Summit Place Financial Advisors LLC has expanded its investment portfolio by acquiring 8,925 shares in Lennar Corporation (NYSE: LEN) during the third quarter, according to information from Holdings Channel.com. This new position is valued at approximately $1,125,000. This acquisition is part of a broader trend, as various hedge funds and institutional investors have adjusted their holdings in Lennar.
In the second quarter, several firms increased their stakes in the construction company. For instance, FNY Investment Advisers LLC made a new investment worth about $33,000, while Rexford Capital Inc. invested around $36,000. Additionally, Mid American Wealth Advisory Group Inc. and Cary Street Partners Financial LLC invested approximately $43,000 and $47,000, respectively. Notably, SBI Securities Co. Ltd. increased its stake by 190.9%, bringing its total to 573 shares valued at $63,000 after acquiring an additional 376 shares.
As of now, institutional investors own 81.10% of Lennar’s stock, illustrating strong confidence in the company.
Lennar’s Recent Financial Performance
Lennar’s stock performance has been closely monitored, particularly after the company released its quarterly earnings on December 16, 2023. The results revealed earnings per share (EPS) of $2.03, falling short of analysts’ expectations of $2.30 by $0.27. The company reported revenue of $9.37 billion, exceeding forecasts of $9.17 billion. Despite this, Lennar’s net margin stood at 6.08%, with a return on equity of 9.27%, and the revenue reflected a decrease of 5.8% compared to the same quarter last year, where EPS was reported at $4.03.
Looking ahead, sell-side analysts predict that Lennar Corporation will post an average EPS of 12.48 for the current fiscal year.
Analysts Adjust Price Targets
Recent analyst reports have led to revisions in price targets for Lennar stock. Keefe, Bruyette & Woods reduced its target price from $125.00 to $115.00 while maintaining a “market perform” rating. Similarly, Citigroup lowered its target from $133.00 to $113.00, also assigning a “neutral” rating.
On the other hand, Barclays set a new target of $88.00, reflecting an “underweight” rating. Despite the mixed reviews, one analyst has rated Lennar as a Strong Buy, while one has given a Buy rating. Currently, ten analysts have issued a Hold rating, and seven have assigned a Sell rating, leading to a consensus rating of “Reduce” and a target price of $106.54.
Lennar Corporation, based in the United States, specializes in designing, constructing, and selling residential housing. The company offers a variety of housing types, including single-family homes, townhomes, and condominiums, catering to a diverse clientele from first-time buyers to luxury home seekers. Additionally, Lennar develops master-planned communities and manages land acquisition processes to support its operations.
For those interested in tracking hedge fund activities related to Lennar, HoldingsChannel.com provides updates on the latest 13F filings and insider trades.
