Lennar Corporation $LEN Shares Sold by Swedbank AB

Key Points

• Swedbank AB cut its Lennar stake by 66.3% in the first quarter, selling 57,084 shares and leaving it with 29,007 shares valued at about $2.52 million.
• Analysts are cautious on Lennar: the stock currently has a consensus rating of “Reduce,” with 1 Buy, 7 Holds, and 10 Sells, and a consensus price target of $93.87.
• Lennar beat EPS expectations but missed revenue estimates in its latest quarter, reporting $1.31 per share versus $1.24 expected, while revenue fell 5.2% year over year to $7.94 billion.

Swedbank AB reduced its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 66.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 29,007 shares of the construction company's stock after selling 57,084 shares during the quarter. Swedbank AB's holdings in Lennar were worth $2,519,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Viking Global Investors LP raised its stake in Lennar by 86.7% during the second quarter. Viking Global Investors LP now owns 2,523,594 shares of the construction company's stock worth $279,135,000 after acquiring an additional 1,172,068 shares during the period. Janus Henderson Group PLC boosted its stake in Lennar by 12.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,127,225 shares of the construction company's stock valued at $218,681,000 after acquiring an additional 228,247 shares during the period. Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Lennar by 90.9% during the fourth 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 purchasing an additional 934,856 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Lennar during the 4th quarter worth approximately $95,941,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Lennar by 41.0% in the 3rd quarter. California Public Employees Retirement System now owns 578,927 shares of the construction company's stock worth $72,968,000 after purchasing an additional 168,196 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LEN. BTIG Research set a $67.00 price objective on Lennar in a research note on Monday, June 15th. Truist Financial cut their target price on Lennar from $95.00 to $90.00 and set a "hold" rating on the stock in a research note on Tuesday, March 31st. Citigroup lowered their price target on shares of Lennar from $113.00 to $104.00 and set a "neutral" rating for the company in a research report on Tuesday, March 17th. Zacks Research cut shares of Lennar from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 16th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Lennar from $80.00 to $77.00 and set an "underweight" rating on the stock in a research report on Tuesday, June 16th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and ten have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Lennar presently has a consensus rating of "Reduce" and a consensus price target of $93.87.

Lennar Stock Performance

Shares of LEN traded down $0.11 during trading hours on Friday, reaching $84.24. 2,153,269 shares of the company's stock traded hands, compared to its average volume of 2,777,162. Lennar Corporation has a twelve month low of $81.18 and a twelve month high of $144.24. The business's fifty day simple moving average is $88.66 and its two-hundred day simple moving average is $98.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91. The firm has a market capitalization of $20.29 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 2.80 and a beta of 1.38.

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

Lennar Announces Dividend

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

About Lennar

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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