Lennar Co. (NYSE:LEN) Stock Position Raised by Miller Investment Management LP

04 Dec 2024, 07:28 by Teresa Graham · The Cerbat Gem

Miller Investment Management LP lifted its stake in shares of Lennar Co. (NYSE:LEN – Free Report) by 11.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,070 shares of the construction company’s stock after purchasing an additional 10,199 shares during the period. Lennar makes up about 2.0% of Miller Investment Management LP’s holdings, making the stock its 12th biggest position. Miller Investment Management LP’s holdings in Lennar were worth $18,949,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Moors & Cabot Inc. lifted its stake in Lennar by 2.2% in the 3rd quarter. Moors & Cabot Inc. now owns 3,075 shares of the construction company’s stock worth $577,000 after acquiring an additional 66 shares in the last quarter. Lakewood Asset Management LLC increased its stake in shares of Lennar by 0.8% during the 2nd quarter. Lakewood Asset Management LLC now owns 9,385 shares of the construction company’s stock worth $1,407,000 after purchasing an additional 70 shares during the last quarter. Centaurus Financial Inc. raised its holdings in shares of Lennar by 2.5% during the 3rd quarter. Centaurus Financial Inc. now owns 2,937 shares of the construction company’s stock valued at $551,000 after purchasing an additional 71 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its holdings in Lennar by 1.5% in the second quarter. NorthCrest Asset Manangement LLC now owns 4,870 shares of the construction company’s stock worth $730,000 after purchasing an additional 73 shares in the last quarter. Finally, Aaron Wealth Advisors LLC increased its position in Lennar by 5.7% during the second quarter. Aaron Wealth Advisors LLC now owns 1,381 shares of the construction company’s stock worth $207,000 after buying an additional 74 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Lennar from $183.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. JMP Securities upped their target price on Lennar from $170.00 to $210.00 and gave the stock a “market outperform” rating in a research report on Wednesday, September 25th. Bank Of America (Bofa) lifted their price target on shares of Lennar from $171.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. StockNews.com downgraded shares of Lennar from a “buy” rating to a “hold” rating in a report on Saturday, September 28th. Finally, 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 report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lennar presently has a consensus rating of “Hold” and a consensus price target of $184.29.

Read Our Latest Stock Report on Lennar

Insider Transactions at Lennar

In related news, Director Jeffrey Sonnenfeld sold 17,500 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $175.13, for a total value 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 trade represents a 42.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 9.36% of the company’s stock.

Lennar Price Performance

Shares of LEN stock opened at $173.62 on Wednesday. The firm has a market cap of $47.09 billion, a price-to-earnings ratio of 11.50, a P/E/G ratio of 1.44 and a beta of 1.61. The stock’s fifty day simple moving average is $176.31 and its 200 day simple moving average is $169.84. Lennar Co. has a one year low of $130.29 and a one year high of $193.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.90 and a quick ratio of 0.98.

Lennar (NYSE:LEN – Get Free Report) last released its quarterly 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. The firm had revenue of $9.42 billion for the quarter, compared to analyst estimates of $9.14 billion. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $3.91 earnings per share. On average, analysts expect that Lennar Co. will post 14.18 earnings per share for the current fiscal year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were given a $0.50 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $2.00 annualized dividend and a yield of 1.15%. Lennar’s payout ratio is 13.25%.

About Lennar

(Free Report)

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.