Korea Investment CORP Has $4.29 Million Stake in Lennar Corporation (LEN)
Korea Investment CORP raised its position in Lennar Corporation (NYSE:LEN) by 47.5% during the second quarter, Holdings Channel reports. The institutional investor owned 80,409 shares of the construction company’s stock after buying an additional 25,909 shares during the period. Korea Investment CORP’s holdings in Lennar Corporation were worth $4,287,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Oakbrook Investments LLC acquired a new position in shares of Lennar Corporation during the first quarter worth approximately $479,000. DnB Asset Management AS boosted 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 worth $1,116,000 after buying an additional 11,500 shares in the last quarter. SeaBridge Investment Advisors LLC boosted 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 worth $108,000 after buying an additional 259 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Lennar Corporation during the first quarter worth approximately $1,006,000. Finally, Louisiana State Employees Retirement System boosted 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 worth $640,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 82.08% of the company’s stock.
Lennar Corporation (NYSE:LEN) opened at 53.25 on Friday. The company has a market cap of $12.49 billion, a PE ratio of 15.57 and a beta of 1.26. The company has a 50-day moving average of $53.25 and a 200 day moving average of $51.02. Lennar Corporation has a 52-week low of $39.68 and a 52-week high of $55.75.
Lennar Corporation (NYSE:LEN) last issued its quarterly earnings data on Tuesday, June 20th. The construction company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.13. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.90 billion. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 EPS. Equities research analysts predict that Lennar Corporation will post $3.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Thursday, July 13th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend was Tuesday, July 11th. Lennar Corporation’s payout ratio is 4.68%.
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A number of research analysts have commented on the stock. Barclays PLC cut shares of Lennar Corporation from an “overweight” rating to an “equal weight” rating and set a $56.00 price target for the company. in a research note on Tuesday, July 11th. Mizuho restated a “buy” rating on shares of Lennar Corporation in a research note on Tuesday, July 11th. Wedbush restated a “neutral” rating and set a $46.00 price target on shares of Lennar Corporation in a research note on Thursday, June 15th. Bank of America Corporation restated a “buy” rating and set a $63.00 price target (up previously from $60.00) on shares of Lennar Corporation in a research note on Wednesday, June 21st. Finally, Royal Bank Of Canada raised their price target on shares of Lennar Corporation from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Lennar Corporation currently has a consensus rating of “Buy” and an average price target of $56.53.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $53.17, for a total value of $1,063,400.00. Following the completion of the transaction, the chief operating officer now owns 139,433 shares of the company’s stock, valued at approximately $7,413,652.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.18% of the stock is owned by corporate insiders.
Lennar Corporation Company Profile
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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