Lennar Co. (NYSE:LEN) Shares Sold by Summit Global Investments

Summit Global Investments cut its holdings in Lennar Co. (NYSE:LEN) by 38.6% during the third quarter, HoldingsChannel reports. The firm owned 20,639 shares of the construction company’s stock after selling 12,960 shares during the period. Summit Global Investments’ holdings in Lennar were worth $3,869,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Norden Group LLC purchased a new position in shares of Lennar in the 1st quarter valued at approximately $349,000. GSA Capital Partners LLP purchased a new position in Lennar in the 1st quarter valued at $702,000. Empirical Finance LLC increased its stake in Lennar by 2.6% in the 1st quarter. Empirical Finance LLC now owns 13,432 shares of the construction company’s stock valued at $2,310,000 after buying an additional 335 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Lennar by 56.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,965 shares of the construction company’s stock worth $1,198,000 after buying an additional 2,517 shares during the last quarter. Finally, AIA Group Ltd increased its stake in shares of Lennar by 4.5% during the first quarter. AIA Group Ltd now owns 14,146 shares of the construction company’s stock worth $2,433,000 after acquiring an additional 607 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on LEN. Wells Fargo & Company reduced their price objective on shares of Lennar from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday. Evercore ISI reduced their price target on Lennar from $240.00 to $236.00 and set an “outperform” rating for the company in a report on Monday, September 23rd. Royal Bank of Canada upped their price objective on Lennar from $145.00 to $160.00 and gave the stock an “underperform” rating in a report on Monday, September 23rd. JMP Securities raised their target price on Lennar from $170.00 to $210.00 and gave the company a “market outperform” rating in a report on Wednesday, September 25th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Lennar from $183.00 to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Lennar currently has a consensus rating of “Hold” and a consensus price target of $180.56.

Insider Buying and Selling at Lennar

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $175.13, for a total value of $3,064,775.00. Following the completion of the transaction, the director now owns 23,689 shares in the company, valued at $4,148,654.57. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.36% of the stock is currently owned by corporate insiders.

Lennar Trading Up 1.6 %

LEN stock opened at $171.41 on Friday. Lennar Co. has a 52 week low of $118.92 and a 52 week high of $193.80. The company has a market cap of $46.49 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.62 and a beta of 1.62. The company has a quick ratio of 0.98, a current ratio of 4.90 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $180.77 and a 200-day simple moving average of $168.09.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, topping analysts’ consensus estimates of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The company had revenue of $9.42 billion for the quarter, compared to the consensus estimate of $9.14 billion. During the same period last year, the business posted $3.91 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts expect that Lennar Co. will post 14.18 EPS for the current year.

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Wednesday, October 9th. Lennar’s dividend payout ratio is presently 13.25%.

Lennar Company Profile

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company’s 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; and development, construction, and management of multifamily rental properties.