Oppenheimer & Co. Inc. Decreases Stock Position in Lennar Co. (NYSE:LEN)

Oppenheimer & Co. Inc. reduced its position in Lennar Co. (NYSE:LEN) by 64.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,433 shares of the construction company’s stock after selling 6,289 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Lennar were worth $644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Lakewood Asset Management LLC grew its position in Lennar by 0.8% during the second quarter. Lakewood Asset Management LLC now owns 9,385 shares of the construction company’s stock worth $1,407,000 after buying an additional 70 shares in the last quarter. NorthCrest Asset Manangement LLC grew its position in Lennar by 1.5% during the second quarter. NorthCrest Asset Manangement LLC now owns 4,870 shares of the construction company’s stock worth $730,000 after buying an additional 73 shares in the last quarter. Aaron Wealth Advisors LLC grew 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 in the last quarter. Quotient Wealth Partners LLC grew its position in Lennar by 5.0% during the second quarter. Quotient Wealth Partners LLC now owns 1,540 shares of the construction company’s stock worth $231,000 after buying an additional 74 shares in the last quarter. Finally, Jupiter Wealth Management LLC grew its position in Lennar by 1.0% during the third quarter. Jupiter Wealth Management LLC now owns 7,667 shares of the construction company’s stock worth $1,437,000 after buying an additional 75 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $175.13, for a total value of $3,064,775.00. Following the sale, the director now directly owns 23,689 shares in the company, valued at $4,148,654.57. This represents a 42.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 9.36% of the company’s stock.

Lennar Stock Performance

NYSE:LEN opened at $168.23 on Thursday. The firm has a 50 day simple moving average of $178.67 and a 200-day simple moving average of $169.15. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.90 and a quick ratio of 0.98. The firm has a market cap of $45.63 billion, a PE ratio of 11.14, a P/E/G ratio of 1.58 and a beta of 1.62. Lennar Co. has a 1-year low of $125.17 and a 1-year high of $193.80.

Lennar (NYSE:LEN) last announced its earnings results on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, beating the consensus estimate of $3.62 by $0.28. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The business had revenue of $9.42 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same period in the prior year, the firm earned $3.91 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities analysts expect that Lennar Co. will post 14.18 EPS for the current year.

Lennar Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.19%. Lennar’s dividend payout ratio (DPR) is presently 13.25%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Zelman & Associates raised Lennar from a “neutral” rating to an “outperform” rating in a research note on Monday, September 23rd. Bank of America upped their target price on Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Evercore ISI cut their price target on Lennar from $240.00 to $236.00 and set an “outperform” rating on the stock in a research note on Monday, September 23rd. Bank Of America (Bofa) upped their price target on Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Royal Bank of Canada increased their target price on Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a research note on Monday, September 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Lennar currently has an average rating of “Hold” and an average target price of $180.56.

Lennar Profile

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.