Readystate Asset Management LP Takes $652,000 Position in Lennar Co. (NYSE:LEN)

Readystate Asset Management LP acquired a new stake in shares of Lennar Co. (NYSE:LEN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,480 shares of the construction company’s stock, valued at approximately $652,000.

A number of other institutional investors and hedge funds have also modified their holdings of LEN. D1 Capital Partners L.P. increased its position in shares of Lennar by 428.9% during the second quarter. D1 Capital Partners L.P. now owns 2,420,000 shares of the construction company’s stock valued at $362,685,000 after purchasing an additional 1,962,447 shares during the period. Holocene Advisors LP acquired a new stake in Lennar in the 3rd quarter valued at $115,229,000. Pacer Advisors Inc. boosted its stake in Lennar by 15.1% in the 2nd quarter. Pacer Advisors Inc. now owns 3,021,856 shares of the construction company’s stock valued at $452,886,000 after buying an additional 396,951 shares in the last quarter. KBC Group NV boosted its stake in Lennar by 258.3% in the 3rd quarter. KBC Group NV now owns 494,848 shares of the construction company’s stock valued at $92,774,000 after buying an additional 356,731 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in Lennar by 20.9% in the 2nd quarter. Marshall Wace LLP now owns 2,015,641 shares of the construction company’s stock valued at $302,084,000 after buying an additional 348,553 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Lennar Trading Down 1.5 %

NYSE LEN opened at $164.95 on Friday. The stock has a 50-day simple moving average of $175.66 and a 200 day simple moving average of $169.79. The company has a market capitalization of $44.74 billion, a PE ratio of 10.92, a P/E/G ratio of 1.44 and a beta of 1.61. The company has a current ratio of 4.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.08. Lennar Co. has a 12 month low of $132.27 and a 12 month high of $193.80.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, beating analysts’ consensus estimates of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The business had revenue of $9.42 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter in the prior year, the company posted $3.91 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. Research analysts forecast that Lennar Co. will post 14.18 EPS for the current year.

Lennar Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.00 annualized dividend and a dividend yield of 1.21%. Lennar’s dividend payout ratio (DPR) is currently 13.25%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Citigroup boosted their price target on Lennar from $164.00 to $196.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. boosted their price objective on Lennar from $154.00 to $173.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Barclays boosted their price objective on Lennar from $177.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. JMP Securities boosted their price objective on Lennar from $170.00 to $210.00 and gave the stock a “market outperform” rating in a research note on Wednesday, September 25th. Finally, Bank Of America (Bofa) boosted their price objective on Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $184.29.

Insiders Place Their Bets

In related news, Director Jeffrey Sonnenfeld sold 17,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $175.13, for a total transaction of $3,064,775.00. Following the completion of the transaction, the director now directly owns 23,689 shares in the company, valued at approximately $4,148,654.57. This trade represents a 42.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 9.36% of the company’s stock.

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.