Sound Shore Management Inc. CT acquired a new position in shares of Lennar Co. (NYSE:LEN) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 2,690,108 shares of the construction company’s stock, valued at approximately $105,318,000. Lennar makes up about 2.2% of Sound Shore Management Inc. CT’s portfolio, making the stock its 28th largest holding.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Lennar by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,160,634 shares of the construction company’s stock worth $1,445,931,000 after acquiring an additional 1,099,188 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in Lennar by 5,332.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,346,825 shares of the construction company’s stock valued at $111,000 after purchasing an additional 4,266,802 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Lennar by 2.1% during the third quarter. Alliancebernstein L.P. now owns 4,037,099 shares of the construction company’s stock valued at $188,492,000 after purchasing an additional 81,676 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Lennar by 3.5% during the third quarter. Sterling Capital Management LLC now owns 1,080,531 shares of the construction company’s stock valued at $50,450,000 after purchasing an additional 36,434 shares during the last quarter. Finally, Stelliam Investment Management LP lifted its holdings in Lennar by 14.5% during the third quarter. Stelliam Investment Management LP now owns 1,027,500 shares of the construction company’s stock valued at $47,974,000 after purchasing an additional 130,000 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.
In other Lennar news, COO Jonathan M. Jaffe sold 20,000 shares of the stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $40.03, for a total transaction of $800,600.00. Following the transaction, the chief operating officer now directly owns 171,014 shares in the company, valued at $6,845,690.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is owned by company insiders.
Lennar (NYSE:LEN) last issued its quarterly earnings results on Wednesday, January 9th. The construction company reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.05. Lennar had a net margin of 8.24% and a return on equity of 13.76%. The business had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.46 billion. During the same period last year, the business earned $1.29 earnings per share. The business’s quarterly revenue was up 70.7% on a year-over-year basis. On average, equities analysts anticipate that Lennar Co. will post 6.02 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 8th. Shareholders of record on Friday, January 25th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend was Thursday, January 24th. Lennar’s payout ratio is currently 2.52%.
Several equities research analysts have commented on the stock. TheStreet downgraded shares of Lennar from a “b-” rating to a “c+” rating in a report on Tuesday, October 23rd. Wells Fargo & Co set a $62.00 price objective on shares of Lennar and gave the company a “buy” rating in a report on Monday, November 12th. ValuEngine raised shares of Lennar from a “strong sell” rating to a “sell” rating in a report on Monday, December 17th. Citigroup dropped their price objective on shares of Lennar from $62.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, January 4th. Finally, Zacks Investment Research reaffirmed a “sell” rating on shares of Lennar in a report on Monday, December 31st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $57.71.
Lennar Company Profile
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Multifamily, and Rialto segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.
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