Lennar Corporation (NYSE:LEN) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has significantly reduced its stake in Lennar Corporation by 52.6%, selling 1,719,898 shares, now holding 1,551,421 shares valued at approximately $178 million.
• Lennar reported a net margin of 9.20% and quarterly earnings of $1.90 per share, missing analysts' expectations, with revenue of $8.38 billion, down 4.4% year-over-year.
• The company recently announced a quarterly dividend of $0.50, translating to an annual rate of $2.00 with a yield of 1.76%.

Pacer Advisors Inc. reduced its position in Lennar Corporation (NYSE:LEN - Free Report) by 52.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,551,421 shares of the construction company's stock after selling 1,719,898 shares during the quarter. Pacer Advisors Inc. owned about 0.59% of Lennar worth $178,072,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Cetera Investment Advisers raised its stake in shares of Lennar by 58.2% during the first quarter. Cetera Investment Advisers now owns 49,544 shares of the construction company's stock worth $5,687,000 after purchasing an additional 18,218 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in Lennar by 5.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 5,345 shares of the construction company's stock valued at $614,000 after buying an additional 253 shares during the period. Gilbert & Cook Inc. raised its position in Lennar by 17.8% during the 1st quarter. Gilbert & Cook Inc. now owns 4,166 shares of the construction company's stock worth $478,000 after buying an additional 629 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Lennar in the 1st quarter worth $41,788,000. Finally, Sound Shore Management Inc. CT increased its stake in shares of Lennar by 17.8% during the first quarter. Sound Shore Management Inc. CT now owns 466,752 shares of the construction company's stock worth $53,574,000 after acquiring an additional 70,463 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Trading Down 3.1%

Lennar stock opened at $113.59 on Friday. 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 $29.42 billion, a PE ratio of 9.40, a P/E/G ratio of 4.98 and a beta of 1.33. The stock has a 50-day moving average price of $109.83 and a 200 day moving average price of $115.88. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $193.80.

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 (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $8.21 billion. During the same period in the previous year, the business posted $3.45 earnings per share. The firm's quarterly revenue was down 4.4% on a year-over-year basis. Equities research analysts predict that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were issued a $0.50 dividend. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.76%. Lennar's dividend payout ratio (DPR) is 16.54%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LEN. Royal Bank Of Canada lowered their price objective on Lennar from $122.00 to $98.00 and set a "sector perform" rating on the stock in a report on Wednesday, June 18th. Keefe, Bruyette & Woods lowered their price target on shares of Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a research note on Friday, June 20th. Wall Street Zen lowered Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Evercore ISI dropped their price objective 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. Finally, UBS Group decreased their target price on Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Lennar currently has an average 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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