CIBC World Markets Inc. cut its stake in Lennar Corp. (NYSE:LEN) by 7.9% during the second quarter, Holdings Channel reports. The firm owned 18,572 shares of the company’s stock after selling 1,587 shares during the period. CIBC World Markets Inc.’s holdings in Lennar Corp. were worth $856,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Third Avenue Management LLC purchased a new stake in Lennar Corp. during the first quarter valued at approximately $54,308,000. 1832 Asset Management L.P. boosted its stake in Lennar Corp. by 38.0% in the first quarter. 1832 Asset Management L.P. now owns 704,000 shares of the company’s stock valued at $56,644,000 after buying an additional 194,000 shares during the period. Eagle Asset Management Inc. boosted its stake in Lennar Corp. by 2.0% in the second quarter. Eagle Asset Management Inc. now owns 569,390 shares of the company’s stock valued at $26,248,000 after buying an additional 10,937 shares during the period. BB&T Securities LLC boosted its stake in Lennar Corp. by 20.6% in the first quarter. BB&T Securities LLC now owns 505,182 shares of the company’s stock valued at $24,430,000 after buying an additional 86,311 shares during the period. Finally, Sadoff Investment Management LLC boosted its stake in Lennar Corp. by 1.1% in the second quarter. Sadoff Investment Management LLC now owns 476,417 shares of the company’s stock valued at $21,963,000 after buying an additional 5,200 shares during the period. Institutional investors own 86.40% of the company’s stock.

Lennar Corp. (NYSE:LEN) traded down 1.49% during midday trading on Friday, reaching $44.34. 3,580,103 shares of the company were exchanged. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of 11.84 and a beta of 1.37. Lennar Corp. has a 52-week low of $37.14 and a 52-week high of $54.23. The firm’s 50-day moving average price is $46.82 and its 200 day moving average price is $46.47.

Lennar Corp. (NYSE:LEN) last posted its quarterly earnings data on Tuesday, June 21st. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.08. The business earned $2.75 million during the quarter. Lennar Corp. had a net margin of 8.52% and a return on equity of 14.41%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 EPS. Equities analysts predict that Lennar Corp. will post $3.82 earnings per share for the current year.

Several analysts have recently commented on LEN shares. Zacks Investment Research upgraded shares of Lennar Corp. from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Wednesday, August 24th. MKM Partners reiterated a “hold” rating on shares of Lennar Corp. in a research note on Wednesday, June 22nd. Raymond James Financial Inc. upgraded shares of Lennar Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, June 27th. FBR & Co reiterated an “outperform” rating and issued a $60.00 price objective on shares of Lennar Corp. in a research note on Wednesday, June 22nd. Finally, Credit Suisse Group AG reiterated a “hold” rating on shares of Lennar Corp. in a research note on Tuesday, June 28th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Lennar Corp. currently has an average rating of “Buy” and a consensus price target of $55.10.

About Lennar Corp.

Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily.

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