PCJ Investment Counsel Ltd. Takes Position in Lennar Co. (NYSE:LEN)

by · The Cerbat Gem

PCJ Investment Counsel Ltd. purchased a new stake in shares of Lennar Co. (NYSE:LEN – Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 6,000 shares of the construction company’s stock, valued at approximately $1,125,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. D1 Capital Partners L.P. raised its position in shares of Lennar by 428.9% during the 2nd quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company’s stock worth $362,685,000 after purchasing an additional 1,962,447 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Lennar by 15.1% in the 2nd quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company’s stock valued at $452,886,000 after acquiring an additional 396,951 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Lennar in the 1st quarter valued at $61,807,000. KBC Group NV raised its holdings in Lennar by 258.3% in the 3rd quarter. KBC Group NV now owns 494,848 shares of the construction company’s stock valued at $92,774,000 after acquiring an additional 356,731 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Lennar by 157.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 575,003 shares of the construction company’s stock valued at $98,889,000 after acquiring an additional 351,698 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LEN has been the subject of several analyst reports. Royal Bank of Canada boosted their price target on Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a report on Monday, September 23rd. Wells Fargo & Company lowered their price objective on shares of Lennar from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, November 7th. Evercore ISI lowered their price objective on shares of Lennar from $240.00 to $236.00 and set an “outperform” rating for the company in a research note on Monday, September 23rd. Citigroup boosted their price objective on shares of Lennar from $164.00 to $196.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Finally, Wedbush reissued a “neutral” rating and set a $144.00 price objective on shares of Lennar in a research note on Friday, September 20th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Lennar presently has a consensus rating of “Hold” and a consensus price target of $180.56.

Get Our Latest Report on Lennar

Insider Activity

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

Lennar Price Performance

NYSE LEN opened at $168.76 on Wednesday. Lennar Co. has a 52 week low of $125.17 and a 52 week high of $193.80. The company has a current ratio of 4.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.08. The stock has a market cap of $45.77 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.58 and a beta of 1.62. The company has a 50-day moving average price of $178.87 and a two-hundred day moving average price of $169.16.

Lennar (NYSE:LEN – Get Free Report) last posted its earnings results on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, topping the consensus estimate of $3.62 by $0.28. The firm had revenue of $9.42 billion during the quarter, compared to analysts’ expectations of $9.14 billion. Lennar had a net margin of 11.51% and a return on equity of 15.47%. Lennar’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.91 EPS. Analysts forecast 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 issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Wednesday, October 9th. Lennar’s dividend payout ratio (DPR) is presently 13.25%.

About Lennar

(Free Report)

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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