Korea Investment CORP cut its stake in Lennar Co. (NYSE:LEN) by 55.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,743 shares of the construction company’s stock after selling 18,300 shares during the period. Korea Investment CORP’s holdings in Lennar were worth $774,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in LEN. Ayalon Holdings Ltd. acquired a new position in Lennar in the 2nd quarter valued at $158,000. Usca Ria LLC acquired a new position in Lennar in the 2nd quarter valued at $203,000. Doyle Wealth Management acquired a new position in Lennar in the 1st quarter valued at $209,000. Levin Capital Strategies L.P. acquired a new position in Lennar in the 2nd quarter valued at $210,000. Finally, Seven Eight Capital LP acquired a new position in Lennar in the 1st quarter valued at $214,000. 85.81% of the stock is owned by hedge funds and other institutional investors.
LEN has been the subject of a number of research analyst reports. Maxim Group lowered their price target on Lennar from $83.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, May 23rd. Bank of America boosted their price target on Lennar from $90.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, June 27th. MKM Partners lowered their price target on Lennar to $71.00 and set a “buy” rating for the company in a report on Wednesday, May 23rd. Zacks Investment Research cut Lennar from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. Finally, Citigroup initiated coverage on Lennar in a report on Tuesday, June 19th. They set a “buy” rating and a $65.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $71.56.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $52.12, for a total transaction of $1,042,400.00. Following the sale, the chief operating officer now owns 212,333 shares in the company, valued at approximately $11,066,795.96. The sale 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.
Lennar stock opened at $52.53 on Monday. The firm has a market cap of $17.21 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.45 and a beta of 1.25. Lennar Co. has a 52 week low of $48.71 and a 52 week high of $72.17. The company has a quick ratio of 0.76, a current ratio of 11.81 and a debt-to-equity ratio of 0.73.
Lennar (NYSE:LEN) last issued its quarterly earnings data on Tuesday, June 26th. The construction company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $1.13. The business had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.10 billion. Lennar had a return on equity of 12.82% and a net margin of 6.49%. Lennar’s quarterly revenue was up 67.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. research analysts forecast that Lennar Co. will post 6.1 EPS for the current year.
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.
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