Third Point LLC Has $241.39 Million Holdings in Lennar Co. (LEN)

Third Point LLC cut its position in shares of Lennar Co. (NYSE:LEN) by 13.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,170,000 shares of the construction company’s stock after selling 830,000 shares during the period. Lennar makes up 1.7% of Third Point LLC’s holdings, making the stock its 21st biggest holding. Third Point LLC’s holdings in Lennar were worth $241,387,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Long Pond Capital LP increased its position in shares of Lennar by 197.0% during the second quarter. Long Pond Capital LP now owns 5,200,000 shares of the construction company’s stock valued at $273,000,000 after acquiring an additional 3,449,061 shares during the last quarter. Cannell Peter B & Co. Inc. increased its position in shares of Lennar by 486.7% during the second quarter. Cannell Peter B & Co. Inc. now owns 1,016,196 shares of the construction company’s stock valued at $53,350,000 after acquiring an additional 842,976 shares during the last quarter. Standard Life Aberdeen plc increased its position in shares of Lennar by 748.7% during the second quarter. Standard Life Aberdeen plc now owns 558,515 shares of the construction company’s stock valued at $29,323,000 after acquiring an additional 492,707 shares during the last quarter. Investec Asset Management LTD acquired a new stake in shares of Lennar during the second quarter valued at about $22,594,000. Finally, Sterling Capital Management LLC increased its position in shares of Lennar by 45.0% during the second quarter. Sterling Capital Management LLC now owns 1,044,097 shares of the construction company’s stock valued at $54,815,000 after acquiring an additional 324,164 shares during the last quarter. 87.14% of the stock is currently owned by institutional investors.

Shares of LEN stock opened at $42.78 on Thursday. The company has a quick ratio of 0.72, a current ratio of 12.62 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $13.92 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 0.50 and a beta of 1.24. Lennar Co. has a fifty-two week low of $38.22 and a fifty-two week high of $72.17.

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, beating analysts’ consensus estimates of $1.19 by $0.11. The firm had revenue of $5.67 billion during the quarter, compared to analysts’ expectations of $5.62 billion. Lennar had a net margin of 6.76% and a return on equity of 12.87%. The business’s quarterly revenue was up 73.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 earnings per share. As a group, research analysts predict that Lennar Co. will post 4.92 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Friday, October 19th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Thursday, October 18th. Lennar’s dividend payout ratio (DPR) is currently 4.20%.

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada set a $63.00 price target on shares of Lennar and gave the company a “buy” rating in a research report on Thursday, October 4th. They noted that the move was a valuation call. Deutsche Bank upgraded shares of Lennar from a “hold” rating to a “buy” rating and dropped their price target for the company from $58.00 to $51.00 in a research report on Monday, October 22nd. Citigroup dropped their price target on shares of Lennar from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. JMP Securities set a $56.00 price target on shares of Lennar and gave the company a “buy” rating in a research report on Friday, October 5th. Finally, Bank of America dropped their price target on shares of Lennar from $93.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $62.63.

In related news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $46.98, for a total value of $939,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.50% of the company’s stock.

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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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Institutional Ownership by Quarter for Lennar (NYSE:LEN)

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