Federated Hermes Inc. Sells 4,820 Shares of Lennar Corporation (NYSE:LEN)

Key Points

• Federated Hermes Inc. significantly reduced its stake in Lennar Corporation by 57.2%, now holding just 3,605 shares valued at $414,000 after selling 4,820 shares in the first quarter.
• Various institutional investors, including The Manufacturers Life Insurance Company and D1 Capital Partners, made notable increases in their holdings of Lennar in the fourth quarter, indicating ongoing interest in the company despite recent sell-offs.
• Lennar recently missed earnings expectations by reporting $1.90 EPS, with analysts projecting a decline in its earnings per share for the fiscal year, which reflects broader concerns in the homebuilding sector.

Federated Hermes Inc. reduced its stake in Lennar Corporation (NYSE:LEN - Free Report) by 57.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,605 shares of the construction company's stock after selling 4,820 shares during the period. Federated Hermes Inc.'s holdings in Lennar were worth $414,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of LEN. Brighton Jones LLC grew its stake in shares of Lennar by 27.9% in the 4th quarter. Brighton Jones LLC now owns 1,727 shares of the construction company's stock valued at $236,000 after purchasing an additional 377 shares during the period. Scotia Capital Inc. boosted its holdings in shares of Lennar by 3.2% in the 4th quarter. Scotia Capital Inc. now owns 23,093 shares of the construction company's stock worth $3,149,000 after acquiring an additional 714 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of Lennar in the 4th quarter worth approximately $280,000. Heritage Trust Co acquired a new position in shares of Lennar in the 4th quarter worth approximately $1,329,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Lennar by 4.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,768 shares of the construction company's stock worth $1,749,000 after acquiring an additional 524 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LEN. Barclays reduced their target price on Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 18th. UBS Group reduced their price objective on Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Evercore ISI reduced their price objective on Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a report on Wednesday, June 18th. Keefe, Bruyette & Woods dropped their target price on shares of Lennar from $128.00 to $114.00 and set a "market perform" rating for the company in a research report on Friday, June 20th. Finally, Royal Bank Of Canada dropped their target price on shares of Lennar from $122.00 to $98.00 and set a "sector perform" rating for the company in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $128.85.

Lennar Trading Up 3.4%

Shares of LEN traded up $4.08 during trading hours on Tuesday, reaching $124.61. The stock had a trading volume of 2,489,643 shares, compared to its average volume of 3,143,512. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $193.80. The firm has a 50-day moving average of $112.32 and a 200 day moving average of $114.10. The company has a market cap of $32.28 billion, a P/E ratio of 10.31, a P/E/G ratio of 5.13 and a beta of 1.29.

Lennar (NYSE:LEN - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $8.21 billion. Lennar had a net margin of 9.20% and a return on equity of 12.73%. Lennar's quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.45 EPS. On average, sell-side analysts expect that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Thursday, July 3rd. Lennar's dividend payout ratio is 16.54%.

Lennar Company 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.