Oak Ridge Investments LLC Has $2,359,000 Position in Lennar Corp. (LEN)
Oak Ridge Investments LLC lowered its stake in shares of Lennar Corp. (NYSE:LEN) by 5.4% during the third quarter, Holdings Channel reports. The institutional investor owned 55,708 shares of the company’s stock after selling 3,161 shares during the period. Oak Ridge Investments LLC’s holdings in Lennar Corp. were worth $2,359,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. purchased a new stake in Lennar Corp. during the second quarter valued at approximately $112,193,000. Hexavest Inc. bought a new stake in shares of Lennar Corp. during the third quarter valued at about $79,257,000. Smead Capital Management Inc. bought a new stake in shares of Lennar Corp. during the third quarter valued at about $21,773,000. Oakmont Corp raised its stake in shares of Lennar Corp. by 82.5% in the third quarter. Oakmont Corp now owns 1,113,462 shares of the company’s stock valued at $47,144,000 after buying an additional 503,192 shares during the period. Finally, Marketfield Asset Management LLC bought a new stake in shares of Lennar Corp. during the second quarter valued at about $17,945,000. Institutional investors own 81.18% of the company’s stock.
Lennar Corp. (NYSE:LEN) traded down 3.84% on Wednesday, reaching $42.54. 3,698,776 shares of the company’s stock traded hands. The stock has a 50-day moving average of $42.03 and a 200 day moving average of $44.93. Lennar Corp. has a 52 week low of $37.14 and a 52 week high of $51.58. The firm has a market capitalization of $9.69 billion, a P/E ratio of 11.19 and a beta of 1.28.
Lennar Corp. (NYSE:LEN) last announced its quarterly earnings data on Tuesday, September 20th. The company reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.12. The business had revenue of $2.83 billion for the quarter. Lennar Corp. had a net margin of 8.37% and a return on equity of 13.98%. The company’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.96 earnings per share. On average, equities analysts expect that Lennar Corp. will post $3.82 EPS for the current fiscal year.
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LEN has been the topic of a number of recent research reports. MKM Partners set a $52.00 price target on shares of Lennar Corp. and gave the stock a “hold” rating in a research report on Wednesday, September 14th. Raymond James Financial Inc. upgraded shares of Lennar Corp. from an “outperform” rating to a “strong-buy” rating in a research report on Monday, October 31st. Buckingham Research upgraded shares of Lennar Corp. from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Monday, October 17th. Argus reaffirmed a “buy” rating and set a $55.00 target price on shares of Lennar Corp. in a research note on Friday, October 21st. Finally, Bank of America Corp. set a $52.00 target price on shares of Lennar Corp. and gave the stock a “buy” rating in a research note on Tuesday, September 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Lennar Corp. has an average rating of “Buy” and a consensus target price of $53.39.
In other news, COO Jonathan M. Jaffe sold 20,000 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $42.01, for a total transaction of $840,200.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 12.18% of the company’s stock.
About Lennar Corp.
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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