Lennar Corporation (NYSE:LEN) Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Lennar Corporation by 17.7%, holding 87,471 shares after selling 18,756 during the first quarter.
• Lennar reported earnings per share of $1.90 for the last quarter, falling short of analysts' expectations of $1.94, with a revenue of $8.38 billion.
• Several analysts have lowered their price targets on Lennar, with JMP Securities setting a new target at $130.00, while Barclays reduced theirs to $95.00.

Allianz Asset Management GmbH lessened its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,471 shares of the construction company's stock after selling 18,756 shares during the period. Allianz Asset Management GmbH's holdings in Lennar were worth $10,041,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of LEN. Castlekeep Investment Advisors LLC acquired a new stake in shares of Lennar in the fourth quarter valued at $218,533,000. Wellington Management Group LLP grew its stake in shares of Lennar by 18.9% in the fourth quarter. Wellington Management Group LLP now owns 3,239,488 shares of the construction company's stock valued at $441,769,000 after buying an additional 515,378 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in shares of Lennar in the first quarter valued at $37,055,000. D1 Capital Partners L.P. grew its stake in shares of Lennar by 67.3% in the fourth quarter. D1 Capital Partners L.P. now owns 672,433 shares of the construction company's stock valued at $88,116,000 after buying an additional 270,433 shares in the last quarter. Finally, Man Group plc grew its stake in shares of Lennar by 112.5% in the fourth quarter. Man Group plc now owns 506,722 shares of the construction company's stock valued at $69,102,000 after buying an additional 268,209 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Lennar Price Performance

Shares of NYSE:LEN opened at $115.36 on Friday. The company's fifty day moving average price is $109.90 and its 200 day moving average price is $115.64. Lennar Corporation has a 12 month low of $98.42 and a 12 month high of $193.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.49. The firm has a market capitalization of $29.88 billion, a P/E ratio of 9.54, a P/E/G ratio of 4.90 and a beta of 1.33.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.21 billion. Lennar had a return on equity of 12.73% and a net margin of 9.20%. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.45 EPS. As a group, sell-side analysts predict that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.73%. The ex-dividend date was Thursday, July 3rd. Lennar's dividend payout ratio is presently 16.54%.

Analysts Set New Price Targets

LEN has been the topic of several analyst reports. JMP Securities reduced their price objective on Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a research note on Friday, June 20th. Barclays lowered their price target on shares of Lennar from $110.00 to $95.00 and set an "equal weight" rating for the company in a report on Wednesday, June 18th. Evercore ISI lowered their target price on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a research note on Wednesday, June 18th. Bank of America lowered their target price on shares of Lennar from $110.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday, June 18th. Finally, Wedbush reaffirmed a "neutral" rating and set a $130.00 price objective on shares of Lennar in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Lennar currently has a consensus rating of "Hold" and an average price target of $128.85.

About Lennar

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.

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