Pinnacle Associates Ltd. Increases Stock Position in Lennar Co. (NYSE:LEN)

Pinnacle Associates Ltd. boosted its stake in shares of Lennar Co. (NYSE:LEN) by 14.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,945 shares of the construction company’s stock after buying an additional 1,757 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Lennar were worth $2,614,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Boston Partners boosted its stake in shares of Lennar by 21.5% in the first quarter. Boston Partners now owns 23,775 shares of the construction company’s stock valued at $4,089,000 after purchasing an additional 4,207 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Lennar by 544.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 34,248 shares of the construction company’s stock valued at $5,890,000 after purchasing an additional 28,935 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Lennar by 23,048.0% in the third quarter. International Assets Investment Management LLC now owns 150,462 shares of the construction company’s stock valued at $28,209,000 after purchasing an additional 149,812 shares during the period. Fulton Bank N.A. purchased a new position in shares of Lennar in the second quarter valued at approximately $477,000. Finally, Rockport Wealth LLC purchased a new position in shares of Lennar in the first quarter valued at approximately $512,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

LEN has been the subject of several recent research reports. Wedbush reissued a “neutral” rating and issued a $144.00 price objective on shares of Lennar in a research note on Friday, September 20th. Royal Bank of Canada raised their target price on shares of Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a report on Monday, September 23rd. StockNews.com cut shares of Lennar from a “buy” rating to a “hold” rating in a report on Saturday, September 28th. Zelman & Associates raised shares of Lennar from a “neutral” rating to an “outperform” rating in a report on Monday, September 23rd. Finally, Evercore ISI reduced their target price on shares of Lennar from $240.00 to $236.00 and set an “outperform” rating on the stock in a report on Monday, September 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $181.11.

Insider Activity at Lennar

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $175.13, for a total transaction of $3,064,775.00. Following the sale, the director now directly owns 23,689 shares in the company, valued at approximately $4,148,654.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 9.36% of the stock is currently owned by insiders.

Lennar Stock Performance

Shares of Lennar stock opened at $169.70 on Friday. The firm’s fifty day simple moving average is $181.34 and its 200-day simple moving average is $167.54. The stock has a market capitalization of $46.03 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.60 and a beta of 1.61. Lennar Co. has a 12 month low of $113.44 and a 12 month high of $193.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.90 and a quick ratio of 0.98.

Lennar (NYSE:LEN) last posted its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, beating analysts’ consensus estimates of $3.62 by $0.28. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The firm had revenue of $9.42 billion for the quarter, compared to analyst estimates of $9.14 billion. During the same period last year, the firm posted $3.91 EPS. Lennar’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, equities analysts forecast that Lennar Co. will post 14.18 earnings per share for the current year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Investors of record on Wednesday, October 9th were given a $0.50 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $2.00 dividend on an annualized basis and a yield of 1.18%. Lennar’s dividend payout ratio (DPR) is 13.25%.

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.