ING Groep NV Purchases Shares of 5,965 Lennar Co. (LEN)

ING Groep NV purchased a new stake in shares of Lennar Co. (NYSE:LEN) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,965 shares of the construction company’s stock, valued at approximately $279,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of LEN. Long Pond Capital LP boosted its position in 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. boosted its position in 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 boosted its position in 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 bought a new stake in Lennar during the second quarter valued at $22,594,000. Finally, Sterling Capital Management LLC boosted its position in 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 and hedge funds.

In related news, COO Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction dated 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 SEC, which is available at this hyperlink. 8.50% of the stock is currently owned by company insiders.

A number of equities analysts have recently issued reports on LEN shares. Bank of America set a $74.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research report on Thursday, October 11th. JMP Securities set a $56.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research report on Friday, October 5th. Credit Suisse Group set a $55.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research report on Thursday, October 4th. MKM Partners set a $61.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research report on Thursday, October 4th. Finally, Citigroup cut their price objective on shares of Lennar from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $62.63.

Shares of NYSE LEN opened at $42.78 on Friday. Lennar Co. has a fifty-two week low of $38.22 and a fifty-two week high of $72.17. The stock has a market capitalization of $14.13 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 0.51 and a beta of 1.24. The company has a current ratio of 12.62, a quick ratio of 0.72 and a debt-to-equity ratio of 0.67.

Lennar (NYSE:LEN) last announced its quarterly earnings results on Wednesday, October 3rd. The construction company reported $1.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. Lennar had a net margin of 6.76% and a return on equity of 12.87%. The business had revenue of $5.67 billion for the quarter, compared to analysts’ expectations of $5.62 billion. During the same quarter last year, the firm earned $1.06 EPS. The firm’s revenue for the quarter was up 73.9% compared to the same quarter last year. As a group, sell-side analysts expect that Lennar Co. will post 4.92 earnings per share for the current year.

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

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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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