CIBC Asset Management Inc Raises Position in Lennar Corporation (LEN)
CIBC Asset Management Inc boosted its holdings in shares of Lennar Corporation (NYSE:LEN) by 5.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,136 shares of the construction company’s stock after buying an additional 1,117 shares during the quarter. CIBC Asset Management Inc’s holdings in Lennar Corporation were worth $1,169,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of LEN. D.A. Davidson & CO. increased its holdings in Lennar Corporation by 8.9% during the second quarter. D.A. Davidson & CO. now owns 1,895 shares of the construction company’s stock valued at $101,000 after buying an additional 155 shares during the period. Commonwealth Bank of Australia increased its holdings in Lennar Corporation by 32.4% during the second quarter. Commonwealth Bank of Australia now owns 2,168 shares of the construction company’s stock valued at $114,000 after buying an additional 530 shares during the period. Washington Trust Bank increased its holdings in Lennar Corporation by 47.6% during the second quarter. Washington Trust Bank now owns 2,462 shares of the construction company’s stock valued at $131,000 after buying an additional 794 shares during the period. QS Investors LLC increased its holdings in Lennar Corporation by 1.0% during the second quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock valued at $135,000 after buying an additional 25 shares during the period. Finally, MUFG Americas Holdings Corp increased its holdings in Lennar Corporation by 7.3% during the second quarter. MUFG Americas Holdings Corp now owns 3,250 shares of the construction company’s stock valued at $173,000 after buying an additional 220 shares during the period. 79.83% of the stock is currently owned by institutional investors.
Lennar Corporation (NYSE:LEN) opened at $58.89 on Friday. The stock has a market cap of $13,854.46, a price-to-earnings ratio of 15.10, a P/E/G ratio of 1.43 and a beta of 1.31. Lennar Corporation has a 1 year low of $41.83 and a 1 year high of $59.32. The company has a current ratio of 7.76, a quick ratio of 0.59 and a debt-to-equity ratio of 0.72.
Lennar Corporation (NYSE:LEN) last posted its earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.05. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.25 billion. Lennar Corporation had a net margin of 6.65% and a return on equity of 12.37%. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. equities analysts anticipate that Lennar Corporation will post 4.04 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 2nd. Investors of record on Thursday, October 19th were given a dividend of $0.04 per share. The ex-dividend date was Wednesday, October 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.27%. Lennar Corporation’s dividend payout ratio is presently 4.61%.
LEN has been the topic of several analyst reports. Argus reaffirmed a “buy” rating and issued a $60.00 price target (up from $57.00) on shares of Lennar Corporation in a report on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $62.00 price target on shares of Lennar Corporation in a report on Thursday, July 27th. Zacks Investment Research lowered shares of Lennar Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. BidaskClub lowered shares of Lennar Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $64.00 price target on shares of Lennar Corporation in a report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. Lennar Corporation presently has a consensus rating of “Hold” and an average price target of $57.93.
In related news, CFO Bruce E. Gross sold 5,000 shares of the business’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $56.48, for a total transaction of $282,400.00. Following the completion of the transaction, the chief financial officer now directly owns 376,043 shares in the company, valued at $21,238,908.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.18% of the company’s stock.
Lennar Corporation Company Profile
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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