Burney Co. Lowers Holdings in Lennar Corporation (NYSE:LEN)

Key Points

• Burney Co. has reduced its holdings in Lennar Corporation by 50.4%, now owning 6,321 shares valued at approximately $726,000.
• Lennar reported a quarterly earnings miss with an EPS of $1.90, falling short of analysts' expectations of $1.94, while revenue was $8.38 billion, exceeding estimates.
• The company's recent quarterly dividend of $0.50 per share represents an annualized dividend yield of 1.73%, with a low payout ratio of 16.54%.

Burney Co. lessened its position in shares of Lennar Corporation (NYSE:LEN - Free Report) by 50.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,321 shares of the construction company's stock after selling 6,417 shares during the period. Burney Co.'s holdings in Lennar were worth $726,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in LEN. Hurley Capital LLC purchased a new stake in Lennar during the 4th quarter worth about $26,000. Ameriflex Group Inc. bought a new position in Lennar in the 4th quarter worth about $30,000. Opal Wealth Advisors LLC bought a new position in Lennar in the 1st quarter worth about $30,000. NBC Securities Inc. bought a new position in Lennar in the 1st quarter worth about $33,000. Finally, Franchise Capital Ltd bought a new position in Lennar in the 1st quarter worth about $38,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on LEN. Keefe, Bruyette & Woods decreased their target price on Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a research note on Friday, June 20th. Wedbush reiterated a "neutral" rating and set a $130.00 price objective on shares of Lennar in a research report on Wednesday, June 18th. Zelman & Associates lowered Lennar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 18th. Bank of America reduced their price objective on Lennar from $110.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 18th. Finally, Royal Bank Of Canada reduced their price objective on Lennar from $122.00 to $98.00 and set a "sector perform" rating on the stock in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Lennar presently has a consensus rating of "Hold" and a consensus price target of $128.85.

Lennar Stock Up 1.6%

Shares of LEN traded up $1.85 on Friday, reaching $115.36. The stock had a trading volume of 2,553,455 shares, compared to its average volume of 3,223,929. The firm has a market capitalization of $29.88 billion, a price-to-earnings ratio of 9.54, a price-to-earnings-growth ratio of 4.90 and a beta of 1.33. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.49 and a current ratio of 3.65. The company has a 50-day simple moving average of $109.90 and a 200-day simple moving average of $115.64. Lennar Corporation has a 12-month low of $98.42 and a 12-month high of $193.80.

Lennar (NYSE:LEN - Get Free Report) last released its earnings results on Monday, June 16th. The construction company reported $1.90 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). The firm had revenue of $8.38 billion during the quarter, compared to analysts' expectations of $8.21 billion. Lennar had a net margin of 9.20% and a return on equity of 12.73%. The company's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.45 EPS. Sell-side analysts predict that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Thursday, July 3rd. Lennar's payout ratio is 16.54%.

Lennar Profile

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's 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; and development, construction, and management of multifamily rental properties.