Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Lennar Co. (NYSE:LEN)

Mirae Asset Global Investments Co. Ltd. raised its position in Lennar Co. (NYSE:LEN) by 10.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,488 shares of the construction company’s stock after acquiring an additional 2,780 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Lennar were worth $5,516,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. D1 Capital Partners L.P. increased its stake in shares of Lennar by 428.9% during the second quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company’s stock valued at $362,685,000 after buying an additional 1,962,447 shares during the period. Pacer Advisors Inc. increased its position in Lennar by 15.1% during the 2nd quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company’s stock valued at $452,886,000 after purchasing an additional 396,951 shares during the period. Zurich Insurance Group Ltd FI bought a new position in Lennar in the 1st quarter worth $61,807,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of Lennar by 157.5% during 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 purchasing an additional 351,698 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Lennar by 20.9% during the second quarter. Marshall Wace LLP now owns 2,015,641 shares of the construction company’s stock valued at $302,084,000 after buying an additional 348,553 shares during the period. 81.10% of the stock is owned by institutional investors.

Lennar Price Performance

NYSE LEN opened at $174.09 on Tuesday. Lennar Co. has a fifty-two week low of $103.41 and a fifty-two week high of $193.80. The company has a market capitalization of $47.22 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.62 and a beta of 1.61. The business’s fifty day moving average is $182.05 and its 200 day moving average is $167.32. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.98 and a current ratio of 4.90.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, topping analysts’ consensus estimates of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The firm had revenue of $9.42 billion during the quarter, compared to analyst estimates of $9.14 billion. During the same quarter in the prior year, the company posted $3.91 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. Sell-side analysts predict that Lennar Co. will post 14.18 earnings per share for the current year.

Lennar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Wednesday, October 9th. Lennar’s dividend payout ratio (DPR) is presently 13.25%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Royal Bank of Canada lifted 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. Barclays lifted their price target on Lennar from $177.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Raymond James downgraded Lennar from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 2nd. JPMorgan Chase & Co. lifted their target price on shares of Lennar from $154.00 to $173.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Finally, The Goldman Sachs Group downgraded Lennar from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $180.00 to $174.00 in a report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Lennar has an average rating of “Hold” and a consensus target price of $181.11.

About Lennar

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.