Lennar Corporation $LEN Shares Sold by Teachers Retirement System of The State of Kentucky

Key Points

• Teachers Retirement System of The State of Kentucky trimmed its stake in Lennar by 23.1%, selling 63,398 shares and leaving 210,775 shares worth about $21.7 million, while institutional investors now own roughly 81.1% of LEN.
• Wall Street sentiment is cautious: MarketBeat reports an average rating of Reduce and a consensus price target of $99.87 after several brokerages cut targets and issued mostly Hold/Neutral ratings.
• Lennar missed the quarter—EPS $0.88 vs. $0.95 expected and revenue $6.62B vs. $6.90B, down 13.3% year-over-year—but announced a quarterly dividend of $0.50 (annualized $2.00, ~2.1% yield).

Teachers Retirement System of The State of Kentucky cut its holdings in shares of Lennar Corporation (NYSE:LEN - Free Report) by 23.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,775 shares of the construction company's stock after selling 63,398 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of Lennar worth $21,667,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in LEN. Brighton Jones LLC boosted its position in shares of Lennar by 27.9% during the fourth quarter. Brighton Jones LLC now owns 1,727 shares of the construction company's stock worth $236,000 after buying an additional 377 shares during the period. Intech Investment Management LLC boosted its position in shares of Lennar by 29.8% during the first quarter. Intech Investment Management LLC now owns 13,840 shares of the construction company's stock worth $1,589,000 after buying an additional 3,177 shares during the period. Jump Financial LLC boosted its position in shares of Lennar by 15.0% during the second quarter. Jump Financial LLC now owns 25,622 shares of the construction company's stock worth $2,834,000 after buying an additional 3,345 shares during the period. Cary Street Partners Financial LLC acquired a new position in shares of Lennar during the second quarter worth approximately $47,000. Finally, Daiwa Securities Group Inc. boosted its position in shares of Lennar by 4.6% during the second quarter. Daiwa Securities Group Inc. now owns 34,958 shares of the construction company's stock worth $3,867,000 after buying an additional 1,544 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LEN. Zacks Research upgraded Lennar from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 19th. Keefe, Bruyette & Woods cut their target price on Lennar from $105.00 to $97.00 and set a "market perform" rating for the company in a research report on Wednesday, April 1st. Citizens Jmp restated a "market perform" rating on shares of Lennar in a research report on Wednesday, January 7th. Truist Financial cut their target price on Lennar from $95.00 to $90.00 and set a "hold" rating for the company in a research report on Tuesday, March 31st. Finally, The Goldman Sachs Group cut their target price on Lennar from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, April 10th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and eight have given a Sell rating to the company's stock. According to data from MarketBeat.com, Lennar presently has an average rating of "Reduce" and a consensus price target of $99.87.

Lennar Stock Performance

LEN opened at $93.99 on Friday. The company has a market capitalization of $23.21 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 2.07 and a beta of 1.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.77 and a quick ratio of 0.97. Lennar Corporation has a 1-year low of $83.03 and a 1-year high of $144.24. The business has a 50 day moving average price of $98.04 and a two-hundred day moving average price of $111.07.

Lennar (NYSE:LEN - Get Free Report) last released its earnings results on Thursday, March 12th. The construction company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $6.90 billion. During the same quarter last year, the company earned $2.14 earnings per share. The business's revenue for the quarter was down 13.3% on a year-over-year basis. Research analysts predict that Lennar Corporation will post 5.91 EPS for the current fiscal year.

Lennar Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 6th. Stockholders of record on Wednesday, April 22nd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, April 22nd. Lennar's dividend payout ratio is 28.74%.

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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