Lennar (NYSE:LEN) Major Shareholder Berkshire Hathaway Inc Acquires 642,821 Shares of Company Stock

Lennar Corporation (NYSE:LEN) major shareholder Berkshire Hathaway Inc purchased 642,821 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were bought at an average cost of $81.58 per share, for a total transaction of $52,441,337.18. Following the purchase, the insider owned 26,034,436 shares of the company’s stock, valued at $2,123,889,288.88. This trade represents a 2.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Tuesday, September 29th, Berkshire Hathaway Inc bought 12,389 shares of Lennar stock. The shares were purchased at an average price of $81.93 per share, with a total value of $1,015,030.77.
• On Monday, September 28th, Berkshire Hathaway Inc purchased 5,200 shares of Lennar stock. The stock was acquired at an average price of $81.96 per share, for a total transaction of $426,192.00.
• On Friday, September 25th, Berkshire Hathaway Inc acquired 492,124 shares of Lennar stock. The shares were acquired at an average price of $81.12 per share, with a total value of $39,921,098.88.
• On Thursday, September 24th, Berkshire Hathaway Inc acquired 653,320 shares of Lennar stock. The stock was acquired at an average cost of $80.88 per share, with a total value of $52,840,521.60.
• On Wednesday, September 23rd, Berkshire Hathaway Inc bought 534,256 shares of Lennar stock. The shares were acquired at an average price of $81.65 per share, for a total transaction of $43,622,002.40.
• On Monday, September 21st, Berkshire Hathaway Inc purchased 667,118 shares of Lennar stock. The shares were acquired at an average cost of $77.74 per share, with a total value of $51,861,753.32.
• On Friday, September 18th, Berkshire Hathaway Inc acquired 1,381,397 shares of Lennar stock. The shares were bought at an average price of $76.48 per share, for a total transaction of $105,649,242.56.
• On Thursday, September 17th, Berkshire Hathaway Inc bought 695,014 shares of Lennar stock. The shares were bought at an average price of $78.98 per share, for a total transaction of $54,892,205.72.

Lennar Stock Down 1.6%

Lennar stock traded down $1.34 during midday trading on Wednesday, hitting $81.67. 5,383,356 shares of the company were exchanged, compared to its average volume of 4,783,887. The company has a market cap of $19.67 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 3.13 and a beta of 1.39. Lennar Corporation has a fifty-two week low of $75.70 and a fifty-two week high of $133.76. The company’s fifty day moving average price is $83.83 and its 200-day moving average price is $87.21. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.94 and a quick ratio of 0.69.

Lennar (NYSE:LEN) last posted its quarterly earnings data on Wednesday, September 16th. The construction company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). The firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $8.32 billion. Lennar had a net margin of 4.09% and a return on equity of 6.15%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.29 EPS. On average, research analysts predict that Lennar Corporation will post 4.85 EPS for the current fiscal year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 22nd. Shareholders of record on Wednesday, October 7th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, October 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Lennar’s payout ratio is currently 37.81%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on LEN shares. Keefe, Bruyette & Woods dropped their target price on Lennar from $85.00 to $75.00 and set an “underperform” rating on the stock in a research report on Tuesday, September 22nd. Royal Bank Of Canada lowered their price objective on Lennar from $85.00 to $69.00 and set an “underperform” rating for the company in a research note on Friday, September 18th. Citigroup dropped their price objective on Lennar from $88.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, September 21st. UBS Group cut their target price on Lennar from $107.00 to $94.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 16th. Finally, Seaport Research Partners decreased their price target on shares of Lennar from $74.00 to $70.00 and set a “sell” rating for the company in a research report on Monday, September 21st. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and nine have issued a Sell rating to the company. Based on data from MarketBeat.com, Lennar currently has a consensus rating of “Reduce” and an average target price of $81.00.

Hedge Funds Weigh In On Lennar

A number of hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its holdings in Lennar by 19.7% during the 1st quarter. Janus Henderson Group PLC now owns 2,546,970 shares of the construction company’s stock worth $221,176,000 after buying an additional 419,745 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Lennar by 90.9% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,963,373 shares of the construction company’s stock valued at $201,835,000 after acquiring an additional 934,856 shares during the last quarter. Swiss National Bank increased its holdings in shares of Lennar by 4.8% in the 1st quarter. Swiss National Bank now owns 601,468 shares of the construction company’s stock valued at $52,231,000 after acquiring an additional 27,500 shares during the last quarter. River Road Asset Management LLC lifted its stake in Lennar by 10.3% during the fourth quarter. River Road Asset Management LLC now owns 461,696 shares of the construction company’s stock worth $47,462,000 after purchasing an additional 43,186 shares during the last quarter. Finally, Nan Shan Life Insurance Co. Ltd. lifted its stake in Lennar by 6,292.5% during the second quarter. Nan Shan Life Insurance Co. Ltd. now owns 328,000 shares of the construction company’s stock worth $29,681,000 after purchasing an additional 322,869 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

About Lennar

Lennar Corporation (NYSE: LEN) is a homebuilding company that designs, constructs and sells single-family homes and, through its multifamily operations, develops apartment communities. Its residential offerings generally include homes across a range of sizes and prices, serving first-time, move-up and active-adult buyers.

The company also provides related services through businesses involved in mortgage financing, title and closing services, insurance and other real estate activities. Lennar develops residential communities and manages land acquisition, planning and construction as part of its integrated homebuilding model.

Founded in 1954, Lennar has expanded from its origins in South Florida into a national homebuilder serving numerous markets across the United States.