Verition Fund Management LLC Purchases 89,126 Shares of Lennar Corporation $LEN

Verition Fund Management LLC boosted its position in Lennar Corporation (NYSE:LEN) by 206.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 132,400 shares of the construction company’s stock after purchasing an additional 89,126 shares during the period. Verition Fund Management LLC’s holdings in Lennar were worth $13,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of LEN. Brighton Jones LLC raised its stake in shares of Lennar by 27.9% during the fourth quarter. Brighton Jones LLC now owns 1,727 shares of the construction company’s stock valued at $236,000 after acquiring an additional 377 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Lennar by 29.8% during the first quarter. Intech Investment Management LLC now owns 13,840 shares of the construction company’s stock valued at $1,589,000 after acquiring an additional 3,177 shares in the last quarter. Jump Financial LLC raised its stake in shares of Lennar by 15.0% during the second quarter. Jump Financial LLC now owns 25,622 shares of the construction company’s stock valued at $2,834,000 after acquiring an additional 3,345 shares in the last quarter. Cary Street Partners Financial LLC bought a new stake in shares of Lennar during the second quarter valued at approximately $47,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of Lennar by 4.6% during the second quarter. Daiwa Securities Group Inc. now owns 34,958 shares of the construction company’s stock valued at $3,867,000 after acquiring an additional 1,544 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LEN. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Lennar in a research note on Friday, June 5th. Zacks Research raised shares of Lennar from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Truist Financial reduced their price objective on shares of Lennar from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. Bank of America reduced their price objective on shares of Lennar from $84.00 to $77.00 and set an “underperform” rating for the company in a research note on Thursday, June 11th. Finally, Argus reduced their price objective on shares of Lennar from $140.00 to $125.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and ten have issued a Sell rating to the stock. Based on data from MarketBeat, Lennar has an average rating of “Reduce” and an average target price of $95.38.

Lennar Price Performance

NYSE LEN opened at $89.73 on Tuesday. The firm’s fifty day simple moving average is $89.44 and its two-hundred day simple moving average is $102.93. The company has a current ratio of 4.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. Lennar Corporation has a 12-month low of $81.18 and a 12-month high of $144.24. The firm has a market capitalization of $22.16 billion, a P/E ratio of 14.04, a P/E/G ratio of 2.83 and a beta of 1.39.

Lennar (NYSE:LEN) last released its quarterly earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.07. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The business had revenue of $7.94 billion for the quarter, compared to analyst estimates of $8.08 billion. During the same period in the previous year, the company earned $1.81 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts forecast that Lennar Corporation will post 5.85 EPS for the current fiscal year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 6th. Shareholders of record on Wednesday, April 22nd were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 22nd. Lennar’s payout ratio is currently 31.30%.

About Lennar

Lennar Corporation (NYSE: LEN) is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.

In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.