Clearbridge Investments LLC Has $37.32 Million Holdings in Lennar Corporation $LEN

Key Points

• Clearbridge Investments cut its Lennar stake by 61.5% in the fourth quarter, selling 580,809 shares and leaving it with 362,982 shares worth about $37.3 million.
• Wall Street sentiment on Lennar is cautious: analysts now have a consensus rating of “Reduce” with an average price target of $98, and KBW recently downgraded the stock to underperform.
• Lennar’s latest earnings missed expectations, with $0.88 EPS versus $0.95 expected and revenue down 13.3% year over year, even as the company continues to pay a 2.2% dividend yield.

Clearbridge Investments LLC cut its position in Lennar Corporation (NYSE:LEN - Free Report) by 61.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 362,982 shares of the construction company's stock after selling 580,809 shares during the quarter. Clearbridge Investments LLC owned approximately 0.15% of Lennar worth $37,315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KERR FINANCIAL PLANNING Corp acquired a new position in Lennar in the 3rd quarter valued at $25,000. Redmont Wealth Advisors LLC acquired a new position in Lennar in the 3rd quarter valued at $26,000. High Point Wealth Management LLC acquired a new position in Lennar in the 4th quarter valued at $31,000. Washington Trust Advisors Inc. grew its stake in Lennar by 102.7% in the 3rd 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 during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Lennar in the 4th quarter valued at $47,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. BTIG Research set a $73.00 price target on shares of Lennar in a research report on Monday. Seaport Research Partners restated a "sell" rating and issued a $74.00 price target (down from $140.00) on shares of Lennar in a research report on Tuesday, April 7th. Truist Financial decreased their price target on shares of Lennar from $95.00 to $90.00 and set a "hold" rating on the stock in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods lowered shares of Lennar from a "market perform" rating to an "underperform" rating and decreased their price target for the stock from $97.00 to $86.00 in a research report on Tuesday. Finally, Citigroup decreased their price target on shares of Lennar from $113.00 to $104.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $98.00.

Lennar Price Performance

NYSE:LEN opened at $92.63 on Wednesday. The company has a 50-day moving average of $89.02 and a 200-day moving average of $103.84. The company has a market capitalization of $22.88 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 2.00 and a beta of 1.39. Lennar Corporation has a 52 week low of $81.18 and a 52 week high of $144.24. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.97 and a current ratio of 4.77.

Lennar (NYSE:LEN - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The construction company reported $0.88 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.07). The business had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6.90 billion. Lennar had a return on equity of 7.80% and a net margin of 5.39%.Lennar's revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.14 earnings per share. As a group, equities research analysts anticipate that Lennar Corporation will post 5.87 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 6th. Shareholders of record on Wednesday, April 22nd were given a $0.50 dividend. The ex-dividend date was Wednesday, April 22nd. This represents a $2.00 dividend on an annualized basis and a yield of 2.2%. Lennar's payout ratio is 28.74%.

Lennar News Summary

Here are the key news stories impacting Lennar this week:

• Positive Sentiment: Lennar sold Raleigh townhomes to an investor, reinforcing demand for rental housing and showing the company can monetize completed projects even in a tougher housing market. Lennar sells Raleigh townhomes to California investor as rental demand surges
• Positive Sentiment: Ongoing planning progress for the Cortlandt townhomes suggests Lennar continues to advance its land and community-development pipeline, which supports future growth. VS and Lennar move forward with planning for Cortlandt townhomes
• Neutral Sentiment: Several recent articles focus on Lennar’s valuation, margin pressure, and upcoming earnings expectations, keeping attention on whether the stock is fairly priced ahead of the next results. Evaluating Lennar (LEN) As Shares Trade Near Analyst Fair Value Estimates
• Neutral Sentiment: Industry commentary continues to point to the housing “lock-in effect,” which could help homebuilders like Lennar if lower rates improve affordability and unlock more demand. The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on It (LEN)
• Negative Sentiment: Keefe, Bruyette & Woods downgraded Lennar from “market perform” to “underperform” and cut its price target to $86 from $97, signaling concern about limited upside and possible margin pressure. KBW downgrades Lennar

Lennar 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.

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