Lennar Corporation $LEN Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Lennar stake by 1.9% in the first quarter, selling 113,012 shares. It still held 5.98 million shares, representing 2.42% of Lennar and approximately $519 million in value.
• Lennar reported quarterly EPS of $1.31, beating estimates of $1.24, while revenue of $7.94 billion fell short of expectations and declined 5.2% year over year. The stock opened at $84.99, near its 12-month low of $79.82.
• Analyst sentiment remains negative, with a consensus “Reduce” rating, including 10 Sell, 7 Hold and 1 Buy ratings. Lennar also maintains a quarterly dividend of $0.50 per share, equivalent to a 2.4% yield.

The Manufacturers Life Insurance Company reduced its stake in shares of Lennar Corporation (NYSE:LEN - Free Report) by 1.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,976,609 shares of the construction company's stock after selling 113,012 shares during the period. The Manufacturers Life Insurance Company owned 2.42% of Lennar worth $519,009,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KCM Investment Advisors LLC increased its position in Lennar by 1.3% during the first quarter. KCM Investment Advisors LLC now owns 9,879 shares of the construction company's stock worth $858,000 after buying an additional 125 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Lennar during the first quarter valued at $2,855,000. Copley Financial Group Inc. increased its position in Lennar by 56.7% during the 1st quarter. Copley Financial Group Inc. now owns 3,409 shares of the construction company's stock worth $296,000 after purchasing an additional 1,233 shares in the last quarter. Gateway Wealth Partners LLC acquired a new position in Lennar in the 1st quarter valued at about $330,000. Finally, OMERS ADMINISTRATION Corp raised its stake in Lennar by 3.1% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 70,507 shares of the construction company's stock valued at $6,123,000 after purchasing an additional 2,131 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Stock Performance

NYSE:LEN opened at $84.99 on Tuesday. The firm's fifty day simple moving average is $88.03 and its 200 day simple moving average is $96.93. The company has a current ratio of 4.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. Lennar Corporation has a twelve month low of $79.82 and a twelve month high of $144.24. The firm has a market capitalization of $20.47 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 2.81 and a beta of 1.38.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings data on Thursday, June 11th. The construction company reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.07. Lennar had a return on equity of 7.08% and a net margin of 4.93%.The company had revenue of $7.94 billion for the quarter, compared to analysts' expectations of $8.08 billion. During the same quarter in the previous year, the firm posted $1.81 earnings per share. The firm's quarterly revenue was down 5.2% on a year-over-year basis. As a group, equities research analysts expect that Lennar Corporation will post 5.52 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Friday, July 10th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, July 10th. Lennar's payout ratio is presently 31.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on LEN shares. JPMorgan Chase & Co. decreased their price target on shares of Lennar from $80.00 to $77.00 and set an "underweight" rating on the stock in a research note on Tuesday, June 16th. Royal Bank Of Canada reduced their price objective on shares of Lennar from $88.00 to $85.00 and set an "underperform" rating on the stock in a research note on Monday, June 15th. Zacks Research cut shares of Lennar from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 16th. BTIG Research set a $67.00 price target on Lennar in a research note on Monday, June 15th. Finally, Citigroup decreased their price objective on Lennar from $104.00 to $88.00 and set a "neutral" rating on the stock in a report on Wednesday, July 15th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and ten have given a Sell rating to the company. According to data from MarketBeat, Lennar presently has a consensus rating of "Reduce" and an average price target of $92.80.

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.

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.