State Treasurer State of Michigan Lowers Holdings in Lennar Co. (LEN)

State Treasurer State of Michigan lowered its position in shares of Lennar Co. (NYSE:LEN) by 3.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 83,758 shares of the construction company’s stock after selling 3,200 shares during the quarter. State Treasurer State of Michigan’s holdings in Lennar were worth $3,279,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Lennar by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,160,634 shares of the construction company’s stock worth $1,445,931,000 after acquiring an additional 1,099,188 shares during the period. Alliancebernstein L.P. raised its stake in shares of Lennar by 2.1% during the 3rd quarter. Alliancebernstein L.P. now owns 4,037,099 shares of the construction company’s stock valued at $188,492,000 after buying an additional 81,676 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Lennar by 3.5% during the 3rd quarter. Sterling Capital Management LLC now owns 1,080,531 shares of the construction company’s stock valued at $50,450,000 after buying an additional 36,434 shares during the last quarter. Stelliam Investment Management LP raised its stake in shares of Lennar by 14.5% during the 3rd quarter. Stelliam Investment Management LP now owns 1,027,500 shares of the construction company’s stock valued at $47,974,000 after buying an additional 130,000 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Lennar by 2.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 911,469 shares of the construction company’s stock valued at $42,556,000 after buying an additional 23,347 shares during the last quarter. 87.62% of the stock is owned by institutional investors.

Shares of Lennar stock traded down $0.19 on Monday, hitting $45.84. The company’s stock had a trading volume of 16,091 shares, compared to its average volume of 3,232,237. The company has a quick ratio of 1.12, a current ratio of 11.48 and a debt-to-equity ratio of 0.58. Lennar Co. has a 1 year low of $37.29 and a 1 year high of $64.90. The firm has a market cap of $14.92 billion, a PE ratio of 7.21, a P/E/G ratio of 0.55 and a beta of 1.35.

Lennar (NYSE:LEN) last announced its quarterly earnings results on Wednesday, January 9th. The construction company reported $1.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.91 by $0.05. Lennar had a return on equity of 13.76% and a net margin of 8.24%. The firm had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.46 billion. During the same quarter in the previous year, the business earned $1.29 EPS. Lennar’s revenue for the quarter was up 70.7% compared to the same quarter last year. On average, sell-side analysts expect that Lennar Co. will post 6.02 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 8th. Investors of record on Friday, January 25th were paid a $0.04 dividend. The ex-dividend date was Thursday, January 24th. This represents a $0.16 annualized dividend and a dividend yield of 0.35%. Lennar’s dividend payout ratio is presently 2.52%.

In related news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar stock in a transaction dated Wednesday, January 2nd. The stock was sold at an average price of $40.03, for a total value of $800,600.00. Following the completion of the transaction, the chief operating officer now owns 171,014 shares in the company, valued at approximately $6,845,690.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.50% of the stock is owned by insiders.

A number of research firms have weighed in on LEN. Royal Bank of Canada set a $53.00 price objective on Lennar and gave the company a “buy” rating in a research note on Thursday, January 10th. Barclays set a $52.00 price objective on Lennar and gave the company a “buy” rating in a research note on Thursday, January 10th. Buckingham Research began coverage on Lennar in a research note on Friday, January 11th. They set a “buy” rating for the company. They noted that the move was a valuation call. Bank of America reduced their price objective on Lennar from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday, January 10th. Finally, Deutsche Bank lifted their price objective on Lennar to $56.00 and gave the company a “buy” rating in a research note on Thursday, January 10th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $59.00.

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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, Lennar Financial Services, Lennar Multifamily, and Rialto 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.

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Institutional Ownership by Quarter for Lennar (NYSE:LEN)

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