Raymond James Financial Services Advisors Inc. Lowers Position in Lennar Co. (NYSE:LEN)

Posted by Defense World Staff on Oct 24th, 2023

Raymond James Financial Services Advisors Inc. lessened its stake in shares of Lennar Co. (NYSE:LEN – Free Report) by 36.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,873 shares of the construction company’s stock after selling 8,678 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Lennar were worth $1,864,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sanders Capital LLC increased its position in Lennar by 3.5% during the 1st quarter. Sanders Capital LLC now owns 3,067,185 shares of the construction company’s stock valued at $322,392,000 after buying an additional 102,601 shares in the last quarter. Smead Capital Management Inc. increased its position in Lennar by 3.2% during the 1st quarter. Smead Capital Management Inc. now owns 3,057,384 shares of the construction company’s stock valued at $321,362,000 after buying an additional 94,694 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Lennar by 111.4% in the 1st quarter. Pacer Advisors Inc. now owns 2,467,501 shares of the construction company’s stock worth $259,359,000 after purchasing an additional 1,300,163 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Lennar by 551.1% in the 1st quarter. First Trust Advisors LP now owns 1,824,684 shares of the construction company’s stock worth $191,793,000 after purchasing an additional 1,544,432 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Lennar by 10.9% in the 2nd quarter. Nordea Investment Management AB now owns 1,598,433 shares of the construction company’s stock worth $198,797,000 after purchasing an additional 156,691 shares in the last quarter. Institutional investors own 79.87% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on LEN. JPMorgan Chase & Co. reduced their target price on Lennar from $136.00 to $135.00 and set a “neutral” rating for the company in a report on Wednesday, September 20th. Citigroup restated a “buy” rating and issued a $139.00 price target on shares of Lennar in a research note on Tuesday, September 19th. UBS Group raised their price target on Lennar from $150.00 to $159.00 and gave the stock a “buy” rating in a research note on Monday, September 18th. StockNews.com downgraded Lennar from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Finally, Barclays lowered their target price on Lennar from $143.00 to $132.00 and set an “overweight” rating on the stock in a research report on Thursday, October 12th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $133.41.

Get Our Latest Stock Analysis on LEN

Lennar Trading Up 1.5 %

LEN opened at $105.30 on Tuesday. The stock has a market cap of $29.94 billion, a price-to-earnings ratio of 7.81, a P/E/G ratio of 1.27 and a beta of 1.48. The stock’s 50 day moving average price is $114.17 and its 200-day moving average price is $116.38. Lennar Co. has a one year low of $72.82 and a one year high of $133.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.18 and a current ratio of 6.66.

Lennar (NYSE:LEN – Get Free Report) last released its earnings results on Friday, September 15th. The construction company reported $3.91 EPS for the quarter, beating analysts’ consensus estimates of $3.52 by $0.39. The firm had revenue of $8.73 billion for the quarter, compared to analysts’ expectations of $8.49 billion. Lennar had a return on equity of 16.22% and a net margin of 11.66%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.18 earnings per share. On average, equities analysts forecast that Lennar Co. will post 13.59 EPS for the current year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Stockholders of record on Thursday, October 12th will be paid a dividend of $0.375 per share. The ex-dividend date of this dividend is Wednesday, October 11th. This represents a $1.50 annualized dividend and a dividend yield of 1.42%. Lennar’s dividend payout ratio is currently 11.12%.

Insider Activity at Lennar

In other news, Director Amy Banse acquired 920 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The stock was purchased at an average cost of $108.71 per share, for a total transaction of $100,013.20. Following the completion of the acquisition, the director now directly owns 10,038 shares of the company’s stock, valued at approximately $1,091,230.98. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 2,599 shares of company stock worth $301,984 over the last three months. 9.53% of the stock is owned by corporate insiders.

Lennar Profile

(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.