Okabena Investment Services Inc. Takes $560,000 Position in Lennar Co. (NYSE:LEN)

Okabena Investment Services Inc. purchased a new position in Lennar Co. (NYSE:LEN - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,985 shares of the construction company's stock, valued at approximately $560,000.

A number of other hedge funds also recently modified their holdings of the stock. Oakworth Capital Inc. bought a new position in Lennar in the third quarter valued at about $27,000. Wolff Wiese Magana LLC grew its position in Lennar by 933.3% in the third 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 last quarter. GHP Investment Advisors Inc. bought a new position in Lennar in the third quarter valued at about $30,000. New Covenant Trust Company N.A. bought a new position in Lennar in the first quarter valued at about $32,000. Finally, Asset Dedication LLC grew its position in 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 acquiring an additional 169 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LEN. Royal Bank of Canada lifted their price target on Lennar from $145.00 to $160.00 and gave the company an "underperform" rating in a research note on Monday, September 23rd. Bank Of America (Bofa) lifted their price target on Lennar from $171.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, September 20th. Zelman & Associates raised Lennar from a "neutral" rating to an "outperform" rating in a research note on Monday, September 23rd. Citigroup lifted their price target on Lennar from $164.00 to $196.00 and gave the company a "neutral" rating in a research note on Monday, September 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on Lennar from $183.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $180.56.

Lennar Stock Up 0.7 %

Lennar stock traded up $1.10 during trading on Friday, hitting $169.17. 1,821,205 shares of the company were exchanged, compared to its average volume of 1,918,648. The business's 50 day moving average is $178.07 and its 200 day moving average is $169.25. Lennar Co. has a 52 week low of $125.17 and a 52 week high of $193.80. The company has a market capitalization of $45.89 billion, a P/E ratio of 11.20, a PEG ratio of 1.57 and a beta of 1.62. The company has a current ratio of 4.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.08.

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings results on Thursday, September 19th. The construction company reported $3.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The business had revenue of $9.42 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter in the prior year, the company posted $3.91 earnings per share. Lennar's revenue was up 7.9% compared to the same quarter last year. Analysts predict that Lennar Co. will post 14.18 earnings per share for the current year.

Lennar Dividend Announcement

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 1.18%. Lennar's dividend payout ratio is currently 13.25%.

Insiders Place Their Bets

In other 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 transaction of $3,064,775.00. Following the transaction, the director now owns 23,689 shares of the company's stock, valued at $4,148,654.57. This represents a 42.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 9.36% of the company's stock.

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.