Lennar Co. (NYSE:LEN) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its position in Lennar Co. (NYSE:LEN – Free Report) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,188 shares of the construction company’s stock after selling 1,220 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Lennar were worth $1,827,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Arrow Financial Corp increased its position in shares of Lennar by 144.4% in the second quarter. Arrow Financial Corp now owns 8,066 shares of the construction company’s stock worth $1,209,000 after purchasing an additional 4,766 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Lennar during the 2nd quarter valued at about $97,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Lennar by 11.1% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 26,352 shares of the construction company’s stock valued at $3,949,000 after purchasing an additional 2,642 shares during the period. iA Global Asset Management Inc. boosted its position in Lennar by 3.5% during the second quarter. iA Global Asset Management Inc. now owns 20,597 shares of the construction company’s stock valued at $3,087,000 after buying an additional 691 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding SA boosted its position in Lennar by 312.7% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding SA now owns 95,187 shares of the construction company’s stock valued at $14,266,000 after acquiring an additional 72,120 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s shares.

The Wall Street analyst weighs in

A number of research analysts recently issued reports on the company. Wedbush upgraded Lennar from an “underperform” rating to a “neutral” rating and set a $144.00 price objective for the company in a research report on Tuesday, July 9th. Royal Bank of Canada restated an “underperform” rating and set a $145.00 price objective on shares of Lennar in a research report on Thursday, June 20th. JPMorgan Chase & Co. reduced their price objective on Lennar from $157.00 to $154.00 and set a “neutral” rating for the company in a research report on Thursday, June 20th. Raymond James downgraded Lennar from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 2nd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $170.00 target price on shares of Lennar in a research note on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $169.13, according to MarketBeat.com.

Read our latest research report on LEN

Lennar stock rose 0.9%

LEN opened at $182.06 on Friday. The stock’s fifty-day moving average is $165.96, and its 200-day moving average is $160.98. The company has a market cap of $49.99 billion, a PE ratio of 12.38, a P/E/G ratio of 1.65 and a beta of 1.60. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91, and a current ratio of 4.93. Lennar Co. it has a one year low of $102.90 and a one year high of $186.60.

Lennar (NYSE:LEN – Get Your Free Report ) last announced its earnings results on Monday, June 17th. The construction company reported $3.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.18. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.57 billion. Lennar had a return on equity of 15.93% and a net margin of 11.58%. On average, equities analysts predict that Lennar Co. will post 14.16 EPS for the current fiscal year.

Lennar announces dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were given a dividend of $0.50 per share. This represents a dividend of $2.00 on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, July 5th. Lennar’s dividend payout ratio (DPR) is currently 13.60%.

About Lennar

(Free report)

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through the Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily and Lennar Other segments. The company’s home building operations include the construction and sale of attached and detached single-family homes, as well as the purchase, development and sale of residential land; and the development, construction and management of multifamily rental properties.

Read more

Want to see what other hedge funds own LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Lennar Co. (NYSE:LEN – Free Report).

Get news and reviews for Lennar Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Lennar and related companies with MarketBeat.com’s FREE daily email newsletter.