Cadence Bank NA bought a new stake in Lennar Co. (NYSE:LEN) during the third quarter, HoldingsChannel reports. The fund bought 8,288 shares of the construction company’s stock, valued at approximately $387,000.
A number of other large investors have also recently added to or reduced their stakes in the business. Long Pond Capital LP lifted its holdings in Lennar by 197.0% in the 2nd quarter. Long Pond Capital LP now owns 5,200,000 shares of the construction company’s stock valued at $273,000,000 after purchasing an additional 3,449,061 shares in the last quarter. Miller Value Partners LLC lifted its holdings in Lennar by 0.5% in the 2nd quarter. Miller Value Partners LLC now owns 1,393,550 shares of the construction company’s stock valued at $73,161,000 after purchasing an additional 7,325 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Lennar by 3.5% in the 3rd quarter. Sterling Capital Management LLC now owns 1,080,531 shares of the construction company’s stock valued at $50,450,000 after purchasing an additional 36,434 shares in the last quarter. Cannell Peter B & Co. Inc. lifted its holdings in Lennar by 486.7% in the 2nd quarter. Cannell Peter B & Co. Inc. now owns 1,016,196 shares of the construction company’s stock valued at $53,350,000 after purchasing an additional 842,976 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Lennar by 3.5% in the 2nd quarter. Swiss National Bank now owns 944,388 shares of the construction company’s stock valued at $49,580,000 after purchasing an additional 31,500 shares in the last quarter. Institutional investors own 85.12% of the company’s stock.
LEN has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Lennar from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. JMP Securities restated an “outperform” rating on shares of Lennar in a report on Monday, October 8th. Bank of America set a $74.00 target price on shares of Lennar and gave the company a “buy” rating in a report on Thursday, October 11th. Wedbush upgraded shares of Lennar from a “neutral” rating to an “outperform” rating and reduced their target price for the company from $56.00 to $50.00 in a report on Monday, October 29th. Finally, Credit Suisse Group restated a “neutral” rating and issued a $45.00 target price (down from $55.00) on shares of Lennar in a report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $63.38.
Shares of LEN stock opened at $41.90 on Friday. The stock has a market cap of $14.53 billion, a PE ratio of 11.00, a P/E/G ratio of 0.49 and a beta of 1.24. Lennar Co. has a 1-year low of $38.79 and a 1-year high of $72.17. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.72 and a current ratio of 12.62.
Lennar (NYSE:LEN) last announced its quarterly earnings data on Wednesday, October 3rd. The construction company reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The business had revenue of $5.67 billion for the quarter, compared to analyst estimates of $5.62 billion. Lennar had a net margin of 6.76% and a return on equity of 12.87%. The company’s revenue was up 73.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 EPS. Analysts forecast that Lennar Co. will post 4.94 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 2nd. Stockholders of record on Friday, October 19th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, October 18th. This represents a $0.16 annualized dividend and a dividend yield of 0.38%. Lennar’s payout ratio is currently 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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