Flputnam Investment Management Co. Trims Stake in Lennar Corporation $LEN

Key Points

• Flputnam Investment Management Co. has reduced its stake in Lennar Corporation by 28.5%, selling 7,887 shares to now hold 19,788 shares valued at $2.27 million.
• Several major investors have significantly increased their positions in Lennar, with Manufacturers Life Insurance Company raising its stake by 45.4% to over $1 billion.
• Lennar reported $1.90 earnings per share for the latest quarter, missing estimates, while its revenue increased to $8.38 billion, despite being down 4.4% year-over-year.

Flputnam Investment Management Co. lowered its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 28.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,788 shares of the construction company's stock after selling 7,887 shares during the quarter. Flputnam Investment Management Co.'s holdings in Lennar were worth $2,271,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Secured Retirement Advisors LLC acquired a new position in Lennar in the first quarter worth $926,000. Marks Group Wealth Management Inc boosted its stake in Lennar by 15.4% in the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after purchasing an additional 292 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Lennar by 2.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock worth $23,962,000 after purchasing an additional 4,332 shares in the last quarter. Turtle Creek Wealth Advisors LLC boosted its stake in Lennar by 24.8% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company's stock worth $4,825,000 after purchasing an additional 8,357 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc boosted its stake in Lennar by 77.7% in the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock worth $419,000 after purchasing an additional 1,596 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Lennar Price Performance

NYSE LEN traded up $3.74 during midday trading on Friday, hitting $141.81. The company had a trading volume of 4,266,767 shares, compared to its average volume of 2,986,634. The company has a market capitalization of $36.73 billion, a PE ratio of 11.73, a P/E/G ratio of 6.02 and a beta of 1.33. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $121.44 and a 200-day moving average price of $114.97. Lennar Corporation has a twelve month low of $98.42 and a twelve month high of $193.80.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings data on Monday, June 16th. The construction company reported $1.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). Lennar had a return on equity of 12.73% and a net margin of 9.20%.The firm had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.21 billion. During the same quarter in the prior year, the firm earned $3.45 EPS. The company's revenue was down 4.4% on a year-over-year basis. As a group, analysts anticipate that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 1.4%. Lennar's payout ratio is 16.54%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LEN shares. Bank of America cut their price target on Lennar from $110.00 to $105.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 18th. JMP Securities cut their target price on Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a research note on Friday, June 20th. Wall Street Zen lowered Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Keefe, Bruyette & Woods dropped their price target on Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a research report on Friday, June 20th. Finally, UBS Group decreased their price objective on Lennar from $164.00 to $146.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, Lennar has an average rating of "Hold" and an average target price of $130.77.

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.