Lennar Corporation $LEN Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its Lennar stake by 11.8% in the fourth quarter, selling 11,470 shares and leaving it with 86,091 shares worth about $8.85 million.
• Lennar posted weaker-than-expected quarterly results, with EPS of $0.88 versus $0.95 expected and revenue of $6.62 billion versus $6.90 billion projected; revenue fell 13.3% year over year.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and a target price of $99.87, while several firms cut price targets and issued hold or sell ratings.

Swedbank AB cut its stake in shares of Lennar Corporation (NYSE:LEN - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,091 shares of the construction company's stock after selling 11,470 shares during the period. Swedbank AB's holdings in Lennar were worth $8,850,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Lazard Asset Management LLC increased its position in shares of Lennar by 7.1% during the second quarter. Lazard Asset Management LLC now owns 1,278 shares of the construction company's stock valued at $141,000 after acquiring an additional 85 shares during the last quarter. Zions Bancorporation National Association UT increased its position in shares of Lennar by 8.3% during the third quarter. Zions Bancorporation National Association UT now owns 1,127 shares of the construction company's stock valued at $142,000 after acquiring an additional 86 shares during the last quarter. RFG Advisory LLC increased its position in shares of Lennar by 2.1% during the third quarter. RFG Advisory LLC now owns 4,255 shares of the construction company's stock valued at $536,000 after acquiring an additional 87 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Lennar by 6.2% in the third quarter. UMB Bank n.a. now owns 1,595 shares of the construction company's stock valued at $201,000 after purchasing an additional 93 shares in the last quarter. Finally, ORG Wealth Partners LLC grew its holdings in shares of Lennar by 5.2% in the third quarter. ORG Wealth Partners LLC now owns 2,072 shares of the construction company's stock valued at $261,000 after purchasing an additional 102 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Lennar Trading Up 0.7%

NYSE LEN opened at $88.32 on Friday. The company has a quick ratio of 0.97, a current ratio of 4.77 and a debt-to-equity ratio of 0.18. Lennar Corporation has a 52 week low of $83.03 and a 52 week high of $144.24. The stock has a market capitalization of $21.81 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.95 and a beta of 1.41. The firm has a 50 day moving average of $94.02 and a two-hundred day moving average of $109.47.

Lennar (NYSE:LEN - Get Free Report) last posted its quarterly earnings results on Thursday, March 12th. The construction company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.07). Lennar had a return on equity of 7.80% and a net margin of 5.39%.The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same quarter last year, the firm earned $2.14 EPS. The company's revenue was down 13.3% on a year-over-year basis. As a group, research analysts expect that Lennar Corporation will post 5.87 EPS for the current fiscal year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 6th. Shareholders of record on Wednesday, April 22nd were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, April 22nd. Lennar's payout ratio is 28.74%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LEN. Truist Financial dropped their price objective on shares of Lennar from $95.00 to $90.00 and set a "hold" rating for the company in a report on Tuesday, March 31st. Seaport Research Partners restated a "sell" rating and issued a $74.00 price objective (down from $140.00) on shares of Lennar in a report on Tuesday, April 7th. Evercore dropped their price objective on shares of Lennar from $89.00 to $82.00 and set an "underperform" rating for the company in a report on Monday, April 13th. UBS Group dropped their price objective on shares of Lennar from $122.00 to $107.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Finally, Argus dropped their price objective on shares of Lennar from $140.00 to $125.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and eight have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $99.87.

Lennar Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.