American International Group Inc. raised its holdings in Lennar Co. (NYSE:LEN) by 12.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,873 shares of the construction company’s stock after acquiring an additional 11,620 shares during the quarter. American International Group Inc.’s holdings in Lennar were worth $4,850,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Long Pond Capital LP lifted its stake in Lennar by 197.0% in the second quarter. Long Pond Capital LP now owns 5,200,000 shares of the construction company’s stock valued at $273,000,000 after acquiring an additional 3,449,061 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Lennar by 2.1% in the third quarter. Alliancebernstein L.P. now owns 4,037,099 shares of the construction company’s stock worth $188,492,000 after buying an additional 81,676 shares during the last quarter. Miller Value Partners LLC lifted its stake in shares of Lennar by 0.5% in the second quarter. Miller Value Partners LLC now owns 1,393,550 shares of the construction company’s stock worth $73,161,000 after buying an additional 7,325 shares during the last quarter. Sterling Capital Management LLC lifted its stake in shares of Lennar by 3.5% in the third quarter. Sterling Capital Management LLC now owns 1,080,531 shares of the construction company’s stock worth $50,450,000 after buying an additional 36,434 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. lifted its stake in shares of Lennar by 486.7% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,016,196 shares of the construction company’s stock worth $53,350,000 after buying an additional 842,976 shares during the last quarter. Hedge funds and other institutional investors own 84.87% of the company’s stock.
A number of analysts have recently weighed in on LEN shares. JMP Securities restated an “outperform” rating on shares of Lennar in a research note on Monday, October 8th. Mizuho set a $65.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research note on Tuesday, October 2nd. Wedbush upgraded shares of Lennar from a “neutral” rating to an “outperform” rating and reduced their price objective for the stock from $56.00 to $50.00 in a research note on Monday, October 29th. Barclays set a $63.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research note on Friday, September 14th. Finally, Royal Bank of Canada set a $63.00 price objective on shares of Lennar and gave the stock a “buy” rating in a research note on Thursday, October 4th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $62.63.
NYSE:LEN opened at $42.00 on Friday. The firm has a market cap of $13.58 billion, a P/E ratio of 11.02, a P/E/G ratio of 0.37 and a beta of 1.25. Lennar Co. has a one year low of $38.22 and a one year high of $72.17. The company has a quick ratio of 0.72, a current ratio of 12.62 and a debt-to-equity ratio of 0.67.
Lennar (NYSE:LEN) last released its earnings results on Wednesday, October 3rd. The construction company reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The firm had revenue of $5.67 billion during the quarter, compared to analysts’ expectations of $5.62 billion. Lennar had a net margin of 6.76% and a return on equity of 12.87%. The business’s quarterly revenue was up 73.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 EPS. As a group, analysts forecast that Lennar Co. will post 4.92 earnings per share for the current fiscal year.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the company’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $46.98, for a total transaction of $939,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is owned by corporate insiders.
COPYRIGHT VIOLATION WARNING: “American International Group Inc. Has $4.85 Million Holdings in Lennar Co. (LEN)” was reported by American Banking News and is the property of of American Banking News. If you are reading this story on another publication, it was stolen and republished in violation of international copyright legislation. The correct version of this story can be viewed at https://www.americanbankingnews.com/2018/12/08/american-international-group-inc-has-4-85-million-holdings-in-lennar-co-len.html.
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its 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.
Read More: Why do companies engage in swaps?
Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Co. (NYSE:LEN).
Receive News & Ratings 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.