Lennar Corporation $LEN Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC boosted its position in Lennar Corporation (NYSE:LEN) by 862.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,966 shares of the construction company’s stock after purchasing an additional 21,475 shares during the quarter. DAVENPORT & Co LLC’s holdings in Lennar were worth $2,651,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Lennar in the second quarter valued at about $424,950,000. The Manufacturers Life Insurance Company raised its holdings in Lennar by 45.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company’s stock valued at $1,020,866,000 after acquiring an additional 2,777,567 shares during the last quarter. Eminence Capital LP raised its holdings in Lennar by 130.8% in the 1st quarter. Eminence Capital LP now owns 1,581,489 shares of the construction company’s stock valued at $181,523,000 after acquiring an additional 896,264 shares during the last quarter. Brave Warrior Advisors LLC raised its holdings in Lennar by 23.4% in the 1st quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company’s stock valued at $251,323,000 after acquiring an additional 415,218 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in Lennar in the 1st quarter valued at about $41,788,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Lennar Stock Performance

NYSE:LEN opened at $120.11 on Thursday. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $189.65. The company has a market cap of $31.11 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 5.47 and a beta of 1.37. The company has a quick ratio of 0.68, a current ratio of 4.49 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $129.19 and a two-hundred day simple moving average of $116.47.

Lennar (NYSE:LEN) last released its earnings results on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.14 by $0.15. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The firm had revenue of $8.81 billion during the quarter, compared to analysts’ expectations of $9.01 billion. During the same period in the previous year, the firm posted $3.90 EPS. Lennar’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, equities analysts anticipate that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Friday, October 10th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 10th. Lennar’s payout ratio is 19.76%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on LEN shares. Evercore ISI cut their target price on Lennar from $118.00 to $114.00 and set an “in-line” rating for the company in a research note on Tuesday. The Goldman Sachs Group raised their price objective on shares of Lennar from $122.00 to $126.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Zacks Research upgraded shares of Lennar from a “strong sell” rating to a “hold” rating in a report on Monday, September 8th. Citigroup restated an “outperform” rating on shares of Lennar in a report on Monday, September 22nd. Finally, JPMorgan Chase & Co. cut their target price on Lennar from $97.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $123.42.

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, 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.