Sterling Capital Management LLC reduced its holdings in Lennar Co. (NYSE:LEN) by 9.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 944,276 shares of the construction company’s stock after selling 102,015 shares during the period. Sterling Capital Management LLC’s holdings in Lennar were worth $59,716,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of LEN. Itau Unibanco Holding S.A. purchased a new position in shares of Lennar in the 4th quarter worth $103,000. First Personal Financial Services purchased a new position in shares of Lennar in the 4th quarter worth $140,000. Independence Bank of Kentucky purchased a new position in shares of Lennar in the 4th quarter worth $153,000. NuWave Investment Management LLC purchased a new position in shares of Lennar during the 4th quarter worth about $203,000. Finally, Gotham Asset Management LLC purchased a new position in shares of Lennar during the 4th quarter worth about $207,000. 88.73% of the stock is owned by institutional investors and hedge funds.
Shares of Lennar Co. (NYSE LEN) opened at $59.06 on Tuesday. Lennar Co. has a twelve month low of $49.34 and a twelve month high of $72.17. The company has a debt-to-equity ratio of 0.80, a current ratio of 8.42 and a quick ratio of 1.67. The company has a market cap of $14,207.97, a PE ratio of 17.27, a PEG ratio of 0.61 and a beta of 1.31.
Lennar (NYSE:LEN) last posted its quarterly earnings results on Wednesday, January 10th. The construction company reported $1.29 EPS for the quarter, missing the consensus estimate of $1.50 by ($0.21). Lennar had a net margin of 6.41% and a return on equity of 12.00%. The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the firm posted $1.34 EPS. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. sell-side analysts expect that Lennar Co. will post 5.29 earnings per share for the current year.
LEN has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Lennar from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. Royal Bank of Canada set a $82.00 price target on shares of Lennar and gave the stock a “buy” rating in a research note on Friday, January 12th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $78.00 price target on shares of Lennar in a research note on Thursday, January 11th. ValuEngine cut shares of Lennar from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, Argus lifted their price target on shares of Lennar from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $67.93.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $64.02, for a total transaction of $1,280,400.00. Following the completion of the transaction, the chief operating officer now owns 99,000 shares in the company, valued at approximately $6,337,980. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Mark Sustana sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $69.55, for a total transaction of $8,693,750.00. Following the transaction, the general counsel now owns 65,720 shares of the company’s stock, valued at approximately $4,570,826. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,000 shares of company stock valued at $12,092,050. Company insiders own 8.50% of the company’s stock.
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Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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