American International Group Inc. reduced its position in Lennar Corporation (NYSE:LEN) by 16.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,581 shares of the construction company’s stock after selling 11,581 shares during the quarter. American International Group Inc.’s holdings in Lennar were worth $3,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Lennar by 5.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,516,323 shares of the construction company’s stock worth $400,771,000 after acquiring an additional 386,110 shares during the period. Greenhaven Associates Inc. boosted its holdings in shares of Lennar by 0.9% in the second quarter. Greenhaven Associates Inc. now owns 5,420,516 shares of the construction company’s stock worth $289,022,000 after acquiring an additional 46,200 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Lennar by 25.0% in the second quarter. Principal Financial Group Inc. now owns 3,129,708 shares of the construction company’s stock worth $166,876,000 after acquiring an additional 625,329 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Lennar by 9.6% in the second quarter. Alliancebernstein L.P. now owns 2,295,966 shares of the construction company’s stock worth $122,421,000 after acquiring an additional 201,379 shares during the period. Finally, Eagle Asset Management Inc. boosted its holdings in shares of Lennar by 10.0% in the second quarter. Eagle Asset Management Inc. now owns 1,047,489 shares of the construction company’s stock worth $55,852,000 after acquiring an additional 95,097 shares during the period. 81.34% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on LEN shares. BTIG Research raised their price target on Lennar from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 4th. BidaskClub lowered Lennar from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. UBS started coverage on Lennar in a report on Wednesday, October 25th. They issued a “buy” rating for the company. Zacks Investment Research lowered Lennar from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $64.00 price target on shares of Lennar in a report on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. Lennar presently has a consensus rating of “Hold” and an average price target of $57.93.
Lennar (NYSE:LEN) last issued its earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.05. Lennar had a net margin of 6.65% and a return on equity of 12.37%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the firm posted $1.01 EPS. Lennar’s quarterly revenue was up 15.1% compared to the same quarter last year. research analysts expect that Lennar Corporation will post 4.04 earnings per share for the current fiscal year.
In related news, CFO Bruce E. Gross sold 5,000 shares of the stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $56.48, for a total value of $282,400.00. Following the sale, the chief financial officer now directly owns 376,043 shares of the company’s stock, valued at approximately $21,238,908.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.18% of the stock is currently owned by company insiders.
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Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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