Biltmore Wealth Management LLC Lowers Stake in Lennar Co. (NYSE:LEN)

Biltmore Wealth Management LLC lowered its stake in shares of Lennar Co. (NYSE:LEN) by 9.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,526 shares of the construction company’s stock after selling 1,107 shares during the period. Lennar accounts for 0.4% of Biltmore Wealth Management LLC’s portfolio, making the stock its 16th largest position. Biltmore Wealth Management LLC’s holdings in Lennar were worth $649,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of LEN. The Manufacturers Life Insurance Company raised its position in shares of Lennar by 22.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 12,618,097 shares of the construction company’s stock valued at $482,012,000 after buying an additional 2,285,388 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Lennar by 2,710.0% during the 2nd quarter. Nordea Investment Management AB now owns 1,791,818 shares of the construction company’s stock valued at $108,154,000 after purchasing an additional 1,728,053 shares during the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Lennar by 103,874.1% during the 2nd quarter. Glenmede Trust Co. NA now owns 1,195,702 shares of the construction company’s stock valued at $73,677,000 after purchasing an additional 1,194,552 shares during the last quarter. Man Group plc bought a new position in shares of Lennar during the 2nd quarter valued at $16,585,000. Finally, Ninety One UK Ltd bought a new position in shares of Lennar during the 2nd quarter valued at $14,853,000. Hedge funds and other institutional investors own 81.62% of the company’s stock.

Shares of LEN opened at $84.68 on Friday. The firm’s 50-day moving average price is $78.84 and its 200-day moving average price is $64.09. The firm has a market capitalization of $26.48 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.03 and a beta of 1.56. The company has a current ratio of 13.62, a quick ratio of 1.55 and a debt-to-equity ratio of 0.42. Lennar Co. has a 1-year low of $25.42 and a 1-year high of $86.80.

Lennar (NYSE:LEN) last issued its quarterly earnings results on Monday, September 14th. The construction company reported $2.12 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same period last year, the company posted $1.59 EPS. Lennar’s revenue was up .2% on a year-over-year basis. On average, research analysts forecast that Lennar Co. will post 7.17 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be given a dividend of $0.25 per share. This is a boost from Lennar’s previous quarterly dividend of $0.13. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Thursday, October 15th. Lennar’s dividend payout ratio (DPR) is 8.71%.

Several equities analysts recently commented on the stock. ValuEngine raised shares of Lennar from a “strong sell” rating to a “sell” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. increased their target price on shares of Lennar from $87.00 to $94.00 and gave the company a “neutral” rating in a report on Thursday, October 8th. Royal Bank of Canada raised shares of Lennar from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $78.00 to $89.00 in a report on Wednesday, September 16th. JMP Securities assumed coverage on shares of Lennar in a report on Tuesday, July 14th. They set a “market outperform” rating and a $83.00 target price on the stock. Finally, 140166 raised shares of Lennar from a “neutral” rating to a “positive” rating and raised their price target for the stock from $77.00 to $94.00 in a report on Thursday, September 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. Lennar currently has a consensus rating of “Buy” and a consensus target price of $80.00.

In other Lennar news, VP Mark Sustana sold 40,000 shares of Lennar stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $76.87, for a total value of $3,074,800.00. Following the completion of the transaction, the vice president now directly owns 67,167 shares of the company’s stock, valued at $5,163,127.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David M. Collins sold 20,000 shares of Lennar stock in a transaction dated 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 transaction, the insider now directly owns 46,803 shares of the company’s stock, valued at $3,978,255. The disclosure for this sale can be found here. Over the last three months, insiders have sold 204,964 shares of company stock valued at $15,898,918. 8.60% of the stock is currently owned by corporate insiders.

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.

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Institutional Ownership by Quarter for Lennar (NYSE:LEN)

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