CIBC Asset Management Inc Purchases 423 Shares of Lennar Corporation (LEN)
CIBC Asset Management Inc boosted its stake in Lennar Corporation (NYSE:LEN) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,019 shares of the construction company’s stock after buying an additional 423 shares during the period. CIBC Asset Management Inc’s holdings in Lennar Corporation were worth $1,121,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. DnB Asset Management AS raised its position in shares of Lennar Corporation by 111.7% in the first quarter. DnB Asset Management AS now owns 21,800 shares of the construction company’s stock valued at $1,116,000 after buying an additional 11,500 shares during the last quarter. SeaBridge Investment Advisors LLC raised its position in shares of Lennar Corporation by 14.0% in the first quarter. SeaBridge Investment Advisors LLC now owns 2,114 shares of the construction company’s stock valued at $108,000 after buying an additional 259 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Lennar Corporation during the first quarter valued at about $1,006,000. Louisiana State Employees Retirement System raised its position in shares of Lennar Corporation by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 12,500 shares of the construction company’s stock valued at $640,000 after buying an additional 100 shares during the last quarter. Finally, Atria Investments LLC purchased a new position in shares of Lennar Corporation during the first quarter valued at about $742,000. Institutional investors and hedge funds own 82.08% of the company’s stock.
Shares of Lennar Corporation (LEN) opened at 53.25 on Friday. Lennar Corporation has a one year low of $39.68 and a one year high of $55.75. The company’s 50-day moving average price is $53.25 and its 200-day moving average price is $51.02. The company has a market capitalization of $12.49 billion, a price-to-earnings ratio of 15.57 and a beta of 1.26.
Lennar Corporation (NYSE:LEN) last released its quarterly earnings data on Tuesday, June 20th. The construction company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $2.90 billion. Lennar Corporation had a return on equity of 12.57% and a net margin of 6.78%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. On average, equities research analysts predict that Lennar Corporation will post $3.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Thursday, July 13th were given a $0.04 dividend. The ex-dividend date was Tuesday, July 11th. This represents a $0.16 annualized dividend and a yield of 0.30%. Lennar Corporation’s dividend payout ratio (DPR) is presently 4.68%.
Several research analysts have issued reports on the company. Barclays PLC lowered Lennar Corporation from an “overweight” rating to an “equal weight” rating and set a $56.00 price target on the stock. in a report on Tuesday, July 11th. Mizuho restated a “buy” rating on shares of Lennar Corporation in a report on Tuesday, July 11th. Wedbush restated a “neutral” rating and issued a $46.00 target price on shares of Lennar Corporation in a report on Thursday, June 15th. Bank of America Corporation restated a “buy” rating and issued a $63.00 target price (up previously from $60.00) on shares of Lennar Corporation in a report on Wednesday, June 21st. Finally, Royal Bank Of Canada raised their target price on Lennar Corporation from $60.00 to $61.00 and gave the company an “outperform” rating in a report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $56.53.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $53.17, for a total value of $1,063,400.00. Following the transaction, the chief operating officer now directly owns 139,433 shares of the company’s stock, valued at approximately $7,413,652.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.18% of the company’s stock.
About Lennar Corporation
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.
Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Corporation (NYSE:LEN).
Receive News & Ratings for Lennar Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lennar Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.