Lennar Corporation (LEN) Sees Large Growth in Short Interest
Lennar Corporation (NYSE:LEN) was the target of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 13,332,588 shares, a growth of 109.7% from the October 31st total of 6,356,661 shares. Based on an average trading volume of 4,717,003 shares, the days-to-cover ratio is presently 2.8 days. Currently, 6.7% of the shares of the company are short sold.
Shares of Lennar (LEN) opened at $62.78 on Friday. Lennar has a fifty-two week low of $41.83 and a fifty-two week high of $63.15. The company has a quick ratio of 0.59, a current ratio of 7.76 and a debt-to-equity ratio of 0.72. The firm has a market cap of $14,477.90, a PE ratio of 15.78, a PEG ratio of 1.50 and a beta of 1.31.
Lennar (NYSE:LEN) last posted its earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.05. Lennar had a net margin of 6.65% and a return on equity of 12.37%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the firm posted $1.01 EPS. The business’s quarterly revenue was up 15.1% on a year-over-year basis. research analysts anticipate that Lennar will post 4.04 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 2nd. Investors of record on Thursday, October 19th were paid 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 dividend yield of 0.25%. Lennar’s dividend payout ratio is presently 4.61%.
In other news, CFO Bruce E. Gross sold 5,000 shares of the firm’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 sale, the chief financial officer now directly owns 376,043 shares in the company, valued at approximately $21,238,908.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.18% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in LEN. D.A. Davidson & CO. boosted its position in Lennar by 8.9% in the 2nd 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 lifted its position in shares of Lennar by 32.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,168 shares of the construction company’s stock worth $114,000 after purchasing an additional 530 shares during the period. QS Investors LLC lifted its position in shares of Lennar by 1.0% in the 2nd quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock worth $135,000 after purchasing an additional 25 shares during the period. MUFG Americas Holdings Corp lifted its position in shares of Lennar by 7.3% in the 2nd quarter. MUFG Americas Holdings Corp now owns 3,250 shares of the construction company’s stock worth $173,000 after purchasing an additional 220 shares during the period. Finally, Chartist Inc. CA bought a new position in shares of Lennar during the 2nd quarter worth approximately $200,000. 81.34% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently commented on the stock. Mizuho downgraded shares of Lennar from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $59.00 to $53.00 in a research report on Tuesday, September 19th. Bank of America lifted their price target on shares of Lennar from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Royal Bank Of Canada reiterated a “buy” rating and issued a $64.00 price target on shares of Lennar in a report on Monday, August 21st. MKM Partners upgraded shares of Lennar from a “neutral” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Wednesday, October 4th. Finally, Zacks Investment Research upgraded shares of Lennar from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Friday, September 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. Lennar has an average rating of “Hold” and an average price target of $57.93.
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Lennar 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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