Palmer Knight Co Takes Position in Lennar Corporation $LEN

Key Points

• Palmer Knight Co acquired a new stake in Lennar Corporation, purchasing 50,314 shares valued at approximately $5.57 million, making it 2.4% of their investment portfolio.
• Analysts have mixed ratings for Lennar, with target price increases from UBS Group to $161.00, while the stock currently has an average rating of "Hold" and a consensus price target of $121.75.
• Lennar is set to pay a quarterly dividend of $0.50, reflecting an annualized dividend of $2.00 and a yield of 1.6%, with a payout ratio of 19.76%.

Palmer Knight Co purchased a new stake in Lennar Corporation (NYSE:LEN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 50,314 shares of the construction company's stock, valued at approximately $5,565,000. Lennar comprises approximately 2.4% of Palmer Knight Co's investment portfolio, making the stock its 28th largest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its stake in shares of Lennar by 45.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company's stock valued at $1,020,866,000 after purchasing an additional 2,777,567 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Lennar in the 2nd quarter valued at $424,950,000. Brave Warrior Advisors LLC increased its stake in shares of Lennar by 23.4% in the 1st quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company's stock valued at $251,323,000 after purchasing an additional 415,218 shares during the last quarter. Eminence Capital LP increased its stake in shares of Lennar by 130.8% in the 1st quarter. Eminence Capital LP now owns 1,581,489 shares of the construction company's stock valued at $181,523,000 after purchasing an additional 896,264 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Lennar by 20.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 736,490 shares of the construction company's stock worth $84,534,000 after purchasing an additional 123,266 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

LEN has been the subject of a number of recent research reports. UBS Group upped their target price on Lennar from $146.00 to $161.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Wedbush reaffirmed a "neutral" rating and issued a $130.00 target price on shares of Lennar in a report on Monday, September 22nd. The Goldman Sachs Group upped their target price on Lennar from $122.00 to $126.00 and gave the stock a "neutral" rating in a report on Tuesday, September 23rd. 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 report on Monday, September 22nd. Finally, JMP Securities upped their target price on Lennar from $130.00 to $140.00 and gave the stock a "market outperform" rating in a report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $121.75.

Lennar Trading Up 2.4%

NYSE LEN opened at $125.78 on Friday. The business's 50-day moving average price is $129.60 and its two-hundred day moving average price is $116.71. Lennar Corporation has a 12 month low of $98.42 and a 12 month high of $189.65. The firm has a market capitalization of $32.08 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 5.85 and a beta of 1.37. The company has a current ratio of 4.49, a quick ratio of 0.68 and a debt-to-equity ratio of 0.15.

Lennar (NYSE:LEN - Get Free Report) last released its quarterly earnings results on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, beating analysts' consensus estimates of $2.14 by $0.15. The firm had revenue of $8.81 billion for the quarter, compared to analyst estimates of $9.01 billion. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The business's revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.90 EPS. On average, analysts expect that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Dividend Announcement

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 paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 10th. Lennar's payout ratio is currently 19.76%.

Lennar 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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