Resona Asset Management Co. Ltd. Invests $10.25 Million in Lennar Co. (NYSE:LEN)

Resona Asset Management Co. Ltd. purchased a new position in Lennar Co. (NYSE:LEN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 75,108 shares of the construction company's stock, valued at approximately $10,250,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP lifted its position in shares of Lennar by 136.7% in the third quarter. Quarry LP now owns 232 shares of the construction company's stock valued at $43,000 after acquiring an additional 134 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new position in Lennar in the 3rd quarter worth approximately $1,650,000. Kovitz Investment Group Partners LLC boosted its stake in Lennar by 71.7% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 14,327 shares of the construction company's stock worth $2,686,000 after purchasing an additional 5,981 shares during the period. Insigneo Advisory Services LLC grew its holdings in Lennar by 14.5% during the 3rd quarter. Insigneo Advisory Services LLC now owns 1,443 shares of the construction company's stock valued at $271,000 after buying an additional 183 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its position in shares of Lennar by 9.9% during the third quarter. EP Wealth Advisors LLC now owns 5,216 shares of the construction company's stock valued at $978,000 after buying an additional 472 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Lennar Stock Performance

NYSE LEN traded down $2.00 on Friday, reaching $102.49. 977,768 shares of the company's stock traded hands, compared to its average volume of 2,551,721. Lennar Co. has a fifty-two week low of $98.42 and a fifty-two week high of $187.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.06 and a current ratio of 4.71. The firm has a market cap of $27.21 billion, a price-to-earnings ratio of 7.15, a P/E/G ratio of 1.24 and a beta of 1.51. The stock has a 50 day moving average price of $118.51 and a 200-day moving average price of $145.53.

Remove Ads

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The construction company reported $2.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.44. The company had revenue of $7.63 billion during the quarter, compared to the consensus estimate of $7.44 billion. Lennar had a return on equity of 13.93% and a net margin of 11.10%. Lennar's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.57 earnings per share. Equities research analysts predict that Lennar Co. will post 12.48 EPS for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 23rd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, April 23rd. Lennar's payout ratio is currently 14.57%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LEN. Royal Bank of Canada decreased their price objective on Lennar from $125.00 to $122.00 and set a "sector perform" rating on the stock in a report on Monday, March 24th. Keefe, Bruyette & Woods decreased their price target on Lennar from $141.00 to $128.00 and set a "market perform" rating for the company in a research note on Tuesday, March 25th. The Goldman Sachs Group reduced their target price on Lennar from $141.00 to $120.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 25th. UBS Group decreased their price target on shares of Lennar from $183.00 to $164.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, Wedbush restated a "neutral" rating and set a $158.00 price objective on shares of Lennar in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $150.07.

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.