Russell Investments Group Ltd. reduced its position in shares of Lennar Corporation (NYSE:LEN) by 16.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,165,576 shares of the construction company’s stock after selling 221,246 shares during the period. Russell Investments Group Ltd. owned 0.57% of Lennar Corporation worth $62,173,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sanders Capital LLC boosted its position in Lennar Corporation by 1.3% in the first quarter. Sanders Capital LLC now owns 8,724,399 shares of the construction company’s stock worth $456,887,000 after buying an additional 110,379 shares during the last quarter. Aristotle Capital Management LLC boosted its position in Lennar Corporation by 1.3% in the first quarter. Aristotle Capital Management LLC now owns 5,767,575 shares of the construction company’s stock worth $295,242,000 after buying an additional 73,814 shares during the last quarter. UBS Asset Management Americas Inc. boosted 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. Hexavest Inc. boosted its position in Lennar Corporation by 5.1% in the first quarter. Hexavest Inc. now owns 2,428,273 shares of the construction company’s stock worth $124,303,000 after buying an additional 118,070 shares during the last quarter. Finally, 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 during the last quarter. Institutional investors own 82.08% of the company’s stock.
Shares of Lennar Corporation (NYSE:LEN) traded up 0.26% during midday trading on Tuesday, reaching $54.43. The company’s stock had a trading volume of 1,101,996 shares. The stock has a market capitalization of $12.76 billion, a PE ratio of 15.91 and a beta of 1.26. Lennar Corporation has a 52 week low of $39.68 and a 52 week high of $55.75. The company has a 50 day moving average price of $53.13 and a 200-day moving average price of $50.66.
Lennar Corporation (NYSE:LEN) last released its earnings results on Tuesday, June 20th. The construction company reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.13. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same period last year, the company posted $0.95 EPS. The business’s revenue was up 18.8% on a year-over-year basis. On average, equities research analysts expect that Lennar Corporation will post $3.82 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Thursday, July 13th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date was Tuesday, July 11th. Lennar Corporation’s dividend payout ratio (DPR) is 4.68%.
LEN has been the subject of a number of recent research reports. Zacks Investment Research upgraded Lennar Corporation from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Friday, June 16th. Wedbush reiterated a “neutral” rating and set a $46.00 price objective on shares of Lennar Corporation in a research note on Thursday, June 15th. Argus reissued a “buy” rating and issued a $60.00 target price (up previously from $57.00) on shares of Lennar Corporation in a report on Tuesday, July 25th. Mizuho started coverage on Lennar Corporation in a report on Tuesday, May 16th. They issued a “buy” rating and a $59.00 target price for the company. Finally, Royal Bank Of Canada lifted their target price on Lennar Corporation from $61.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Lennar Corporation presently has an average 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 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 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 Securities & Exchange Commission, which is available at the SEC website. 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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