Envestnet Portfolio Solutions Inc. Purchases 2,793 Shares of Lennar Corporation $LEN

Key Points

• Envestnet Portfolio Solutions Inc. has increased its holdings in Lennar Corporation by 49% during Q2, acquiring an additional 2,793 shares for a total of 8,498 shares valued at approximately $940,000.
• Lennar recently reported earnings of $2.29 per share, exceeding expectations, but experienced a 6.4% decline in revenue year-over-year, totaling $8.81 billion.
• The company announced a $0.50 quarterly dividend, which will be payable on October 27, reflecting an annualized yield of 1.6% and a payout ratio of 19.76%.

Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Lennar Corporation (NYSE:LEN - Free Report) by 49.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,498 shares of the construction company's stock after acquiring an additional 2,793 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Lennar were worth $940,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Secured Retirement Advisors LLC acquired a new position in Lennar in the 1st quarter worth approximately $926,000. Marks Group Wealth Management Inc increased its holdings in Lennar by 15.4% in the 1st quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after buying an additional 292 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Lennar by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock worth $23,962,000 after buying an additional 4,332 shares during the period. Turtle Creek Wealth Advisors LLC increased its holdings in Lennar by 24.8% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company's stock worth $4,825,000 after buying an additional 8,357 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc increased its holdings in Lennar by 77.7% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock worth $419,000 after buying an additional 1,596 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Trading Up 2.4%

Shares of LEN stock opened at $125.78 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.49 and a quick ratio of 0.68. The company has a market cap of $32.08 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 5.85 and a beta of 1.37. The stock has a 50 day simple moving average of $129.60 and a 200-day simple moving average of $116.77. Lennar Corporation has a 1-year low of $98.42 and a 1-year high of $189.65.

Lennar (NYSE:LEN - Get Free Report) last announced its earnings results on Thursday, September 18th. The construction company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.15. The business had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $9.01 billion. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The business's quarterly revenue was down 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.90 EPS. On average, equities research analysts expect that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Friday, October 10th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, October 10th. Lennar's dividend payout ratio is currently 19.76%.

Wall Street Analyst Weigh In

Several research firms have commented on LEN. Raymond James Financial lowered Lennar from a "market perform" rating to an "underperform" rating in a research report on Monday, September 22nd. Zacks Research lowered Lennar from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 7th. Wedbush restated a "neutral" rating and issued a $130.00 price objective on shares of Lennar in a research report on Monday, September 22nd. Bank of America lowered their price objective on Lennar from $133.00 to $125.00 and set a "neutral" rating on the stock in a research report on Friday, October 10th. Finally, The Goldman Sachs Group upped their price objective on Lennar from $122.00 to $126.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Lennar presently has a consensus rating of "Hold" and a consensus price target of $121.75.

About Lennar

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.

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