Cim Investment Mangement Inc. Decreases Position in Lennar Corporation (LEN)
Cim Investment Mangement Inc. reduced its stake in shares of Lennar Corporation (NYSE:LEN) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,960 shares of the construction company’s stock after selling 205 shares during the period. Cim Investment Mangement Inc.’s holdings in Lennar Corporation were worth $691,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Washington Trust Bank raised its position in Lennar Corporation by 47.6% in the second quarter. Washington Trust Bank now owns 2,462 shares of the construction company’s stock valued at $131,000 after buying an additional 794 shares during the period. MUFG Americas Holdings Corp raised its position in Lennar Corporation by 8.9% in the first quarter. MUFG Americas Holdings Corp now owns 3,030 shares of the construction company’s stock valued at $155,000 after buying an additional 248 shares during the period. Advisory Services Network LLC bought a new position in Lennar Corporation during the first quarter valued at approximately $182,000. Fisher Asset Management LLC bought a new position in Lennar Corporation during the first quarter valued at approximately $206,000. Finally, Pacer Advisors Inc. raised its position in Lennar Corporation by 27.0% in the first quarter. Pacer Advisors Inc. now owns 4,038 shares of the construction company’s stock valued at $207,000 after buying an additional 859 shares during the period. 81.09% of the stock is currently owned by institutional investors.
Lennar Corporation (LEN) traded up 0.40% during trading on Wednesday, reaching $50.69. The company had a trading volume of 151,631 shares. Lennar Corporation has a 12-month low of $39.68 and a 12-month high of $55.75. The firm has a 50-day moving average price of $53.24 and a 200 day moving average price of $51.51. The stock has a market cap of $11.89 billion, a P/E ratio of 14.82 and a beta of 1.26.
Lennar Corporation (NYSE:LEN) last issued its quarterly earnings data on Tuesday, June 20th. The construction company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.13. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Equities research analysts predict that Lennar Corporation will post $3.82 EPS for the current fiscal year.
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Several research analysts have commented on the company. MKM Partners reissued a “neutral” rating and issued a $58.00 price objective (up from $55.00) on shares of Lennar Corporation in a research report on Friday, June 23rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $62.00 price objective on shares of Lennar Corporation in a research report on Thursday, July 27th. Credit Suisse Group assumed coverage on Lennar Corporation in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $55.00 price objective on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $64.00 price objective on shares of Lennar Corporation in a research report on Monday, August 21st. Finally, Zacks Investment Research lowered Lennar Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Lennar Corporation currently has an average rating of “Buy” and a consensus target price of $56.41.
In other Lennar Corporation news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $53.17, for a total value of $1,063,400.00. Following the completion of the sale, the chief operating officer now owns 139,433 shares in the company, valued at approximately $7,413,652.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.18% of the stock is owned by insiders.
About Lennar Corporation
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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