Palisade Capital Management LLC NJ Takes $3.39 Million Position in Lennar Co. (LEN)

Palisade Capital Management LLC NJ bought a new stake in Lennar Co. (NYSE:LEN) in the 1st quarter, Holdings Channel reports. The institutional investor bought 57,431 shares of the construction company’s stock, valued at approximately $3,385,000.

Several other large investors have also recently modified their holdings of the company. Glen Harbor Capital Management LLC raised its position in shares of Lennar by 168.7% in the 1st quarter. Glen Harbor Capital Management LLC now owns 23,584 shares of the construction company’s stock valued at $1,390,000 after buying an additional 14,806 shares in the last quarter. Cannell Peter B & Co. Inc. raised its position in shares of Lennar by 1.3% in the 1st quarter. Cannell Peter B & Co. Inc. now owns 173,220 shares of the construction company’s stock valued at $10,210,000 after buying an additional 2,265 shares in the last quarter. KCM Investment Advisors LLC acquired a new position in shares of Lennar in the 1st quarter valued at approximately $1,047,000. Gulf International Bank UK Ltd raised its position in shares of Lennar by 40.9% in the 1st quarter. Gulf International Bank UK Ltd now owns 89,176 shares of the construction company’s stock valued at $5,256,000 after buying an additional 25,890 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Lennar by 14.2% in the 1st quarter. Teacher Retirement System of Texas now owns 63,153 shares of the construction company’s stock valued at $3,722,000 after buying an additional 7,837 shares in the last quarter. Institutional investors own 86.14% of the company’s stock.

Lennar opened at $50.87 on Wednesday, MarketBeat.com reports. The company has a market cap of $17.02 billion, a P/E ratio of 13.35, a P/E/G ratio of 0.58 and a beta of 1.25. Lennar Co. has a 1 year low of $49.52 and a 1 year high of $72.17. The company has a quick ratio of 0.84, a current ratio of 16.40 and a debt-to-equity ratio of 0.79.

Lennar (NYSE:LEN) last released its quarterly earnings data on Wednesday, April 4th. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.35. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Lennar had a net margin of 6.84% and a return on equity of 11.65%. The firm’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 EPS. research analysts expect that Lennar Co. will post 4.89 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 9th. Investors of record on Wednesday, April 25th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date was Tuesday, April 24th. Lennar’s dividend payout ratio is 4.20%.

In other Lennar news, Director Jeffrey Sonnenfeld sold 2,095 shares of the company’s stock in a transaction that occurred on Friday, April 6th. The shares were sold at an average price of $62.98, for a total value of $131,943.10. Following the completion of 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 filing with the SEC, which is available at this hyperlink. Also, SVP Jeffrey Joseph Mccall sold 50,888 shares of the company’s stock in a transaction that occurred on Wednesday, May 9th. The shares were sold at an average price of $53.92, for a total transaction of $2,743,880.96. Following the completion of the transaction, the senior vice president now owns 190,053 shares of the company’s stock, valued at $10,247,657.76. The disclosure for this sale can be found here. 8.50% of the stock is owned by corporate insiders.

LEN has been the subject of several analyst reports. Citigroup boosted their target price on shares of Lennar from $70.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, April 5th. Mizuho set a $80.00 target price on shares of Lennar and gave the company a “buy” rating in a research report on Sunday, April 8th. ValuEngine cut shares of Lennar from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 28th. Credit Suisse Group set a $81.00 target price on shares of Lennar and gave the company a “buy” rating in a research report on Wednesday, April 4th. Finally, Zacks Investment Research cut shares of Lennar from a “buy” rating to a “hold” rating in a research report on Wednesday, March 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $71.40.

Lennar Company Profile

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.

Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Co. (NYSE:LEN).

Institutional Ownership by Quarter for Lennar (NYSE:LEN)

Receive News & Ratings for Lennar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lennar and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply