Stevens Capital Management LP acquired a new stake in Lennar Co. (NYSE:LEN) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 14,520 shares of the construction company’s stock, valued at approximately $704,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Penserra Capital Management LLC acquired a new position in shares of Lennar in the 1st quarter valued at approximately $57,000. Meeder Asset Management Inc. acquired a new position in shares of Lennar in the 1st quarter valued at approximately $65,000. Hilton Capital Management LLC acquired a new position in shares of Lennar in the 1st quarter valued at approximately $109,000. Valley National Advisers Inc. grew its position in shares of Lennar by 117.9% in the 1st quarter. Valley National Advisers Inc. now owns 2,745 shares of the construction company’s stock valued at $135,000 after purchasing an additional 1,485 shares during the period. Finally, Global Wealth Management Investment Advisory Inc. grew its position in shares of Lennar by 10,688.5% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 2,805 shares of the construction company’s stock valued at $138,000 after purchasing an additional 2,779 shares during the period. Institutional investors and hedge funds own 85.65% of the company’s stock.
LEN has been the subject of several research analyst reports. Raymond James lowered Lennar from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research report on Tuesday, June 18th. They noted that the move was a valuation call. JPMorgan Chase & Co. decreased their price objective on Lennar from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, June 26th. Bank of America decreased their price objective on Lennar from $57.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Wedbush set a $62.00 price objective on Lennar and gave the company a “buy” rating in a research report on Wednesday, June 26th. Finally, SunTrust Banks began coverage on Lennar in a research report on Monday, August 12th. They issued a “hold” rating and a $47.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $56.37.
Lennar (NYSE:LEN) last released its quarterly earnings results on Tuesday, June 25th. The construction company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.17. Lennar had a return on equity of 12.03% and a net margin of 8.86%. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the prior year, the firm posted $1.58 EPS. The business’s revenue was up 1.9% on a year-over-year basis. Equities research analysts anticipate that Lennar Co. will post 5.31 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Wednesday, July 10th. Lennar’s payout ratio is presently 2.52%.
In other news, President Jonathan M. Jaffe sold 20,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $49.04, for a total value of $980,800.00. Following the completion of the sale, the president now owns 346,946 shares of the company’s stock, valued at approximately $17,014,231.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 8.43% of the company’s stock.
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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