Pacific Heights Asset Management LLC lessened its holdings in shares of Lennar Co. (NYSE:LEN) by 19.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,000 shares of the construction company’s stock after selling 25,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Lennar were worth $4,949,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in shares of Lennar by 475.0% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,990 shares of the construction company’s stock valued at $157,000 after acquiring an additional 2,470 shares during the last quarter. Ayalon Holdings Ltd. bought a new stake in shares of Lennar during the 2nd quarter valued at about $158,000. Usca Ria LLC bought a new stake in shares of Lennar during the 2nd quarter valued at about $203,000. Levin Capital Strategies L.P. bought a new stake in shares of Lennar during the 2nd quarter valued at about $210,000. Finally, Dupont Capital Management Corp boosted its position in shares of Lennar by 46.5% during the 2nd quarter. Dupont Capital Management Corp now owns 4,089 shares of the construction company’s stock valued at $215,000 after acquiring an additional 1,298 shares during the last quarter. Hedge funds and other institutional investors own 87.14% of the company’s stock.
NYSE:LEN opened at $42.14 on Wednesday. The company has a market capitalization of $13.70 billion, a P/E ratio of 11.06, a PEG ratio of 0.49 and a beta of 1.24. Lennar Co. has a 1-year low of $38.22 and a 1-year high of $72.17. The company has a quick ratio of 0.72, a current ratio of 12.62 and a debt-to-equity ratio of 0.67.
Lennar (NYSE:LEN) last released its earnings results on Wednesday, October 3rd. The construction company reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.11. The company had revenue of $5.67 billion during the quarter, compared to the consensus estimate of $5.62 billion. Lennar had a return on equity of 12.87% and a net margin of 6.76%. Lennar’s quarterly revenue was up 73.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 EPS. On average, equities analysts forecast that Lennar Co. will post 4.92 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Friday, October 19th were given a $0.04 dividend. The ex-dividend date of this dividend was Thursday, October 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.38%. Lennar’s payout ratio is 4.20%.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $46.98, for a total value of $939,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.50% of the company’s stock.
A number of analysts have recently issued reports on the company. Royal Bank of Canada set a $63.00 price target on Lennar and gave the company a “buy” rating in a research report on Thursday, October 4th. They noted that the move was a valuation call. Deutsche Bank upgraded Lennar from a “hold” rating to a “buy” rating and dropped their price target for the company from $58.00 to $51.00 in a research report on Monday, October 22nd. Citigroup dropped their price target on Lennar from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. JMP Securities set a $56.00 price target on Lennar and gave the company a “buy” rating in a research report on Friday, October 5th. Finally, Bank of America dropped their price target on Lennar from $93.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and sixteen have given a buy rating to the company’s stock. Lennar presently has a consensus rating of “Buy” and an average target price of $62.63.
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its 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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