Lazard Asset Management LLC cut its holdings in shares of Lennar Co. (NYSE:LEN – Get Rating) by 90.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,069 shares of the construction company’s stock after selling 103,722 shares during the period. Lazard Asset Management LLC’s holdings in Lennar were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. grew its holdings in Lennar by 1.7% during the first quarter. Daiwa Securities Group Inc. now owns 16,499 shares of the construction company’s stock worth $1,339,000 after acquiring an additional 279 shares during the period. SG Americas Securities LLC grew its stake in shares of Lennar by 66.6% during the 1st quarter. SG Americas Securities LLC now owns 4,722 shares of the construction company’s stock worth $383,000 after purchasing an additional 1,888 shares during the period. Atria Investments LLC increased its holdings in shares of Lennar by 3.8% during the 1st quarter. Atria Investments LLC now owns 34,465 shares of the construction company’s stock valued at $2,797,000 after purchasing an additional 1,250 shares in the last quarter. DAVENPORT & Co LLC lifted its stake in shares of Lennar by 2.2% in the 1st quarter. DAVENPORT & Co LLC now owns 26,830 shares of the construction company’s stock valued at $2,178,000 after purchasing an additional 570 shares during the period. Finally, National Asset Management Inc. boosted its holdings in Lennar by 2.3% during the first quarter. National Asset Management Inc. now owns 5,924 shares of the construction company’s stock worth $482,000 after buying an additional 136 shares in the last quarter. 81.18% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. JMP Securities decreased their price objective on shares of Lennar from $130.00 to $115.00 and set a “market outperform” rating for the company in a research report on Tuesday, October 4th. BTIG Research dropped their price objective on Lennar from $97.00 to $92.00 in a report on Friday, September 23rd. Raymond James cut Lennar from an “outperform” rating to a “market perform” rating in a research report on Friday, October 21st. KeyCorp lifted their price target on shares of Lennar from $89.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, November 14th. Finally, Bank of America cut shares of Lennar from a “neutral” rating to an “underperform” rating and set a $82.00 price objective for the company. in a research report on Thursday, August 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Lennar presently has a consensus rating of “Hold” and a consensus price target of $96.21.
Lennar Trading Down 0.4 %
Lennar (NYSE:LEN – Get Rating) last released its quarterly earnings data on Wednesday, September 21st. The construction company reported $5.18 earnings per share for the quarter, topping analysts’ consensus estimates of $4.76 by $0.42. Lennar had a return on equity of 23.12% and a net margin of 14.04%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $9.04 billion. Analysts predict that Lennar Co. will post 17.45 EPS for the current fiscal year.
Lennar Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, October 27th. Shareholders of record on Thursday, October 13th were issued a $0.375 dividend. The ex-dividend date of this dividend was Wednesday, October 12th. This represents a $1.50 annualized dividend and a yield of 1.77%. Lennar’s payout ratio is 9.92%.
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.
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