Lennar Corporation (NYSE:LEN) Shares Sold by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. reduced its position in shares of Lennar Corporation (NYSE:LEN) by 2.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 493,016 shares of the construction company’s stock after selling 11,043 shares during the period. Pictet Asset Management Ltd.’s holdings in Lennar Corporation were worth $25,296,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its position in Lennar Corporation by 527.2% in the first quarter. Alliancebernstein L.P. now owns 2,094,587 shares of the construction company’s stock worth $107,222,000 after buying an additional 1,760,608 shares in the last quarter. Capital Growth Management LP boosted its position in Lennar Corporation by 55.5% in the first quarter. Capital Growth Management LP now owns 2,130,000 shares of the construction company’s stock worth $109,035,000 after buying an additional 760,000 shares in the last quarter. Oakmont Corp boosted its position in Lennar Corporation by 1,293.5% in the first quarter. Oakmont Corp now owns 790,830 shares of the construction company’s stock worth $40,483,000 after buying an additional 734,080 shares in the last quarter. Smead Capital Management Inc. boosted its position in Lennar Corporation by 43.3% in the second quarter. Smead Capital Management Inc. now owns 1,866,187 shares of the construction company’s stock worth $99,505,000 after buying an additional 564,085 shares in the last quarter. Finally, Nomura Holdings Inc. boosted its position in Lennar Corporation by 1,223.5% in the first quarter. Nomura Holdings Inc. now owns 597,709 shares of the construction company’s stock worth $30,603,000 after buying an additional 552,547 shares in the last quarter. 82.08% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lennar Corporation (NYSE:LEN) opened at 53.16 on Friday. The stock’s 50 day moving average is $53.22 and its 200-day moving average is $50.95. The stock has a market capitalization of $12.47 billion, a price-to-earnings ratio of 15.54 and a beta of 1.26. Lennar Corporation has a 12-month low of $39.68 and a 12-month high of $55.75.
Lennar Corporation (NYSE:LEN) last released its quarterly earnings results on Tuesday, June 20th. The construction company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same period in the previous year, the company earned $0.95 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts expect that Lennar Corporation will post $3.82 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Thursday, July 13th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Tuesday, July 11th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.30%. Lennar Corporation’s dividend payout ratio is presently 4.68%.
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LEN has been the topic of a number of research analyst reports. Zacks Investment Research raised Lennar Corporation from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, May 23rd. Deutsche Bank AG restated a “hold” rating and set a $53.00 price target (up from $52.00) on shares of Lennar Corporation in a research report on Thursday, June 22nd. Credit Suisse Group initiated coverage on shares of Lennar Corporation in a research report on Thursday, June 22nd. They set a “neutral” rating and a $55.00 price target for the company. Royal Bank Of Canada upped their price target on shares of Lennar Corporation from $60.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, June 21st. Finally, Mizuho restated a “buy” rating on shares of Lennar Corporation in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $56.53.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $53.17, for a total transaction of $1,063,400.00. Following the completion of 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 filing with the SEC, which is available through the SEC website. 12.18% of the stock is currently owned by 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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