CIBC Asset Management Inc Boosts Stake in Lennar Corporation $LEN

CIBC Asset Management Inc raised its holdings in Lennar Corporation (NYSE:LEN) by 56.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,149 shares of the construction company’s stock after purchasing an additional 18,499 shares during the quarter. CIBC Asset Management Inc’s holdings in Lennar were worth $5,258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC purchased a new stake in Lennar in the third quarter valued at $26,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Lennar in the third quarter valued at $25,000. High Point Wealth Management LLC acquired a new stake in shares of Lennar in the fourth quarter valued at $31,000. Washington Trust Advisors Inc. grew its stake in shares of Lennar by 102.7% in the third quarter. Washington Trust Advisors Inc. now owns 371 shares of the construction company’s stock valued at $47,000 after buying an additional 188 shares in the last quarter. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of Lennar in the second quarter valued at $47,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Lennar in a research note on Friday. Citigroup dropped their price objective on Lennar from $113.00 to $104.00 and set a “neutral” rating for the company in a research note on Tuesday, March 17th. Zacks Research raised Lennar from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Truist Financial cut their price objective on Lennar from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Tuesday, March 31st. Finally, UBS Group lowered their target price on Lennar from $122.00 to $107.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and eight have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $99.87.

Lennar Price Performance

Shares of NYSE LEN opened at $90.63 on Friday. The stock’s 50-day moving average is $88.97 and its two-hundred day moving average is $104.25. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.77 and a quick ratio of 0.97. Lennar Corporation has a 1-year low of $81.18 and a 1-year high of $144.24. The company has a market cap of $22.38 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.00 and a beta of 1.39.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, March 12th. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.07). The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.90 billion. Lennar had a return on equity of 7.80% and a net margin of 5.39%.The company’s revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.14 earnings per share. Analysts forecast that Lennar Corporation will post 5.87 EPS for the current fiscal year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 6th. Stockholders of record on Wednesday, April 22nd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 22nd. Lennar’s dividend payout ratio is currently 28.74%.

Lennar Company 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.