CIBC Asset Management Inc Lowers Stake in Lennar Co. (LEN)
CIBC Asset Management Inc reduced its stake in shares of Lennar Co. (NYSE:LEN) by 4.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 21,201 shares of the construction company’s stock after selling 935 shares during the quarter. CIBC Asset Management Inc’s holdings in Lennar were worth $1,341,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently bought and sold shares of the company. Capital Growth Management LP lifted its position in Lennar by 28.2% during the third quarter. Capital Growth Management LP now owns 1,090,000 shares of the construction company’s stock valued at $57,552,000 after purchasing an additional 240,000 shares during the period. Eagle Asset Management Inc. lifted its position in Lennar by 2.8% during the third quarter. Eagle Asset Management Inc. now owns 1,076,505 shares of the construction company’s stock valued at $56,860,000 after purchasing an additional 29,016 shares during the period. Swiss National Bank lifted its position in Lennar by 1.0% during the third quarter. Swiss National Bank now owns 748,500 shares of the construction company’s stock valued at $39,521,000 after purchasing an additional 7,500 shares during the period. California Public Employees Retirement System lifted its position in Lennar by 2.5% during the third quarter. California Public Employees Retirement System now owns 420,210 shares of the construction company’s stock valued at $22,187,000 after purchasing an additional 10,410 shares during the period. Finally, RWC Asset Management LLP lifted its position in Lennar by 20.6% during the third quarter. RWC Asset Management LLP now owns 358,295 shares of the construction company’s stock valued at $18,918,000 after purchasing an additional 61,163 shares during the period. Institutional investors and hedge funds own 80.79% of the company’s stock.
A number of research analysts recently issued reports on LEN shares. UBS Group started coverage on shares of Lennar in a research report on Wednesday, October 25th. They set a “buy” rating for the company. Wedbush boosted their target price on shares of Lennar from $54.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, December 29th. Zacks Investment Research upgraded shares of Lennar from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research report on Tuesday, January 16th. Mizuho reiterated a “hold” rating and issued a $53.00 price objective on shares of Lennar in a research report on Friday, October 27th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $78.00 price objective on shares of Lennar in a research report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $66.07.
Lennar (NYSE:LEN) last issued its quarterly earnings data on Wednesday, January 10th. The construction company reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.21). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.59 billion. Lennar had a return on equity of 12.00% and a net margin of 6.41%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted $1.34 EPS. sell-side analysts expect that Lennar Co. will post 5.21 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, January 26th were paid a dividend of $0.04 per share. The ex-dividend date was Thursday, January 25th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.27%. Lennar’s dividend payout ratio is currently 4.68%.
In other news, CFO Bruce E. Gross sold 9,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $72.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief financial officer now owns 346,043 shares of the company’s stock, valued at $24,915,096. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Bruce E. Gross sold 1,000 shares of the business’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $72.00, for a total transaction of $72,000.00. Following the sale, the chief financial officer now directly owns 356,043 shares of the company’s stock, valued at approximately $25,635,096. The disclosure for this sale can be found here. Insiders have sold 180,000 shares of company stock valued at $12,392,050 in the last three months. Corporate insiders own 12.18% of the company’s stock.
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Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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