Insider Buying: Lennar (NYSE:LEN) Major Shareholder Buys 12,389 Shares of Company Stock

Lennar Corporation (NYSE:LEN) major shareholder Berkshire Hathaway Inc purchased 12,389 shares of the stock in a transaction that occurred on Tuesday, September 29th. The stock was acquired at an average cost of $81.93 per share, with a total value of $1,015,030.77. Following the completion of the acquisition, the insider directly owned 25,395,623 shares of the company’s stock, valued at $2,080,663,392.39. This represents a 0.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, September 30th, Berkshire Hathaway Inc acquired 642,821 shares of Lennar stock. The shares were bought at an average cost of $81.58 per share, for a total transaction of $52,441,337.18.
• On Monday, September 28th, Berkshire Hathaway Inc acquired 5,200 shares of Lennar stock. The shares were bought at an average price of $81.96 per share, with a total value of $426,192.00.
• On Friday, September 25th, Berkshire Hathaway Inc bought 492,124 shares of Lennar stock. The stock was bought at an average cost of $81.12 per share, for a total transaction of $39,921,098.88.
• On Thursday, September 24th, Berkshire Hathaway Inc purchased 653,320 shares of Lennar stock. The stock was bought at an average cost of $80.88 per share, with a total value of $52,840,521.60.
• On Wednesday, September 23rd, Berkshire Hathaway Inc acquired 534,256 shares of Lennar stock. The stock was bought at an average price of $81.65 per share, with a total value of $43,622,002.40.
• On Monday, September 21st, Berkshire Hathaway Inc acquired 667,118 shares of Lennar stock. The shares were purchased at an average cost of $77.74 per share, for a total transaction of $51,861,753.32.
• On Friday, September 18th, Berkshire Hathaway Inc bought 1,381,397 shares of Lennar stock. The shares were purchased at an average price of $76.48 per share, for a total transaction of $105,649,242.56.
• On Thursday, September 17th, Berkshire Hathaway Inc bought 695,014 shares of Lennar stock. The stock was acquired at an average cost of $78.98 per share, for a total transaction of $54,892,205.72.

Lennar Stock Performance

Shares of LEN traded down $1.34 during mid-day trading on Wednesday, hitting $81.67. 5,383,356 shares of the company’s stock were exchanged, compared to its average volume of 4,783,887. Lennar Corporation has a fifty-two week low of $75.70 and a fifty-two week high of $133.76. The business’s 50 day moving average is $83.83 and its two-hundred day moving average is $87.21. The company has a current ratio of 4.94, a quick ratio of 0.69 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $19.67 billion, a P/E ratio of 15.44, a P/E/G ratio of 3.13 and a beta of 1.39.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Wednesday, September 16th. The construction company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). Lennar had a return on equity of 6.15% and a net margin of 4.09%.The firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $8.32 billion. During the same quarter in the previous year, the company posted $2.29 EPS. The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, equities analysts expect that Lennar Corporation will post 4.85 earnings per share for the current year.

Lennar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 22nd. Investors of record on Wednesday, October 7th will be given a $0.50 dividend. The ex-dividend date is Wednesday, October 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Lennar’s dividend payout ratio (DPR) is presently 37.81%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LEN. Evercore increased their target price on Lennar from $82.00 to $87.00 and gave the stock an “underperform” rating in a research note on Monday, June 15th. Zacks Research lowered Lennar from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 16th. Truist Financial cut their price target on shares of Lennar from $80.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, September 16th. Citigroup dropped their price objective on Lennar from $88.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, September 21st. Finally, Barclays cut their target price on shares of Lennar from $79.00 to $70.00 and set an “underweight” rating for the company in a research report on Friday, September 18th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and nine have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $81.00.

Institutional Investors Weigh In On Lennar

Hedge funds and other institutional investors have recently modified their holdings of the company. Anchor Investment Management LLC raised its position in shares of Lennar by 1,276.4% in the second quarter. Anchor Investment Management LLC now owns 757 shares of the construction company’s stock valued at $69,000 after buying an additional 702 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in Lennar by 5.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,609 shares of the construction company’s stock worth $1,322,000 after acquiring an additional 735 shares during the period. Van Hulzen Asset Management LLC acquired a new position in Lennar in the 2nd quarter valued at $317,000. Cidel Asset Management Inc. lifted its stake in shares of Lennar by 15.6% during the 2nd quarter. Cidel Asset Management Inc. now owns 4,873 shares of the construction company’s stock worth $441,000 after purchasing an additional 657 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Lennar during the second quarter worth $232,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Company Profile

Lennar Corporation (NYSE: LEN) is a homebuilding company that designs, constructs and sells single-family homes and, through its multifamily operations, develops apartment communities. Its residential offerings generally include homes across a range of sizes and prices, serving first-time, move-up and active-adult buyers.

The company also provides related services through businesses involved in mortgage financing, title and closing services, insurance and other real estate activities. Lennar develops residential communities and manages land acquisition, planning and construction as part of its integrated homebuilding model.

Founded in 1954, Lennar has expanded from its origins in South Florida into a national homebuilder serving numerous markets across the United States.