Lennar Co. (NYSE:LEN) Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its stake in shares of Lennar Co. (NYSE:LEN) by 3.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 343,728 shares of the construction company’s stock after selling 12,048 shares during the period. Jennison Associates LLC’s holdings in Lennar were worth $64,442,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Lakewood Asset Management LLC raised its stake in Lennar by 0.8% during the second quarter. Lakewood Asset Management LLC now owns 9,385 shares of the construction company’s stock worth $1,407,000 after purchasing an additional 70 shares during the period. NorthCrest Asset Manangement LLC increased its holdings in shares of Lennar by 1.5% during the 2nd quarter. NorthCrest Asset Manangement LLC now owns 4,870 shares of the construction company’s stock worth $730,000 after buying an additional 73 shares during the last quarter. Aaron Wealth Advisors LLC boosted its holdings in Lennar by 5.7% in the second quarter. Aaron Wealth Advisors LLC now owns 1,381 shares of the construction company’s stock valued at $207,000 after acquiring an additional 74 shares during the last quarter. Quotient Wealth Partners LLC grew its position in Lennar by 5.0% during the second quarter. Quotient Wealth Partners LLC now owns 1,540 shares of the construction company’s stock valued at $231,000 after acquiring an additional 74 shares during the period. Finally, Commerce Bank increased its stake in Lennar by 0.5% during the third quarter. Commerce Bank now owns 15,074 shares of the construction company’s stock worth $2,826,000 after acquiring an additional 74 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LEN. JPMorgan Chase & Co. lifted their price objective on Lennar from $154.00 to $173.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Bank of America lifted their price target on shares of Lennar from $171.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Evercore ISI dropped their price objective on shares of Lennar from $240.00 to $236.00 and set an “outperform” rating for the company in a research report on Monday, September 23rd. StockNews.com lowered shares of Lennar from a “buy” rating to a “hold” rating in a report on Saturday, September 28th. Finally, Royal Bank of Canada increased their price target on Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lennar currently has an average rating of “Hold” and an average price target of $180.56.

Insider Transactions at Lennar

In other news, Director Jeffrey Sonnenfeld sold 17,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $175.13, for a total value of $3,064,775.00. Following the transaction, the director now directly owns 23,689 shares in the company, valued at approximately $4,148,654.57. This trade represents a 42.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 9.36% of the company’s stock.

Lennar Stock Down 0.3 %

LEN stock opened at $168.23 on Thursday. The company has a market capitalization of $45.63 billion, a P/E ratio of 11.14, a PEG ratio of 1.58 and a beta of 1.62. The firm has a 50 day simple moving average of $178.67 and a 200-day simple moving average of $169.15. The company has a current ratio of 4.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.08. Lennar Co. has a twelve month low of $125.17 and a twelve month high of $193.80.

Lennar (NYSE:LEN) last released its earnings results on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, topping the consensus estimate of $3.62 by $0.28. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The company had revenue of $9.42 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter in the previous year, the firm earned $3.91 EPS. The company’s revenue was up 7.9% on a year-over-year basis. On average, equities research analysts predict that Lennar Co. will post 14.18 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Wednesday, October 9th. Lennar’s dividend payout ratio is presently 13.25%.

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, Financial Services, Multifamily, and Lennar Other 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; and development, construction, and management of multifamily rental properties.