Jennison Associates LLC Trims Stock Holdings in Lennar Co. (NYSE:LEN)

Jennison Associates LLC cut its stake in shares of Lennar Co. (NYSE:LEN - Free Report) by 3.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 343,728 shares of the construction company's stock after selling 12,048 shares during the period. Jennison Associates LLC owned approximately 0.13% of Lennar worth $64,442,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Oakworth Capital Inc. acquired a new position in Lennar during the third quarter worth $27,000. Wolff Wiese Magana LLC boosted its holdings in Lennar by 933.3% during the 3rd quarter. Wolff Wiese Magana LLC now owns 155 shares of the construction company's stock valued at $29,000 after acquiring an additional 140 shares during the period. GHP Investment Advisors Inc. acquired a new position in Lennar in the 3rd quarter valued at about $30,000. New Covenant Trust Company N.A. purchased a new stake in Lennar during the first quarter worth about $32,000. Finally, Asset Dedication LLC boosted its stake in shares of Lennar by 4,225.0% in the third quarter. Asset Dedication LLC now owns 173 shares of the construction company's stock valued at $32,000 after purchasing an additional 169 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $175.13, for a total transaction of $3,064,775.00. Following the completion of the transaction, the director now owns 23,689 shares of the company's stock, valued at approximately $4,148,654.57. This trade represents a 42.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 9.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

LEN has been the topic of a number of research reports. Zelman & Associates upgraded shares of Lennar from a "neutral" rating to an "outperform" rating in a report on Monday, September 23rd. Wells Fargo & Company reduced their price objective on Lennar from $190.00 to $180.00 and set an "equal weight" rating on the stock in a research note on Thursday, November 7th. JMP Securities boosted their target price on Lennar from $170.00 to $210.00 and gave the stock a "market outperform" rating in a research note on Wednesday, September 25th. Evercore ISI decreased their price objective on Lennar from $240.00 to $236.00 and set an "outperform" rating for the company in a research note on Monday, September 23rd. Finally, Royal Bank of Canada boosted their price objective on Lennar from $145.00 to $160.00 and gave the stock an "underperform" rating in a research report 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $180.56.

Lennar Stock Down 0.3 %

LEN opened at $168.23 on Thursday. 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 Co. has a 12 month low of $125.17 and a 12 month high of $193.80. The stock has a market capitalization of $45.63 billion, a P/E ratio of 11.14, a P/E/G ratio of 1.58 and a beta of 1.62. The business has a 50 day simple moving average of $178.67 and a 200-day simple moving average of $169.15.

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 EPS 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 firm had revenue of $9.42 billion during the quarter, compared to analysts' expectations of $9.14 billion. During the same quarter last year, the business earned $3.91 earnings per share. The business's revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts anticipate that Lennar Co. will post 14.18 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Investors of record on Wednesday, October 9th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Wednesday, October 9th. Lennar's dividend payout ratio is currently 13.25%.

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.

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