Spire Wealth Management Sells 1,248 Shares of Lennar Corporation $LEN

Spire Wealth Management trimmed its holdings in Lennar Corporation (NYSE:LEN) by 81.5% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 284 shares of the construction company’s stock after selling 1,248 shares during the quarter. Spire Wealth Management’s holdings in Lennar were worth $31,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of LEN. The Manufacturers Life Insurance Company grew its stake in shares of Lennar by 45.4% in the first quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company’s stock worth $1,020,866,000 after acquiring an additional 2,777,567 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in Lennar in the second quarter worth approximately $424,950,000. Brave Warrior Advisors LLC grew its position in Lennar by 23.4% in the 1st quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company’s stock worth $251,323,000 after purchasing an additional 415,218 shares during the period. Eminence Capital LP raised its stake in Lennar by 130.8% during the 1st quarter. Eminence Capital LP now owns 1,581,489 shares of the construction company’s stock valued at $181,523,000 after buying an additional 896,264 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Lennar by 20.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 736,490 shares of the construction company’s stock valued at $84,534,000 after buying an additional 123,266 shares during the period. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on LEN shares. Bank of America reduced their price objective on Lennar from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Friday, October 10th. Weiss Ratings restated a “hold (c)” rating on shares of Lennar in a research note on Wednesday, October 8th. The Goldman Sachs Group increased their price objective on shares of Lennar from $122.00 to $126.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. UBS Group boosted their target price on shares of Lennar from $146.00 to $161.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Finally, Royal Bank Of Canada increased their price target on shares of Lennar from $98.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $121.75.

Lennar Trading Down 0.6%

Lennar stock opened at $120.41 on Friday. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $180.12. The firm’s 50 day moving average price is $127.90 and its 200-day moving average price is $118.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.49 and a quick ratio of 0.68. The stock has a market cap of $30.71 billion, a P/E ratio of 11.90, a PEG ratio of 5.78 and a beta of 1.33.

Lennar (NYSE:LEN) last posted its earnings results on Thursday, September 18th. The construction company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.15. The company had revenue of $8.81 billion during the quarter, compared to analysts’ expectations of $9.01 billion. Lennar had a net margin of 7.72% and a return on equity of 11.09%. Lennar’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the company posted $3.90 earnings per share. On average, equities analysts predict that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 27th. Investors of record on Friday, October 10th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, October 10th. Lennar’s payout ratio is currently 19.76%.

Lennar 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, Financial Services, Multifamily, and Lennar Other 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; and development, construction, and management of multifamily rental properties.