Concord Asset Management LLC VA Increases Holdings in Lennar Co. (NYSE:LEN)

Concord Asset Management LLC VA grew its holdings in shares of Lennar Co. (NYSE:LEN) by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,731 shares of the construction company’s stock after buying an additional 150 shares during the quarter. Concord Asset Management LLC VA’s holdings in Lennar were worth $699,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in LEN. D1 Capital Partners L.P. raised its position in shares of Lennar by 428.9% during the 2nd quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company’s stock valued at $362,685,000 after buying an additional 1,962,447 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Lennar by 15.1% during the 2nd quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company’s stock valued at $452,886,000 after purchasing an additional 396,951 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in Lennar during the 1st quarter valued at about $61,807,000. KBC Group NV grew its holdings in Lennar by 258.3% during the 3rd quarter. KBC Group NV now owns 494,848 shares of the construction company’s stock valued at $92,774,000 after purchasing an additional 356,731 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew 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 valued at $98,889,000 after purchasing an additional 351,698 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on LEN shares. Barclays upped their price target on shares of Lennar from $177.00 to $210.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. The Goldman Sachs Group downgraded shares of Lennar from a “buy” rating to a “neutral” rating and cut their price target for the company from $180.00 to $174.00 in a report on Monday, July 22nd. Wells Fargo & Company cut their price target on shares of Lennar from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Evercore ISI dropped their target price on shares of Lennar from $240.00 to $236.00 and set an “outperform” rating on the stock in a research note on Monday, September 23rd. Finally, Wedbush restated a “neutral” rating and issued a $144.00 target price on shares of Lennar in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $180.56.

Insider Activity at Lennar

In related news, Director Jeffrey Sonnenfeld sold 17,500 shares of the stock in a transaction that occurred on 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 sale, the director now owns 23,689 shares of the company’s stock, valued at $4,148,654.57. This represents a 42.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.36% of the stock is currently owned by corporate insiders.

Lennar Price Performance

NYSE LEN opened at $168.85 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.98 and a current ratio of 4.90. The firm’s 50 day moving average price is $179.35 and its 200-day moving average price is $168.88. Lennar Co. has a 52-week low of $125.17 and a 52-week high of $193.80. The company has a market cap of $45.80 billion, a PE ratio of 11.18, a P/E/G ratio of 1.58 and a beta of 1.62.

Lennar (NYSE:LEN) last posted its earnings results on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $9.14 billion. During the same quarter in the prior year, the company posted $3.91 earnings per share. Lennar’s revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts forecast that Lennar Co. will post 14.18 EPS for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Investors of record on Wednesday, October 9th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, October 9th. This represents a $2.00 dividend on an annualized basis and a yield of 1.18%. Lennar’s payout ratio is 13.25%.

About Lennar

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.