Migdal Insurance & Financial Holdings Ltd. Buys New Shares in Lennar Corporation $LEN

Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Lennar Corporation (NYSE:LEN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 230,000 shares of the construction company’s stock, valued at approximately $25,440,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Secured Retirement Advisors LLC purchased a new stake in shares of Lennar during the first quarter worth approximately $926,000. Marks Group Wealth Management Inc grew its holdings in Lennar by 15.4% during the 1st quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company’s stock worth $251,000 after acquiring an additional 292 shares in the last quarter. Turtle Creek Wealth Advisors LLC increased its position in shares of Lennar by 24.8% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company’s stock valued at $4,825,000 after purchasing an additional 8,357 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc raised its holdings in shares of Lennar by 77.7% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company’s stock valued at $419,000 after purchasing an additional 1,596 shares in the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of Lennar by 5.4% during the 1st quarter. Brown Advisory Inc. now owns 6,965 shares of the construction company’s stock worth $799,000 after purchasing an additional 354 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

LEN has been the topic of a number of analyst reports. The Goldman Sachs Group raised their price target on Lennar from $122.00 to $126.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Evercore ISI dropped their price objective on Lennar from $118.00 to $114.00 and set an “in-line” rating on the stock in a report on Tuesday, October 7th. JMP Securities boosted their target price on Lennar from $130.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Monday, September 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Lennar in a research note on Wednesday, October 8th. Finally, Bank of America reduced their price objective on shares of Lennar from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Lennar presently has an average rating of “Hold” and an average target price of $121.75.

Lennar Trading Down 0.3%

NYSE:LEN opened at $128.28 on Wednesday. The company has a market capitalization of $32.71 billion, a PE ratio of 12.68, a P/E/G ratio of 5.99 and a beta of 1.37. Lennar Corporation has a 52-week low of $98.42 and a 52-week high of $180.12. The stock’s 50 day moving average price is $129.38 and its 200 day moving average price is $117.79. The company has a quick ratio of 0.68, a current ratio of 4.49 and a debt-to-equity ratio of 0.15.

Lennar (NYSE:LEN) last posted its quarterly earnings data on Thursday, September 18th. The construction company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.15. The business had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $9.01 billion. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The company’s revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.90 earnings per share. On average, research analysts anticipate that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 27th. Shareholders of record on Friday, October 10th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, October 10th. Lennar’s dividend payout ratio (DPR) is presently 19.76%.

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.