Convergence Investment Partners LLC Takes Position in Lennar Co. (NYSE:LEN)

Convergence Investment Partners LLC purchased a new stake in shares of Lennar Co. (NYSE:LEN) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,804 shares of the construction company’s stock, valued at approximately $727,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Private Advisory Group LLC bought a new position in shares of Lennar during the 2nd quarter valued at approximately $456,000. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Lennar by 3.6% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 59,770 shares of the construction company’s stock valued at $2,283,000 after acquiring an additional 2,051 shares during the period. Treasurer of the State of North Carolina grew its stake in shares of Lennar by 66.9% during the 1st quarter. Treasurer of the State of North Carolina now owns 118,097 shares of the construction company’s stock valued at $4,511,000 after acquiring an additional 47,330 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in shares of Lennar during the 1st quarter valued at approximately $237,000. Finally, Telemus Capital LLC grew its stake in shares of Lennar by 2.2% during the 2nd quarter. Telemus Capital LLC now owns 9,457 shares of the construction company’s stock valued at $617,000 after acquiring an additional 202 shares during the period. 82.24% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE LEN traded up $0.07 during midday trading on Friday, reaching $72.35. 1,840,800 shares of the stock traded hands, compared to its average volume of 3,076,680. The company has a debt-to-equity ratio of 0.45, a current ratio of 14.21 and a quick ratio of 1.24. The stock has a market capitalization of $22.59 billion, a PE ratio of 10.90, a P/E/G ratio of 2.24 and a beta of 1.60. Lennar Co. has a one year low of $25.42 and a one year high of $74.32. The company’s 50 day moving average is $64.08 and its 200 day moving average is $57.31.

Lennar (NYSE:LEN) last posted its earnings results on Monday, June 15th. The construction company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.36. Lennar had a return on equity of 13.08% and a net margin of 9.30%. The firm had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.20 billion. During the same period in the prior year, the company earned $1.30 EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Lennar Co. will post 6.19 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Friday, July 10th were issued a dividend of $0.125 per share. The ex-dividend date was Thursday, July 9th. This represents a $0.50 annualized dividend and a yield of 0.69%. Lennar’s payout ratio is presently 8.71%.

In related news, President Jonathan M. Jaffe sold 40,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $61.41, for a total transaction of $2,456,400.00. Following the sale, the president now owns 335,521 shares in the company, valued at approximately $20,604,344.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Diane J. Bessette sold 10,000 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $65.61, for a total value of $656,100.00. Following the sale, the chief financial officer now owns 258,922 shares in the company, valued at approximately $16,987,872.42. The disclosure for this sale can be found here. Insiders have sold a total of 105,000 shares of company stock worth $6,717,650 in the last 90 days. 8.60% of the stock is currently owned by insiders.

A number of brokerages recently issued reports on LEN. Seaport Global Securities downgraded Lennar from a “buy” rating to a “neutral” rating in a research note on Monday, July 13th. Wells Fargo & Co boosted their price objective on Lennar from $36.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. ValuEngine downgraded Lennar from a “sell” rating to a “strong sell” rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods upped their price target on Lennar from $56.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Finally, JMP Securities started coverage on Lennar in a research note on Tuesday, July 14th. They issued a “market outperform” rating and a $83.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $66.38.

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, Lennar Financial Services, Lennar Multifamily, and Rialto 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.

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Institutional Ownership by Quarter for Lennar (NYSE:LEN)

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