Hsbc Holdings PLC Sells 44,020 Shares of Lennar Corporation $LEN

Key Points

• HSBC Holdings PLC reduced its Lennar stake by 9.2% in the first quarter, selling 44,020 shares and ending with 431,986 shares valued at about $37.5 million.
• Lennar reported fiscal Q3 earnings of $1.31 per share, topping estimates, though revenue of $7.94 billion came in below expectations and was down 5.2% year over year.
• Analysts are broadly cautious on the stock: the consensus rating is "Reduce" with an average price target of $92.80, while several firms recently cut their targets and issued hold/sell recommendations.

Hsbc Holdings PLC lessened its holdings in shares of Lennar Corporation (NYSE:LEN - Free Report) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 431,986 shares of the construction company's stock after selling 44,020 shares during the period. Hsbc Holdings PLC owned 0.17% of Lennar worth $37,501,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Viking Global Investors LP raised its position in Lennar by 86.7% during the 2nd quarter. Viking Global Investors LP now owns 2,523,594 shares of the construction company's stock worth $279,135,000 after purchasing an additional 1,172,068 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. grew its position in shares of Lennar by 90.9% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,963,373 shares of the construction company's stock valued at $201,835,000 after buying an additional 934,856 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Lennar in the fourth quarter valued at about $95,941,000. Bank of Nova Scotia raised its position in shares of Lennar by 1,303.1% during the fourth quarter. Bank of Nova Scotia now owns 490,105 shares of the construction company's stock worth $50,383,000 after acquiring an additional 455,174 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Lennar by 12.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,127,225 shares of the construction company's stock worth $218,681,000 after acquiring an additional 228,247 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Lennar Price Performance

Shares of LEN opened at $83.03 on Tuesday. 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 0.19, a quick ratio of 0.91 and a current ratio of 4.91. The business's 50 day moving average price is $88.15 and its two-hundred day moving average price is $97.67. The firm has a market cap of $20.00 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 2.79 and a beta of 1.38.

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

Lennar Announces Dividend

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

Analysts Set New Price Targets

LEN has been the topic of several analyst reports. Citigroup reduced their target price on Lennar from $104.00 to $88.00 and set a "neutral" rating on the stock in a report on Wednesday, July 15th. 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 reduced their price objective on shares of Lennar from $95.00 to $90.00 and set a "hold" rating on the stock in a research note on Tuesday, March 31st. Royal Bank Of Canada decreased 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. Finally, Barclays dropped their target price on shares of Lennar from $80.00 to $79.00 and set an "underweight" rating on the stock in a report on Monday, June 15th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Lennar presently has an average rating of "Reduce" and a consensus price target of $92.80.

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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