Oppenheimer Asset Management Inc. Purchases 88,707 Shares of Lennar Corporation $LEN

Key Points

• Oppenheimer Asset Management Inc. raised its stake in Lennar by 19.6% in Q4, buying 88,707 shares to hold 542,190 shares worth about $55.7 million, making LEN its 25th-largest position.
• Lennar missed Q results, reporting $0.88 EPS versus $0.95 expected and $6.62 billion in revenue versus $6.90 billion expected, with revenue down 13.3% year-over-year.
• The company declared a quarterly dividend of $0.50 (annualized $2.00, ~2.2% yield), while analysts have cut targets and the stock carries a consensus rating of "Reduce" with a $99.87 price target.

Oppenheimer Asset Management Inc. grew its holdings in shares of Lennar Corporation (NYSE:LEN - Free Report) by 19.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 542,190 shares of the construction company's stock after buying an additional 88,707 shares during the period. Lennar accounts for approximately 0.7% of Oppenheimer Asset Management Inc.'s holdings, making the stock its 25th biggest position. Oppenheimer Asset Management Inc. owned 0.21% of Lennar worth $55,737,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of LEN. Lazard Asset Management LLC boosted its stake in Lennar by 7.1% during the second quarter. Lazard Asset Management LLC now owns 1,278 shares of the construction company's stock worth $141,000 after acquiring an additional 85 shares in the last quarter. Zions Bancorporation National Association UT boosted its stake in Lennar by 8.3% during the third quarter. Zions Bancorporation National Association UT now owns 1,127 shares of the construction company's stock worth $142,000 after acquiring an additional 86 shares in the last quarter. RFG Advisory LLC boosted its holdings in Lennar by 2.1% in the third quarter. RFG Advisory LLC now owns 4,255 shares of the construction company's stock worth $536,000 after acquiring an additional 87 shares in the last quarter. UMB Bank n.a. boosted its holdings in Lennar by 6.2% in the third quarter. UMB Bank n.a. now owns 1,595 shares of the construction company's stock worth $201,000 after acquiring an additional 93 shares in the last quarter. Finally, ORG Wealth Partners LLC boosted its holdings in Lennar by 5.2% in the third quarter. ORG Wealth Partners LLC now owns 2,072 shares of the construction company's stock worth $261,000 after acquiring an additional 102 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Lennar Stock Up 1.9%

LEN stock opened at $90.38 on Friday. Lennar Corporation has a fifty-two week low of $83.03 and a fifty-two week high of $144.24. The business's 50-day moving average is $95.71 and its two-hundred day moving average is $110.36. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.97 and a current ratio of 4.77. The company has a market cap of $22.32 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 1.95 and a beta of 1.47.

Lennar (NYSE:LEN - Get Free Report) last posted its earnings results on Thursday, March 12th. The construction company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.07). Lennar had a net margin of 5.39% and a return on equity of 7.80%. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the company posted $2.14 EPS. The firm's revenue was down 13.3% compared to the same quarter last year. As a group, analysts forecast that Lennar Corporation will post 5.91 earnings per share for the current year.

Lennar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 6th. Shareholders of record on Wednesday, April 22nd will be given a $0.50 dividend. The ex-dividend date is Wednesday, April 22nd. This represents a $2.00 annualized dividend and a yield of 2.2%. Lennar's dividend payout ratio (DPR) is presently 28.74%.

Analysts Set New Price Targets

Several research firms have commented on LEN. Wells Fargo & Company dropped their target price on Lennar from $100.00 to $90.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 8th. Weiss Ratings downgraded shares of Lennar from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, March 16th. Barclays dropped their target price on shares of Lennar from $85.00 to $80.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 8th. Seaport Research Partners reaffirmed a "sell" rating and set a $74.00 price target (down from $140.00) on shares of Lennar in a report on Tuesday, April 7th. Finally, Keefe, Bruyette & Woods lowered their price target on Lennar from $105.00 to $97.00 and set a "market perform" rating on the stock in a report on Wednesday, April 1st. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and eight have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $99.87.

Lennar Profile

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.

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