AMF Tjanstepension AB Buys Shares of 60,242 Lennar Corporation $LEN

Key Points

• AMF Tjanstepension AB purchased 60,242 shares of Lennar Corporation worth approximately $6.66 million in the second quarter.
• Lennar recently reported earnings of $2.29 per share, surpassing expectations but experienced a revenue drop of 6.4% compared to the previous year.
• The company declared a quarterly dividend of $0.50, which will be paid on October 27th, with a current yield of 1.5% and a payout ratio of 19.76%.

AMF Tjanstepension AB bought a new stake in shares of Lennar Corporation (NYSE:LEN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 60,242 shares of the construction company's stock, valued at approximately $6,663,000.

Several other institutional investors and hedge funds also recently bought and sold shares of LEN. Secured Retirement Advisors LLC bought a new stake in shares of Lennar in the 1st quarter valued at approximately $926,000. Marks Group Wealth Management Inc increased its holdings in Lennar by 15.4% in the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after buying an additional 292 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Lennar by 2.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock worth $23,962,000 after buying an additional 4,332 shares during the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in Lennar by 24.8% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company's stock worth $4,825,000 after buying an additional 8,357 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc increased its holdings in Lennar by 77.7% in the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock worth $419,000 after buying an additional 1,596 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Stock Up 1.4%

Shares of Lennar stock opened at $130.13 on Friday. Lennar Corporation has a 12-month low of $98.42 and a 12-month high of $189.65. The company has a quick ratio of 0.68, a current ratio of 4.49 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $33.70 billion, a P/E ratio of 12.86, a PEG ratio of 5.74 and a beta of 1.37. The stock has a 50 day moving average price of $128.71 and a two-hundred day moving average price of $116.38.

Lennar (NYSE:LEN - Get Free Report) 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. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The company had revenue of $8.81 billion during the quarter, compared to analysts' expectations of $9.01 billion. During the same period in the prior year, the business earned $3.90 earnings per share. Lennar's revenue for the quarter was down 6.4% compared to the same quarter last year. Equities analysts expect that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Friday, October 10th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, October 10th. Lennar's dividend payout ratio is currently 19.76%.

Wall Street Analyst Weigh In

A number of research firms recently commented on LEN. Raymond James Financial downgraded Lennar from a "market perform" rating to an "underperform" rating in a report on Monday, September 22nd. Bank of America increased their price objective on Lennar from $115.00 to $135.00 and gave the stock a "neutral" rating in a report on Thursday, September 18th. Evercore ISI increased their price objective on Lennar from $114.00 to $118.00 and gave the stock an "in-line" rating in a report on Monday, September 22nd. Wells Fargo & Company upped their target price on Lennar from $110.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Finally, Royal Bank Of Canada upped their target price on Lennar from $98.00 to $106.00 and gave the stock a "sector perform" rating in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $123.75.

Lennar Company 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.

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