Verition Fund Management LLC Has $12.98 Million Stock Position in Lennar Co. (NYSE:LEN)

Verition Fund Management LLC grew its stake in Lennar Co. (NYSE:LEN - Free Report) by 147.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,226 shares of the construction company's stock after purchasing an additional 41,264 shares during the quarter. Verition Fund Management LLC's holdings in Lennar were worth $12,978,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in Lennar by 1.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,903,555 shares of the construction company's stock worth $1,106,798,000 after buying an additional 73,638 shares during the period. Pacer Advisors Inc. increased its position in Lennar by 15.1% during the second quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company's stock worth $452,886,000 after acquiring an additional 396,951 shares during the period. Smead Capital Management Inc. raised its stake in Lennar by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,666,905 shares of the construction company's stock worth $499,991,000 after purchasing an additional 89,896 shares in the last quarter. D1 Capital Partners L.P. boosted its holdings in Lennar by 428.9% in the 2nd quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company's stock valued at $362,685,000 after purchasing an additional 1,962,447 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Lennar by 20.9% during the 2nd quarter. Marshall Wace LLP now owns 2,015,641 shares of the construction company's stock worth $302,084,000 after purchasing an additional 348,553 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Insiders Place Their Bets

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of the firm's stock in a transaction that occurred on Monday, October 28th. The shares were 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 in the company, valued at approximately $4,148,654.57. This trade represents a 42.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.36% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Zelman & Associates upgraded Lennar from a "neutral" rating to an "outperform" rating in a research note on Monday, September 23rd. Royal Bank of Canada upped their target price on Lennar from $145.00 to $160.00 and gave the company an "underperform" rating in a research report on Monday, September 23rd. JMP Securities boosted their price target on Lennar from $170.00 to $210.00 and gave the company a "market outperform" rating in a research note on Wednesday, September 25th. Wells Fargo & Company reduced their price objective on shares of Lennar from $190.00 to $180.00 and set an "equal weight" rating on the stock in a research note on Thursday, November 7th. Finally, Bank of America boosted their target price on shares of Lennar from $171.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $184.29.

Lennar Price Performance

LEN traded up $0.29 on Friday, reaching $174.39. The stock had a trading volume of 825,497 shares, compared to its average volume of 2,038,155. The firm has a 50-day moving average of $176.77 and a 200-day moving average of $169.73. Lennar Co. has a fifty-two week low of $125.17 and a fifty-two week high of $193.80. The company has a market capitalization of $47.30 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.63 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 issued its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $9.14 billion. During the same quarter last year, the business earned $3.91 EPS. The firm's quarterly revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Lennar Co. will post 14.18 EPS for the current year.

Lennar Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Investors of record on Wednesday, October 9th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.15%. 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.