Lennar Corporation $LEN Stock Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its stake in Lennar Corporation (NYSE:LEN) by 27.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 25,506 shares of the construction company’s stock after selling 9,740 shares during the period. Pinnacle Associates Ltd.’s holdings in Lennar were worth $2,081,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rare Wolf Capital LLC bought a new stake in Lennar in the third quarter valued at approximately $298,000. Vision Capital Management Inc. increased its position in Lennar by 240.4% during the 3rd quarter. Vision Capital Management Inc. now owns 19,581 shares of the construction company’s stock valued at $1,598,000 after purchasing an additional 13,828 shares during the period. Vontobel Holding Ltd. raised its holdings in Lennar by 58.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 23,161 shares of the construction company’s stock worth $1,890,000 after purchasing an additional 8,568 shares during the last quarter. Mosley Wealth Management raised its holdings in Lennar by 50.2% during the 3rd quarter. Mosley Wealth Management now owns 3,729 shares of the construction company’s stock worth $290,000 after purchasing an additional 1,247 shares during the last quarter. Finally, Banque Pictet & Cie SA acquired a new position in shares of Lennar in the 3rd quarter worth approximately $414,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Lennar Price Performance

Shares of NYSE LEN opened at $85.06 on Friday. The company has a market capitalization of $20.24 billion, a PE ratio of 16.08, a PEG ratio of 3.17 and a beta of 1.36. The company has a quick ratio of 0.69, a current ratio of 4.94 and a debt-to-equity ratio of 0.20. The stock’s 50 day moving average price is $81.17 and its 200-day moving average price is $85.67. Lennar Corporation has a twelve month low of $71.78 and a twelve month high of $133.76.

Lennar (NYSE:LEN) last issued its quarterly earnings results on Wednesday, September 16th. The construction company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). The business had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $8.32 billion. Lennar had a net margin of 4.09% and a return on equity of 6.15%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.00 earnings per share. On average, equities analysts anticipate that Lennar Corporation will post 4.88 EPS for the current year.

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 22nd. Stockholders of record on Wednesday, October 7th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, October 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Lennar’s dividend payout ratio (DPR) is currently 37.81%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LEN shares. Seaport Research Partners cut their price target on shares of Lennar from $74.00 to $70.00 and set a “sell” rating on the stock in a research report on Monday, September 21st. Wells Fargo & Company dropped their price target on Lennar from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. Truist Financial cut their target price on Lennar from $80.00 to $75.00 and set a “hold” rating on the stock in a report on Wednesday, September 16th. Royal Bank Of Canada dropped their target price on Lennar from $85.00 to $69.00 and set an “underperform” rating on the stock in a report on Friday, September 18th. Finally, Keefe, Bruyette & Woods lowered their price target on Lennar from $85.00 to $75.00 and set an “underperform” rating for the company in a research report on Tuesday, September 22nd. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and eleven have given a Sell rating to the company’s stock. According to MarketBeat.com, Lennar presently has a consensus rating of “Strong Sell” and a consensus target price of $79.00.

Insider Activity

In other Lennar news, major shareholder Berkshire Hathaway Inc bought 1,708,095 shares of the stock in a transaction dated Friday, October 2nd. The shares were bought at an average cost of $79.44 per share, for a total transaction of $135,691,066.80. Following the purchase, the insider directly owned 28,438,045 shares of the company’s stock, valued at approximately $2,259,118,294.80. This trade represents a 6.39% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders acquired 7,502,276 shares of company stock worth $595,303,287. Company insiders own 10.05% of the company’s stock.

More Lennar News

Here are the key news stories impacting Lennar this week:

• Positive Sentiment: Lower rates lift the homebuilder sector: The average 30-year mortgage rate declined to 7.32%, while Treasury yields also eased. The improved financing outlook encouraged investors to rotate back into beaten-down homebuilders, including Lennar. Lennar gains as lower rates appear to lift beaten-down homebuilders
• Positive Sentiment: Institutional buying and valuation appeal: Berkshire Hathaway and other large institutions reportedly increased their Lennar holdings in the latest quarter. A GuruFocus analysis also estimated fair value at $124.32 versus a recent share price of $84.45, potentially reinforcing the view that LEN is undervalued. A Look at Lennar Corp After 8.7% Gain
• Positive Sentiment: Continued community expansion: Lennar broke ground on a 220-home community at Fort Monmouth in Eatontown, New Jersey, and was identified as the buyer of the former Boynton Beach Mall site in Florida. These projects expand its future housing pipeline, although their earnings impact will develop over time. Lennar breaks ground on 220-home community at Fort Monmouth Lennar revealed as buyer of Boynton Beach Mall
• Neutral Sentiment: Broader real-estate rally: Lennar rose alongside Zillow and CoStar as analysts raised targets for parts of the real-estate sector, suggesting some of the move reflected industry-wide momentum rather than a Lennar-specific catalyst. CoStar Soars as Zillow and Lennar Rally
• Negative Sentiment: Fundamental concerns remain: Lennar’s latest reported quarter missed earnings and revenue expectations, with earnings per share falling year over year and revenue declining 8.7%. Earlier weakness also reflected a reduced delivery outlook, leaving the stock sensitive to mortgage rates, affordability and execution risks. Lennar Stock Sinks as Market Gains

Lennar Profile

Lennar Corporation (NYSE:LEN) is a homebuilding and real estate company that develops, constructs, and sells primarily single-family homes. The company offers homes across a range of price points and designs, including residences for first-time, move-up, luxury, and active-adult buyers. Its operations also include land acquisition and development, allowing Lennar to prepare communities and lots for residential construction.

In addition to homebuilding, Lennar develops multifamily rental properties and provides related financial services.