Lennar (NYSE:LEN) Major Shareholder Berkshire Hathaway Inc Purchases 642,821 Shares of Stock

Lennar Corporation (NYSE:LEN) major shareholder Berkshire Hathaway Inc purchased 642,821 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were bought at an average price of $81.58 per share, for a total transaction of $52,441,337.18. Following the completion of the transaction, the insider directly owned 26,034,436 shares in the company, valued at approximately $2,123,889,288.88. This trade represents a 2.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Tuesday, September 29th, Berkshire Hathaway Inc acquired 12,389 shares of Lennar stock. The shares were bought at an average price of $81.93 per share, with a total value of $1,015,030.77.
• On Monday, September 28th, Berkshire Hathaway Inc acquired 5,200 shares of Lennar stock. The shares were bought at an average price of $81.96 per share, with a total value of $426,192.00.
• On Friday, September 25th, Berkshire Hathaway Inc bought 492,124 shares of Lennar stock. The stock was bought at an average cost of $81.12 per share, for a total transaction of $39,921,098.88.
• On Thursday, September 24th, Berkshire Hathaway Inc bought 653,320 shares of Lennar stock. The stock was bought at an average price of $80.88 per share, for a total transaction of $52,840,521.60.
• On Wednesday, September 23rd, Berkshire Hathaway Inc purchased 534,256 shares of Lennar stock. The shares were purchased at an average price of $81.65 per share, with a total value of $43,622,002.40.
• On Monday, September 21st, Berkshire Hathaway Inc acquired 667,118 shares of Lennar stock. The stock was purchased at an average cost of $77.74 per share, for a total transaction of $51,861,753.32.
• On Friday, September 18th, Berkshire Hathaway Inc acquired 1,381,397 shares of Lennar stock. The stock was purchased at an average price of $76.48 per share, for a total transaction of $105,649,242.56.
• On Thursday, September 17th, Berkshire Hathaway Inc bought 695,014 shares of Lennar stock. The shares were purchased at an average cost of $78.98 per share, with a total value of $54,892,205.72.

Lennar Stock Performance

Shares of NYSE:LEN traded down $1.34 during trading hours on Wednesday, hitting $81.67. The stock had a trading volume of 5,383,356 shares, compared to its average volume of 4,783,887. The stock’s fifty day simple moving average is $83.83 and its 200 day simple moving average is $87.21. The firm has a market capitalization of $19.67 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 3.13 and a beta of 1.39. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.69 and a current ratio of 4.94. Lennar Corporation has a 1-year low of $75.70 and a 1-year high of $133.76.

Lennar (NYSE:LEN) last issued its quarterly earnings data on Wednesday, September 16th. The construction company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). Lennar had a return on equity of 6.15% and a net margin of 4.09%.The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $8.32 billion. During the same period last year, the company earned $2.29 earnings per share. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Lennar Corporation will post 4.85 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 22nd. Shareholders of record on Wednesday, October 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Wednesday, October 7th. Lennar’s dividend payout ratio is 37.81%.

Institutional Investors Weigh In On Lennar

A number of large investors have recently made changes to their positions in LEN. Anchor Investment Management LLC boosted its position in shares of Lennar by 1,276.4% in the second quarter. Anchor Investment Management LLC now owns 757 shares of the construction company’s stock worth $69,000 after buying an additional 702 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Lennar by 5.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,609 shares of the construction company’s stock worth $1,322,000 after purchasing an additional 735 shares during the last quarter. Van Hulzen Asset Management LLC bought a new position in shares of Lennar in the 2nd quarter valued at approximately $317,000. Cidel Asset Management Inc. lifted its position in Lennar by 15.6% during the 2nd quarter. Cidel Asset Management Inc. now owns 4,873 shares of the construction company’s stock worth $441,000 after acquiring an additional 657 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Lennar in the second quarter worth $232,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LEN. Seaport Research Partners lowered their price target on Lennar from $74.00 to $70.00 and set a “sell” rating on the stock in a research report on Monday, September 21st. Benchmark raised Lennar to a “hold” rating in a research note on Thursday, September 3rd. Zacks Research cut shares of Lennar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 16th. Bank of America reduced their price objective on shares of Lennar from $77.00 to $70.00 and set an “underperform” rating for the company in a research report on Monday, September 14th. Finally, Truist Financial lowered their price objective on shares of Lennar from $80.00 to $75.00 and set a “hold” rating on the stock in a research note on Wednesday, September 16th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and nine have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $81.00.

About Lennar

Lennar Corporation (NYSE: LEN) is a homebuilding company that designs, constructs and sells single-family homes and, through its multifamily operations, develops apartment communities. Its residential offerings generally include homes across a range of sizes and prices, serving first-time, move-up and active-adult buyers.

The company also provides related services through businesses involved in mortgage financing, title and closing services, insurance and other real estate activities. Lennar develops residential communities and manages land acquisition, planning and construction as part of its integrated homebuilding model.

Founded in 1954, Lennar has expanded from its origins in South Florida into a national homebuilder serving numerous markets across the United States.