Eagle Asset Management Inc. cut its holdings in shares of Lennar Co. (NYSE:LEN) by 39.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 739,778 shares of the construction company’s stock after selling 484,126 shares during the period. Eagle Asset Management Inc.’s holdings in Lennar were worth $43,602,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Lennar during the 4th quarter valued at about $103,000. First Personal Financial Services acquired a new stake in shares of Lennar during the 4th quarter valued at about $140,000. Independence Bank of Kentucky acquired a new stake in shares of Lennar during the 4th quarter valued at about $153,000. Dupont Capital Management Corp grew its position in shares of Lennar by 117.2% during the 1st quarter. Dupont Capital Management Corp now owns 2,791 shares of the construction company’s stock valued at $165,000 after acquiring an additional 1,506 shares during the period. Finally, Massey Quick Simon & CO. LLC grew its position in shares of Lennar by 103.1% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 2,900 shares of the construction company’s stock valued at $171,000 after acquiring an additional 1,472 shares during the period. Hedge funds and other institutional investors own 69.77% of the company’s stock.
A number of research firms have recently commented on LEN. Credit Suisse Group upgraded Lennar from a “neutral” rating to an “outperform” rating and raised their target price for the company from $67.00 to $81.00 in a research report on Monday, January 22nd. Zacks Investment Research upgraded Lennar from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Tuesday, March 13th. Deutsche Bank dropped their target price on Lennar from $68.00 to $65.00 and set a “hold” rating on the stock in a research report on Tuesday, April 10th. Evercore ISI upgraded Lennar from an “in-line” rating to an “outperform” rating in a research report on Friday, February 23rd. Finally, ValuEngine cut Lennar from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $71.40.
In other news, Director Jeffrey Sonnenfeld sold 2,095 shares of the business’s stock in a transaction that occurred on Friday, April 6th. The stock was sold at an average price of $62.98, for a total transaction of $131,943.10. Following the transaction, the director now directly owns 32,072 shares in the company, valued at approximately $2,019,894.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Jeffrey Joseph Mccall sold 50,888 shares of the business’s stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $53.92, for a total value of $2,743,880.96. Following the transaction, the senior vice president now owns 190,053 shares in the company, valued at $10,247,657.76. The disclosure for this sale can be found here. Insiders own 8.50% of the company’s stock.
LEN stock opened at $52.03 on Monday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.84 and a current ratio of 16.40. Lennar Co. has a 12-month low of $49.52 and a 12-month high of $72.17. The stock has a market capitalization of $16.95 billion, a P/E ratio of 13.66, a PEG ratio of 0.58 and a beta of 1.25.
Lennar (NYSE:LEN) last posted its quarterly earnings data on Wednesday, April 4th. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.35. Lennar had a return on equity of 11.65% and a net margin of 6.84%. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same period in the previous year, the firm posted $0.59 EPS. Lennar’s revenue was up 27.5% compared to the same quarter last year. analysts expect that Lennar Co. will post 4.9 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 9th. Investors of record on Wednesday, April 25th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Tuesday, April 24th. Lennar’s payout ratio is 4.20%.
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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