Westpac Banking Corp raised its position in Lennar Corp. (NYSE:LEN) by 42.7% during the second quarter, Holdings Channel reports. The firm owned 21,777 shares of the company’s stock after buying an additional 6,521 shares during the period. Westpac Banking Corp’s holdings in Lennar Corp. were worth $1,004,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Emerald Acquisition Ltd. acquired a new position in shares of Lennar Corp. during the second quarter worth $112,193,000. Third Avenue Management LLC acquired a new position in shares of Lennar Corp. during the first quarter worth $54,308,000. 1832 Asset Management L.P. boosted its position in shares of Lennar Corp. by 38.0% in the first quarter. 1832 Asset Management L.P. now owns 704,000 shares of the company’s stock worth $56,644,000 after buying an additional 194,000 shares during the period. Ruffer LLP acquired a new position in shares of Lennar Corp. during the first quarter worth $7,456,000. Finally, Eaton Vance Management boosted its position in shares of Lennar Corp. by 487.4% in the second quarter. Eaton Vance Management now owns 169,551 shares of the company’s stock worth $7,816,000 after buying an additional 140,685 shares during the period. 86.39% of the stock is owned by institutional investors and hedge funds.
Lennar Corp. (NYSE:LEN) opened at 42.34 on Friday. The company’s 50 day moving average is $45.55 and its 200 day moving average is $46.32. Lennar Corp. has a 12-month low of $37.14 and a 12-month high of $52.50. The firm has a market cap of $9.28 billion, a price-to-earnings ratio of 11.14 and a beta of 1.37.
Lennar Corp. (NYSE:LEN) last released its earnings results on Tuesday, September 20th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.89 by $0.12. Lennar Corp. had a net margin of 8.37% and a return on equity of 14.34%. The business earned $2.83 billion during the quarter. During the same period in the prior year, the company earned $0.96 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, equities analysts anticipate that Lennar Corp. will post $3.82 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be given a $0.04 dividend. The ex-dividend date is Monday, October 3rd. This represents a $0.16 annualized dividend and a dividend yield of 0.38%. Lennar Corp.’s dividend payout ratio (DPR) is presently 4.21%.
LEN has been the subject of a number of recent research reports. Wells Fargo & Co. initiated coverage on shares of Lennar Corp. in a research note on Wednesday. They set a “market perform” rating for the company. Argus initiated coverage on shares of Lennar Corp. in a research note on Tuesday, July 5th. They set a “buy” rating and a $59.00 price objective for the company. Zacks Investment Research cut shares of Lennar Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 29th. Wedbush assumed coverage on shares of Lennar Corp. in a research note on Monday, September 19th. They set a “neutral” rating and a $46.00 price objective for the company. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Lennar Corp. from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, September 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $54.03.
About Lennar Corp.
Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily.
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