Pitcairn Co. Sells 2,439 Shares of Lennar Co. (NYSE:LEN)

Pitcairn Co. reduced its position in shares of Lennar Co. (NYSE:LEN) by 41.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,420 shares of the construction company’s stock after selling 2,439 shares during the quarter. Pitcairn Co.’s holdings in Lennar were worth $641,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Boston Partners boosted its stake in shares of Lennar by 21.5% during the 1st quarter. Boston Partners now owns 23,775 shares of the construction company’s stock worth $4,089,000 after acquiring an additional 4,207 shares during the last quarter. International Assets Investment Management LLC lifted its position in Lennar by 23,048.0% during the third quarter. International Assets Investment Management LLC now owns 150,462 shares of the construction company’s stock valued at $28,209,000 after purchasing an additional 149,812 shares in the last quarter. Fulton Bank N.A. purchased a new stake in Lennar in the second quarter worth about $477,000. Bayesian Capital Management LP bought a new position in shares of Lennar in the first quarter worth about $996,000. Finally, Smead Capital Management Inc. lifted its position in shares of Lennar by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 2,666,905 shares of the construction company’s stock valued at $499,991,000 after buying an additional 89,896 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

LEN has been the topic of a number of recent analyst reports. Zelman & Associates upgraded shares of Lennar from a “neutral” rating to an “outperform” rating in a research note on Monday, September 23rd. Bank Of America (Bofa) lifted their target price on shares of Lennar from $171.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Evercore ISI cut their price target on Lennar from $240.00 to $236.00 and set an “outperform” rating for the company in a research note on Monday, September 23rd. Royal Bank of Canada boosted their price objective on Lennar from $145.00 to $160.00 and gave the company an “underperform” rating in a research report on Monday, September 23rd. Finally, JMP Securities lifted their target price on Lennar from $170.00 to $210.00 and gave the company a “market outperform” rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $180.56.

Insider Buying and Selling

In other Lennar news, Director Jeffrey Sonnenfeld sold 17,500 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $175.13, for a total value of $3,064,775.00. Following the sale, the director now 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 document filed with the SEC, which is available at this hyperlink. 9.36% of the stock is owned by corporate insiders.

Lennar Stock Performance

Shares of NYSE:LEN opened at $178.70 on Tuesday. The firm has a fifty day simple moving average of $177.90 and a two-hundred day simple moving average of $169.46. Lennar Co. has a 52 week low of $125.17 and a 52 week high of $193.80. The company has a quick ratio of 0.98, a current ratio of 4.90 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $48.47 billion, a P/E ratio of 11.83, a PEG ratio of 1.58 and a beta of 1.62.

Lennar (NYSE:LEN) last issued its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, topping the consensus estimate of $3.62 by $0.28. The company had revenue of $9.42 billion for the quarter, compared to analysts’ expectations of $9.14 billion. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $3.91 earnings per share. On average, analysts expect that Lennar Co. will post 14.18 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.00 annualized dividend and a dividend yield of 1.12%. Lennar’s dividend payout ratio (DPR) is presently 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.