Berkshire Asset Management LLC PA Invests $33.39 Million in Lennar Corporation $LEN

Key Points

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Berkshire Asset Management LLC PA purchased a new position in Lennar Corporation (NYSE:LEN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 304,775 shares of the construction company's stock, valued at approximately $33,394,000. Berkshire Asset Management LLC PA owned approximately 0.12% of Lennar as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Lennar by 3.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 6,116,558 shares of the construction company's stock valued at $834,115,000 after buying an additional 213,003 shares during the period. Castlekeep Investment Advisors LLC purchased a new stake in shares of Lennar during the fourth quarter valued at $218,533,000. Eminence Capital LP lifted its holdings in shares of Lennar by 43.4% during the fourth quarter. Eminence Capital LP now owns 685,225 shares of the construction company's stock valued at $93,444,000 after purchasing an additional 207,343 shares during the last quarter. D1 Capital Partners L.P. lifted its holdings in shares of Lennar by 67.3% during the fourth quarter. D1 Capital Partners L.P. now owns 672,433 shares of the construction company's stock valued at $88,116,000 after purchasing an additional 270,433 shares during the last quarter. Finally, Man Group plc lifted its holdings in shares of Lennar by 112.5% during the fourth quarter. Man Group plc now owns 506,722 shares of the construction company's stock valued at $69,102,000 after purchasing an additional 268,209 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods reduced their target price on Lennar from $128.00 to $114.00 and set a "market perform" rating for the company in a report on Friday, June 20th. Wedbush reaffirmed a "neutral" rating and set a $130.00 target price on shares of Lennar in a report on Wednesday, June 18th. UBS Group reduced their target price on Lennar from $164.00 to $146.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. Zelman & Associates downgraded Lennar from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 18th. Finally, Royal Bank Of Canada reduced their price objective on Lennar from $122.00 to $98.00 and set a "sector perform" rating for the company in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $128.85.

Lennar Stock Performance

Shares of NYSE LEN opened at $131.43 on Tuesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.49 and a current ratio of 3.65. The firm has a market cap of $34.04 billion, a price-to-earnings ratio of 10.87, a P/E/G ratio of 5.60 and a beta of 1.29. The business's 50-day simple moving average is $114.40 and its 200-day simple moving average is $113.94. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $193.80.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings data on Monday, June 16th. The construction company reported $1.90 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). The company had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.21 billion. Lennar had a net margin of 9.20% and a return on equity of 12.73%. The business's revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.45 EPS. As a group, equities research analysts expect that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 annualized dividend and a yield of 1.5%. Lennar's dividend payout ratio is presently 16.54%.

About Lennar

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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