Highstreet Asset Management Inc. raised its stake in Lennar Corporation (NYSE:LEN) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,367 shares of the construction company’s stock after buying an additional 328 shares during the period. Highstreet Asset Management Inc.’s holdings in Lennar Corporation were worth $979,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. Mn Services Vermogensbeheer B.V. increased its stake in Lennar Corporation by 15.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,428 shares of the construction company’s stock valued at $260,000 after buying an additional 727 shares in the last quarter. Nationwide Fund Advisors increased its stake in Lennar Corporation by 8.3% in the first quarter. Nationwide Fund Advisors now owns 56,967 shares of the construction company’s stock valued at $2,916,000 after buying an additional 4,371 shares in the last quarter. Retirement Systems of Alabama increased its stake in Lennar Corporation by 2.5% in the first quarter. Retirement Systems of Alabama now owns 98,219 shares of the construction company’s stock valued at $5,028,000 after buying an additional 2,360 shares in the last quarter. Hexavest Inc. increased its stake in Lennar Corporation by 5.1% in the first quarter. Hexavest Inc. now owns 2,428,273 shares of the construction company’s stock valued at $124,303,000 after buying an additional 118,070 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Lennar Corporation during the first quarter valued at $313,000. 81.81% of the stock is owned by institutional investors and hedge funds.
Lennar Corporation (NYSE:LEN) opened at 52.88 on Friday. Lennar Corporation has a 12 month low of $39.68 and a 12 month high of $55.75. The stock has a market cap of $12.40 billion, a PE ratio of 15.46 and a beta of 1.26. The company’s 50 day moving average is $53.40 and its 200 day moving average is $51.22.
Lennar Corporation (NYSE:LEN) last announced its quarterly earnings data on Tuesday, June 20th. The construction company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter last year, the business posted $0.95 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, analysts anticipate that Lennar Corporation will post $3.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Thursday, July 13th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Tuesday, July 11th. This represents a $0.16 dividend on an annualized basis and a yield of 0.30%. Lennar Corporation’s payout ratio is 4.68%.
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Several research firms have weighed in on LEN. Barclays PLC downgraded shares of Lennar Corporation from an “overweight” rating to an “equal weight” rating and set a $56.00 price target for the company. in a research note on Tuesday, July 11th. Mizuho reissued a “buy” rating on shares of Lennar Corporation in a research note on Tuesday, July 11th. Wedbush reissued a “neutral” rating and issued a $46.00 price target on shares of Lennar Corporation in a research note on Thursday, June 15th. Bank of America Corporation reissued a “buy” rating and issued a $63.00 price target (up from $60.00) on shares of Lennar Corporation in a research note on Wednesday, June 21st. Finally, Royal Bank Of Canada boosted their price target on shares of Lennar Corporation from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Lennar Corporation has an average rating of “Buy” and a consensus price target of $56.53.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $53.17, for a total transaction of $1,063,400.00. Following the completion of the sale, the chief operating officer now owns 139,433 shares in the company, valued at approximately $7,413,652.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.18% of the company’s stock.
Lennar Corporation Company Profile
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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