Lennar Corporation $LEN Shares Sold by Salem Investment Counselors Inc.

Key Points

• Salem Investment Counselors Inc. has reduced its stake in Lennar Corporation by 1.4%, resulting in ownership of 264,540 shares valued at approximately $29.3 million.
• Lennar's recent quarterly earnings reported an EPS of $1.90, falling short of analyst expectations, while revenue was $8.38 billion, exceeding projections.
• The company declared a quarterly dividend of $0.50 per share, which represents an annualized yield of 1.5% and a payout ratio of 16.54%.

Salem Investment Counselors Inc. reduced its stake in Lennar Corporation (NYSE:LEN - Free Report) by 1.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,540 shares of the construction company's stock after selling 3,627 shares during the period. Lennar makes up about 0.9% of Salem Investment Counselors Inc.'s holdings, making the stock its 21st largest holding. Salem Investment Counselors Inc. owned about 0.10% of Lennar worth $29,261,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ameriflex Group Inc. acquired a new stake in shares of Lennar in the fourth quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new stake in Lennar in the first quarter valued at $30,000. NBC Securities Inc. acquired a new stake in Lennar in the first quarter valued at $33,000. Franchise Capital Ltd acquired a new stake in Lennar in the first quarter valued at $38,000. Finally, Disciplina Capital Management LLC raised its stake in Lennar by 179.8% in the first quarter. Disciplina Capital Management LLC now owns 333 shares of the construction company's stock valued at $38,000 after buying an additional 214 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Lennar Stock Performance

NYSE LEN opened at $137.19 on Friday. 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 business's 50-day moving average price is $124.07 and its 200 day moving average price is $115.56. The firm has a market cap of $35.53 billion, a P/E ratio of 11.35, a P/E/G ratio of 5.95 and a beta of 1.33.

Lennar (NYSE:LEN - Get Free Report) last released its quarterly earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share (EPS) 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 company had revenue of $8.38 billion for the quarter, compared to analysts' expectations of $8.21 billion. During the same period in the prior year, the business earned $3.45 EPS. The business's quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities research analysts expect that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. Lennar's dividend payout ratio (DPR) is currently 16.54%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on LEN shares. Zelman & Associates cut Lennar from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 18th. Barclays cut their price target on Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 18th. UBS Group cut their target price on Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. Zacks Research upgraded Lennar from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. Finally, Wells Fargo & Company lifted their target price on Lennar from $110.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Lennar currently has a consensus rating of "Hold" and a consensus price target of $130.77.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.