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

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Hurley Capital LLC acquired a new position in Lennar during the 4th quarter worth $26,000. Ameriflex Group Inc. acquired a new position in Lennar during the 4th quarter worth $30,000. Opal Wealth Advisors LLC acquired a new position in Lennar during the 1st quarter worth $30,000. NBC Securities Inc. acquired a new position in Lennar during the 1st quarter worth $33,000. Finally, Itau Unibanco Holding S.A. grew its stake in Lennar by 611.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 299 shares of the construction company's stock worth $41,000 after purchasing an additional 257 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Stock Performance

Shares of NYSE LEN traded down $3.37 during midday trading on Wednesday, reaching $112.49. 2,523,240 shares of the company were exchanged, compared to its average volume of 2,968,474. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. The stock has a market cap of $29.14 billion, a P/E ratio of 9.30, a PEG ratio of 4.92 and a beta of 1.33. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $193.80. The stock has a fifty day simple moving average of $110.28 and a 200 day simple moving average of $115.40.

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

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.78%. The ex-dividend date was Thursday, July 3rd. Lennar's payout ratio is 16.54%.

Wall Street Analysts Forecast Growth

LEN has been the subject of several analyst reports. Evercore ISI lowered their target price on Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a research note on Wednesday, June 18th. UBS Group decreased their price target on Lennar from $164.00 to $146.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. Zelman & Associates downgraded Lennar from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Keefe, Bruyette & Woods decreased their price target on Lennar from $128.00 to $114.00 and set a "market perform" rating for the company in a report on Friday, June 20th. Finally, JMP Securities decreased their price target on Lennar from $150.00 to $130.00 and set a "market outperform" rating for the company in a report on Friday, June 20th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $128.85.

Lennar Company Profile

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.