Oppenheimer Asset Management Inc. Decreases Position in Lennar Co. (NYSE:LEN)

Oppenheimer Asset Management Inc. reduced its position in shares of Lennar Co. (NYSE:LEN) by 29.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 208,595 shares of the construction company’s stock after selling 85,329 shares during the period. Oppenheimer Asset Management Inc. owned 0.08% of Lennar worth $39,107,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. D1 Capital Partners L.P. raised its position in Lennar by 428.9% in the second quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company’s stock valued at $362,685,000 after purchasing an additional 1,962,447 shares during the period. Pacer Advisors Inc. grew its position in Lennar by 15.1% in the 2nd quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company’s stock valued at $452,886,000 after acquiring an additional 396,951 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Lennar during the first quarter worth about $61,807,000. Jacobs Levy Equity Management Inc. lifted its holdings in Lennar by 157.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 575,003 shares of the construction company’s stock worth $98,889,000 after buying an additional 351,698 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Lennar by 20.9% during the second quarter. Marshall Wace LLP now owns 2,015,641 shares of the construction company’s stock worth $302,084,000 after acquiring an additional 348,553 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on LEN. Wells Fargo & Company decreased their price target on shares of Lennar from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, November 7th. Bank of America increased their price target on shares of Lennar from $171.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Zelman & Associates raised shares of Lennar from a “neutral” rating to an “outperform” rating in a research report on Monday, September 23rd. Evercore ISI dropped their price objective on Lennar from $240.00 to $236.00 and set an “outperform” rating on the stock in a report on Monday, September 23rd. Finally, Citigroup raised their price target on Lennar from $164.00 to $196.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Lennar presently has an average rating of “Hold” and a consensus target price of $180.56.

Insider Buying and Selling at Lennar

In other news, Director Jeffrey Sonnenfeld sold 17,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $175.13, for a total transaction of $3,064,775.00. Following the completion of the transaction, the director now owns 23,689 shares of the company’s stock, valued at $4,148,654.57. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 9.36% of the stock is owned by insiders.

Lennar Price Performance

Shares of NYSE:LEN traded up $2.50 on Wednesday, reaching $168.68. 79,245 shares of the company were exchanged, compared to its average volume of 2,043,223. Lennar Co. has a 1-year low of $125.17 and a 1-year high of $193.80. The company has a current ratio of 4.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $179.96 and a 200-day moving average of $168.67. The firm has a market cap of $45.75 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.62.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, topping the consensus estimate of $3.62 by $0.28. The business had revenue of $9.42 billion for the quarter, compared to analyst estimates of $9.14 billion. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.91 EPS. Equities analysts forecast 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 $0.50 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.00 dividend on an annualized basis and a yield of 1.19%. Lennar’s dividend payout ratio (DPR) is 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.