Contravisory Investment Management Inc. bought a new position in Lennar Corporation (NYSE:LEN) during the second quarter, Holdings Channel reports. The firm bought 4,767 shares of the construction company’s stock, valued at approximately $254,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Alliancebernstein L.P. raised 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 during the last quarter. Capital Growth Management LP raised 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 during the last quarter. Oakmont Corp raised 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 during the last quarter. Nomura Holdings Inc. raised 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 during the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in Lennar Corporation by 14.1% in the first quarter. UBS Asset Management Americas Inc. now owns 2,918,880 shares of the construction company’s stock worth $149,417,000 after buying an additional 361,684 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.
Lennar Corporation (NYSE LEN) traded down 1.13% during mid-day trading on Friday, hitting $52.43. The stock had a trading volume of 2,060,862 shares. The firm’s 50-day moving average is $53.06 and its 200 day moving average is $50.37. The company has a market cap of $12.29 billion, a price-to-earnings ratio of 15.33 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 earnings results on Tuesday, June 20th. The construction company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.13. Lennar Corporation had a return on equity of 12.57% and a net margin of 6.78%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same period last year, the business posted $0.95 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts anticipate that Lennar Corporation will post $3.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Thursday, July 13th were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend was Tuesday, July 11th. Lennar Corporation’s dividend payout ratio is currently 4.68%.
LEN has been the topic of a number of recent 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 report on Tuesday, May 23rd. Deutsche Bank AG reissued a “hold” rating and set a $53.00 target price (up from $52.00) on shares of Lennar Corporation in a report on Thursday, June 22nd. Credit Suisse Group initiated coverage on Lennar Corporation in a report on Thursday, June 22nd. They set a “neutral” rating and a $55.00 target price on the stock. Royal Bank Of Canada boosted their target price on Lennar Corporation from $60.00 to $61.00 and gave the stock an “outperform” rating in a report on Wednesday, June 21st. Finally, Wedbush reissued a “neutral” rating and set a $46.00 target price on shares of Lennar Corporation in a report on Thursday, June 15th. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $56.53.
In other Lennar Corporation news, COO Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 139,433 shares of the company’s stock, valued at $7,413,652.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company 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.
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