Lennar’s dividend payout ratio (DPR) is presently 13.25%.

About Lennar

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; and development, construction, and management of multifamily rental properties.