Steinberg Asset Management LLC Acquires 23,356 Shares of Lennar Corporation $LEN

Steinberg Asset Management LLC bought a new position in Lennar Corporation (NYSE:LEN) during the third quarter, according to its most recent 13F filing with the SEC. The fund bought 23,356 shares of the construction company’s stock, valued at approximately $1,906,000. Lennar comprises about 1.2% of Steinberg Asset Management LLC’s holdings, making the stock its 17th largest position.

Other hedge funds have also recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in Lennar by 19.7% in the first quarter. Janus Henderson Group PLC now owns 2,546,970 shares of the construction company’s stock worth $221,176,000 after acquiring an additional 419,745 shares in the last quarter. Swiss National Bank raised its position in Lennar by 4.8% during the first quarter. Swiss National Bank now owns 601,468 shares of the construction company’s stock valued at $52,231,000 after purchasing an additional 27,500 shares during the period. Nan Shan Life Insurance Co. Ltd. lifted its stake in shares of Lennar by 6,292.5% in the 2nd quarter. Nan Shan Life Insurance Co. Ltd. now owns 328,000 shares of the construction company’s stock valued at $29,681,000 after purchasing an additional 322,869 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Lennar by 2.3% in the 1st quarter. California Public Employees Retirement System now owns 313,354 shares of the construction company’s stock valued at $27,212,000 after purchasing an additional 7,103 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of Lennar by 322.4% in the 1st quarter. Empowered Funds LLC now owns 309,880 shares of the construction company’s stock worth $26,910,000 after purchasing an additional 236,524 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Trading Up 0.0%

LEN opened at $86.95 on Monday. The stock has a market cap of $20.69 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 3.26 and a beta of 1.36. The stock’s 50 day moving average price is $81.09 and its 200-day moving average price is $91.59. Lennar Corporation has a one year low of $71.78 and a one year high of $133.76. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.69 and a current ratio of 4.94.

Lennar (NYSE:LEN) last released its earnings results on Wednesday, September 16th. The construction company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.06). Lennar had a return on equity of 6.15% and a net margin of 4.09%. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $8.32 billion. During the same quarter last year, the business posted $2.00 earnings per share. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. On average, equities analysts forecast that Lennar Corporation will post 4.88 EPS for the current year.

Lennar Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 22nd. Stockholders of record on Wednesday, October 7th were issued a dividend of $0.50 per share. The ex-dividend date was Wednesday, October 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. Lennar’s dividend payout ratio is 37.81%.

Insider Transactions at Lennar

In other news, major shareholder Berkshire Hathaway Inc bought 1,708,095 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The shares were purchased at an average cost of $79.44 per share, with a total value of $135,691,066.80. Following the transaction, the insider directly owned 28,438,045 shares in the company, valued at approximately $2,259,118,294.80. The trade was a 6.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have purchased 7,502,276 shares of company stock worth $595,303,287. Corporate insiders own 10.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Truist Financial cut their target price on Lennar from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Wednesday, September 16th. Argus set a $108.00 price target on Lennar in a research report on Thursday, July 9th. Morgan Stanley initiated coverage on shares of Lennar in a research note on Thursday, October 1st. They set an “underweight” rating and a $65.00 price objective for the company. Melius Research assumed coverage on shares of Lennar in a research report on Tuesday, October 6th. They set a “sell” rating and a $72.00 price objective on the stock. Finally, Citigroup reduced their target price on shares of Lennar from $88.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and eleven have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Strong Sell” and an average target price of $79.00.

Lennar Profile

Lennar Corporation (NYSE:LEN) is a homebuilding and real estate company that develops, constructs, and sells primarily single-family homes. The company offers homes across a range of price points and designs, including residences for first-time, move-up, luxury, and active-adult buyers. Its operations also include land acquisition and development, allowing Lennar to prepare communities and lots for residential construction.

In addition to homebuilding, Lennar develops multifamily rental properties and provides related financial services.