Arizona State Retirement System Grows Holdings in Lennar Co. (LEN)
Arizona State Retirement System raised its stake in Lennar Co. (NYSE:LEN) by 15.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,609 shares of the construction company’s stock after purchasing an additional 22,020 shares during the quarter. Arizona State Retirement System’s holdings in Lennar were worth $8,589,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the business. Long Pond Capital LP raised its position in Lennar by 5,105.2% in the first quarter. Long Pond Capital LP now owns 1,750,939 shares of the construction company’s stock valued at $103,200,000 after purchasing an additional 1,717,301 shares during the period. Cannell Peter B & Co. Inc. raised its position in Lennar by 486.7% in 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 purchasing an additional 842,976 shares during the period. Swiss National Bank raised its position in Lennar by 22.0% in the first quarter. Swiss National Bank now owns 912,888 shares of the construction company’s stock valued at $53,806,000 after purchasing an additional 164,388 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Lennar by 6.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 888,122 shares of the construction company’s stock valued at $46,626,000 after purchasing an additional 51,252 shares during the period. Finally, Eagle Asset Management Inc. raised its position in Lennar by 1.6% in the second quarter. Eagle Asset Management Inc. now owns 751,755 shares of the construction company’s stock valued at $39,467,000 after purchasing an additional 11,977 shares during the period. 84.97% of the stock is currently owned by institutional investors.
Several research analysts have commented on LEN shares. Wedbush reissued a “neutral” rating and issued a $56.00 price objective (down from $62.00) on shares of Lennar in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Zacks Investment Research raised Lennar from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, June 5th. ValuEngine lowered Lennar from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Citigroup reaffirmed a “buy” rating and set a $65.00 target price on shares of Lennar in a research report on Wednesday, June 27th. Finally, MKM Partners dropped their target price on Lennar to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, May 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $71.69.
Shares of NYSE LEN opened at $50.57 on Monday. Lennar Co. has a 1 year low of $48.71 and a 1 year high of $72.17. The stock has a market cap of $17.59 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 0.46 and a beta of 1.29. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.76 and a current ratio of 11.81.
Lennar (NYSE:LEN) last announced its earnings results on Tuesday, June 26th. The construction company reported $1.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $1.13. The business had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.10 billion. Lennar had a return on equity of 12.82% and a net margin of 6.49%. The company’s revenue for the quarter was up 67.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 earnings per share. equities research analysts anticipate that Lennar Co. will post 6 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 26th. Investors of record on Thursday, July 12th were paid a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, July 11th. This represents a $0.16 dividend on an annualized basis and a yield of 0.32%. Lennar’s dividend payout ratio (DPR) is 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.
See Also: Average Daily Trade Volume Explained
Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Co. (NYSE:LEN).
Receive News & Ratings for Lennar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lennar and related companies with MarketBeat.com's FREE daily email newsletter.