Legacy Investment Solutions LLC Acquires New Stake in Lennar Co. (NYSE:LEN)

Legacy Investment Solutions LLC bought a new position in Lennar Co. (NYSE:LEN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 210 shares of the construction company’s stock, valued at approximately $39,000.

Other institutional investors have also recently modified their holdings of the company. Oakworth Capital Inc. bought a new position in Lennar in the 3rd quarter worth about $27,000. Wolff Wiese Magana LLC raised its holdings in Lennar by 933.3% in the third quarter. Wolff Wiese Magana LLC now owns 155 shares of the construction company’s stock worth $29,000 after buying an additional 140 shares during the last quarter. GHP Investment Advisors Inc. bought a new position in shares of Lennar in the third quarter worth approximately $30,000. Asset Dedication LLC grew its holdings in shares of Lennar by 4,225.0% during the third quarter. Asset Dedication LLC now owns 173 shares of the construction company’s stock valued at $32,000 after buying an additional 169 shares during the last quarter. Finally, DT Investment Partners LLC increased its position in shares of Lennar by 523.3% during the third quarter. DT Investment Partners LLC now owns 187 shares of the construction company’s stock valued at $35,000 after acquiring an additional 157 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Lennar Price Performance

Shares of Lennar stock opened at $163.45 on Monday. The stock’s fifty day moving average is $175.19 and its 200 day moving average is $169.93. Lennar Co. has a one year low of $135.31 and a one year high of $193.80. 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 stock has a market cap of $44.33 billion, a P/E ratio of 10.82, a P/E/G ratio of 1.35 and a beta of 1.61.

Lennar (NYSE:LEN) last posted its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, beating analysts’ consensus estimates of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The firm had revenue of $9.42 billion for the quarter, compared to analysts’ expectations of $9.14 billion. During the same period in the previous year, the firm earned $3.91 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts anticipate that Lennar Co. will post 14.11 earnings per share for the current year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.00 annualized dividend and a dividend yield of 1.22%. Lennar’s payout ratio is 13.25%.

Insider Activity at Lennar

In related news, Director Jeffrey Sonnenfeld sold 17,500 shares of Lennar stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $175.13, for a total transaction of $3,064,775.00. Following the sale, the director now owns 23,689 shares of the company’s stock, valued at approximately $4,148,654.57. This trade represents a 42.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.36% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on LEN shares. Keefe, Bruyette & Woods increased their target price on Lennar from $183.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Zelman & Associates raised Lennar from a “neutral” rating to an “outperform” rating in a research report on Monday, September 23rd. Bank Of America (Bofa) boosted their target price on Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Citigroup raised their price target on shares of Lennar from $164.00 to $196.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada boosted their price objective on shares of Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $184.29.

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.