Nationwide Fund Advisors Lowers Position in Lennar Corp. (LEN)
Nationwide Fund Advisors lowered its stake in shares of Lennar Corp. (NYSE:LEN) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 51,096 shares of the company’s stock after selling 1,062 shares during the period. Nationwide Fund Advisors’ holdings in Lennar Corp. were worth $2,356,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of LEN. Gateway Investment Advisers LLC boosted its stake in Lennar Corp. by 0.8% in the second quarter. Gateway Investment Advisers LLC now owns 12,620 shares of the company’s stock valued at $582,000 after buying an additional 97 shares during the last quarter. Pitcairn Co. boosted its stake in Lennar Corp. by 1.7% in the second quarter. Pitcairn Co. now owns 7,530 shares of the company’s stock valued at $347,000 after buying an additional 125 shares during the last quarter. LS Investment Advisors LLC boosted its stake in Lennar Corp. by 2.9% in the second quarter. LS Investment Advisors LLC now owns 7,648 shares of the company’s stock valued at $353,000 after buying an additional 217 shares during the last quarter. Concert Wealth Management Inc. boosted its stake in Lennar Corp. by 4.1% in the second quarter. Concert Wealth Management Inc. now owns 7,946 shares of the company’s stock valued at $366,000 after buying an additional 315 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in Lennar Corp. by 2.6% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 14,207 shares of the company’s stock valued at $654,000 after buying an additional 356 shares during the last quarter. 86.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lennar Corp. (NYSE:LEN) traded down 0.50% on Tuesday, reaching $41.51. 236,442 shares of the company traded hands. The stock has a market capitalization of $9.46 billion, a price-to-earnings ratio of 10.92 and a beta of 1.41. Lennar Corp. has a 1-year low of $37.14 and a 1-year high of $52.50. The company has a 50-day moving average of $44.68 and a 200-day moving average of $46.10.
Lennar Corp. (NYSE:LEN) last posted its quarterly earnings results on Tuesday, September 20th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.12. The business earned $2.83 billion during the quarter. Lennar Corp. had a net margin of 8.37% and a return on equity of 13.98%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.96 EPS. Analysts anticipate that Lennar Corp. will post $3.82 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.38%. Lennar Corp.’s dividend payout ratio is currently 4.21%.
Several analysts have weighed in on the company. Citigroup Inc. cut their price objective on Lennar Corp. from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 21st. Raymond James Financial Inc. upgraded shares of Lennar Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, June 27th. Royal Bank Of Canada lowered their target price on shares of Lennar Corp. from $64.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, September 21st. FBR & Co reiterated an “outperform” rating and set a $60.00 target price on shares of Lennar Corp. in a report on Wednesday, June 22nd. Finally, MKM Partners reiterated a “neutral” rating and set a $52.00 target price on shares of Lennar Corp. in a report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Lennar Corp. currently has an average rating of “Buy” and a consensus price target of $54.03.
In other Lennar Corp. news, COO Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $42.01, for a total value of $840,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 12.18% of the stock is currently owned by company insiders.
Lennar Corp. Company Profile
Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily.
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