Coronation Fund Managers Ltd. Decreases Holdings in Lennar Corporation $LEN

Key Points

• Coronation Fund Managers Ltd. cut its Lennar stake by 82.3% in the first quarter, selling 89,893 shares and leaving it with 19,327 shares worth about $1.68 million.
• Wall Street sentiment on Lennar remains cautious: analysts in the article include one Buy, seven Holds, and ten Sells, with an average rating of “Reduce” and a $92.80 price target.
• Lennar recently beat earnings expectations with $1.31 EPS versus $1.24 expected, but revenue fell 5.2% year over year; the company also declared a quarterly dividend of $0.50 per share.

Coronation Fund Managers Ltd. trimmed its position in shares of Lennar Corporation (NYSE:LEN - Free Report) by 82.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,327 shares of the construction company's stock after selling 89,893 shares during the quarter. Coronation Fund Managers Ltd.'s holdings in Lennar were worth $1,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of LEN. Phillip James Consulting Co. purchased a new position in Lennar in the first quarter worth about $30,000. High Point Wealth Management LLC bought a new stake in shares of Lennar during the 4th quarter valued at about $31,000. DV Equities LLC purchased a new stake in shares of Lennar during the 4th quarter valued at about $31,000. Global Assets Advisory LLC bought a new position in shares of Lennar in the 1st quarter worth approximately $39,000. Finally, Quarry LP purchased a new position in shares of Lennar in the fourth quarter worth approximately $41,000. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LEN shares. Argus set a $108.00 target price on shares of Lennar in a report on Thursday, July 9th. Royal Bank Of Canada cut their price objective on shares of Lennar from $88.00 to $85.00 and set an "underperform" rating for the company in a research report on Monday, June 15th. Barclays reduced their price objective on Lennar from $80.00 to $79.00 and set an "underweight" rating for the company in a research note on Monday, June 15th. Bank of America decreased their target price on Lennar from $84.00 to $77.00 and set an "underperform" rating on the stock in a report on Friday, June 12th. Finally, Citigroup cut their price target on Lennar from $104.00 to $88.00 and set a "neutral" rating for the company in a report on Wednesday, July 15th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $92.80.

Lennar Trading Up 0.2%

Lennar stock opened at $82.00 on Thursday. Lennar Corporation has a 1 year low of $81.18 and a 1 year high of $144.24. The firm's 50 day moving average price is $88.01 and its 200-day moving average price is $97.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91. The stock has a market cap of $19.75 billion, a P/E ratio of 12.83, a PEG ratio of 2.72 and a beta of 1.38.

Lennar (NYSE:LEN - Get Free Report) last issued its earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.07. The firm had revenue of $7.94 billion during the quarter, compared to analyst estimates of $8.08 billion. Lennar had a net margin of 4.93% and a return on equity of 7.08%. Lennar's revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.81 earnings per share. On average, equities analysts predict that Lennar Corporation will post 5.52 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Friday, July 10th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, July 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Lennar's dividend payout ratio (DPR) is presently 31.30%.

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.

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