Swiss National Bank trimmed its holdings in Lennar Co. (NYSE:LEN) by 4.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 933,888 shares of the construction company’s stock after selling 41,500 shares during the period. Swiss National Bank owned 0.29% of Lennar worth $45,256,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Ellis Investment Partners LLC purchased a new position in Lennar in the 1st quarter valued at about $35,000. Penserra Capital Management LLC purchased a new position in Lennar in the 1st quarter valued at about $57,000. Meeder Asset Management Inc. purchased a new position in Lennar in the 1st quarter valued at about $65,000. Hilton Capital Management LLC purchased a new position in Lennar in the 1st quarter valued at about $109,000. Finally, Valley National Advisers Inc. lifted its holdings in Lennar by 117.9% in the 1st quarter. Valley National Advisers Inc. now owns 2,745 shares of the construction company’s stock valued at $135,000 after purchasing an additional 1,485 shares in the last quarter. 86.05% of the stock is currently owned by hedge funds and other institutional investors.
In related news, President Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $49.04, for a total value of $980,800.00. Following the transaction, the president now owns 346,946 shares in the company, valued at $17,014,231.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.43% of the company’s stock.
Lennar (NYSE:LEN) last posted its quarterly earnings results on Tuesday, June 25th. The construction company reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.17. Lennar had a net margin of 8.86% and a return on equity of 12.03%. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same quarter last year, the firm posted $1.58 earnings per share. Lennar’s revenue for the quarter was up 1.9% compared to the same quarter last year. Sell-side analysts forecast that Lennar Co. will post 5.31 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were issued a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $0.16 annualized dividend and a yield of 0.32%. Lennar’s payout ratio is 2.52%.
A number of research analysts have issued reports on the stock. Bank of America reduced their target price on shares of Lennar from $57.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Wedbush set a $62.00 price objective on shares of Lennar and gave the stock a “buy” rating in a report on Wednesday, June 26th. ValuEngine lowered shares of Lennar from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. JPMorgan Chase & Co. cut their price objective on shares of Lennar from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, June 26th. Finally, Raymond James lowered shares of Lennar from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a report on Tuesday, June 18th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company. Lennar has a consensus rating of “Buy” and a consensus target price of $56.37.
Lennar Company Profile
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Multifamily, and Rialto segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.
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