Concord Asset Management LLC VA Boosts Stake in Lennar Co. (NYSE:LEN)

Concord Asset Management LLC VA grew its stake in Lennar Co. (NYSE:LEN) by 4.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,731 shares of the construction company’s stock after buying an additional 150 shares during the period. Concord Asset Management LLC VA’s holdings in Lennar were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in LEN. D1 Capital Partners L.P. raised its holdings in shares of Lennar by 428.9% during the second quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company’s stock worth $362,685,000 after purchasing an additional 1,962,447 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Lennar by 15.1% during the second quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company’s stock worth $452,886,000 after purchasing an additional 396,951 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Lennar during the first quarter worth $61,807,000. KBC Group NV raised its holdings in shares of Lennar by 258.3% during the third quarter. KBC Group NV now owns 494,848 shares of the construction company’s stock worth $92,774,000 after purchasing an additional 356,731 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Lennar by 157.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 575,003 shares of the construction company’s stock worth $98,889,000 after purchasing an additional 351,698 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Lennar Stock Performance

NYSE:LEN opened at $168.85 on Friday. The company’s 50-day moving average price is $179.35 and its 200-day moving average price is $168.88. The company has a current ratio of 4.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.08. The company has a market cap of $45.80 billion, a P/E ratio of 11.18, a P/E/G ratio of 1.58 and a beta of 1.62. Lennar Co. has a twelve month low of $125.17 and a twelve month high of $193.80.

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. The firm had revenue of $9.42 billion for the quarter, compared to the consensus estimate of $9.14 billion. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the firm posted $3.91 earnings per share. On average, sell-side analysts forecast that Lennar Co. will post 14.18 earnings per share for the current fiscal year.

Lennar Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Wednesday, October 9th. Lennar’s dividend payout ratio is currently 13.25%.

Insider Transactions at Lennar

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of Lennar stock in a transaction dated Monday, October 28th. The shares were 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 $4,148,654.57. The trade was a 42.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.36% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Citigroup raised their price target 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. Royal Bank of Canada raised their price target on shares of Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a research report on Monday, September 23rd. Wedbush restated a “neutral” rating and set a $144.00 price target on shares of Lennar in a research report on Friday, September 20th. JPMorgan Chase & Co. raised their price target on shares of Lennar from $154.00 to $173.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Finally, StockNews.com lowered shares of Lennar from a “buy” rating to a “hold” rating in a research report on Saturday, September 28th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $180.56.

Lennar 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.