New York State Teachers Retirement System Lowers Stock Position in Lennar Co. (NYSE:LEN)

Posted by Defense World Staff on Apr 12th, 2023

New York State Teachers Retirement System decreased its position in shares of Lennar Co. (NYSE:LEN – Get Rating) by 4.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 316,833 shares of the construction company’s stock after selling 14,544 shares during the period. New York State Teachers Retirement System owned 0.11% of Lennar worth $28,673,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new position in shares of Lennar in the third quarter valued at about $45,000. Valeo Financial Advisors LLC boosted its stake in Lennar by 11.0% in the 3rd quarter. Valeo Financial Advisors LLC now owns 7,576 shares of the construction company’s stock worth $565,000 after purchasing an additional 750 shares during the period. Capital Growth Management LP grew its holdings in Lennar by 83.3% during the 3rd quarter. Capital Growth Management LP now owns 220,000 shares of the construction company’s stock valued at $16,401,000 after buying an additional 100,000 shares in the last quarter. Greenleaf Trust raised its position in shares of Lennar by 4.6% during the fourth quarter. Greenleaf Trust now owns 4,574 shares of the construction company’s stock valued at $414,000 after buying an additional 201 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Lennar by 16.8% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 20,209 shares of the construction company’s stock worth $1,507,000 after buying an additional 2,901 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insiders Place Their Bets

In other Lennar news, CFO Diane J. Bessette sold 9,289 shares of the company’s stock in a transaction on Thursday, March 23rd. The stock was sold at an average price of $103.16, for a total value of $958,253.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 9.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on LEN. Credit Suisse Group lifted their price target on shares of Lennar from $88.00 to $96.00 and gave the company a “neutral” rating in a report on Thursday, March 16th. Barclays raised Lennar from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $85.00 to $116.00 in a research note on Wednesday, December 14th. UBS Group lifted their price objective on Lennar from $117.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, March 16th. Oppenheimer initiated coverage on Lennar in a research report on Wednesday, March 1st. They set a “market perform” rating for the company. Finally, Royal Bank of Canada boosted their price target on shares of Lennar from $76.00 to $85.00 and gave the stock an “underperform” rating in a research report on Friday, March 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.60.

Lennar Stock Up 2.8 %

Shares of NYSE LEN opened at $105.50 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.82 and a quick ratio of 1.38. The firm has a 50-day simple moving average of $101.15 and a two-hundred day simple moving average of $91.68. Lennar Co. has a 1 year low of $62.54 and a 1 year high of $109.28. The company has a market cap of $30.56 billion, a P/E ratio of 6.54, a PEG ratio of 1.75 and a beta of 1.44.

Lennar (NYSE:LEN – Get Rating) last released its earnings results on Wednesday, March 15th. The construction company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.56. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $5.99 billion. Lennar had a return on equity of 21.18% and a net margin of 13.86%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the company earned $2.70 earnings per share. Research analysts anticipate that Lennar Co. will post 9.72 earnings per share for the current year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 10th. Investors of record on Friday, January 27th were paid a $0.375 dividend. The ex-dividend date of this dividend was Thursday, January 26th. This represents a $1.50 annualized dividend and a yield of 1.42%. Lennar’s dividend payout ratio (DPR) is currently 9.30%.

Lennar Company Profile

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Lennar Corp. engages in the provision of real estate related financial and investment management services. It operates through the following segments: Homebuilding East, Central, Texas, and West, Financial Services, Multifamily, and Lennar Other. The Homebuilding East, Central, Texas, and West segment constructs and sells homes primarily for first-time, move-up, and active adult homebuyers primarily under the Lennar brand name.