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Mackenzie Financial Corp Sells 23,361 Shares of Lennar Corporation (NYSE:LEN)

Lennar logo with Construction background

Key Points

  • Mackenzie Financial Corp reduced its stake in Lennar Corporation by 20.3%, selling 23,361 shares, leaving them with 91,804 shares valued at approximately $10.54 million.
  • Multiple analysts have lowered their price targets for Lennar, with JMP Securities recently cutting theirs from $150 to $130, while the average target price across analysts stands at $128.85.
  • Lennar reported an earnings per share of $1.90 for its recent quarter, missing expectations of $1.94, with a revenue drop of 4.4% year-over-year.
  • Five stocks we like better than Lennar.

Mackenzie Financial Corp lessened its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 20.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 91,804 shares of the construction company's stock after selling 23,361 shares during the quarter. Mackenzie Financial Corp's holdings in Lennar were worth $10,537,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Lennar by 27.9% during the 4th quarter. Brighton Jones LLC now owns 1,727 shares of the construction company's stock worth $236,000 after acquiring an additional 377 shares during the last quarter. Schroder Investment Management Group boosted its stake in Lennar by 18.4% during the 4th quarter. Schroder Investment Management Group now owns 154,078 shares of the construction company's stock worth $20,985,000 after acquiring an additional 23,898 shares during the last quarter. Summit Financial LLC boosted its stake in Lennar by 6.4% during the 4th quarter. Summit Financial LLC now owns 2,799 shares of the construction company's stock worth $382,000 after acquiring an additional 168 shares during the last quarter. Groupama Asset Managment bought a new position in Lennar during the 4th quarter worth approximately $586,000. Finally, World Investment Advisors boosted its stake in Lennar by 25.0% during the 4th quarter. World Investment Advisors now owns 1,671 shares of the construction company's stock worth $228,000 after acquiring an additional 334 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on LEN shares. JMP Securities reduced their price objective on shares of Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a research note on Friday, June 20th. Wall Street Zen lowered shares of Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Bank of America cut their price target on shares of Lennar from $110.00 to $105.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 18th. Wells Fargo & Company cut their price target on shares of Lennar from $120.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Finally, Evercore ISI cut their price target on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $128.85.

Read Our Latest Research Report on LEN

Lennar Price Performance

NYSE LEN opened at $112.19 on Friday. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12. Lennar Corporation has a 12-month low of $98.42 and a 12-month high of $193.80. The company has a market capitalization of $29.06 billion, a PE ratio of 9.28, a price-to-earnings-growth ratio of 4.77 and a beta of 1.33. The firm's 50 day moving average is $110.42 and its 200-day moving average is $115.27.

Lennar (NYSE:LEN - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.21 billion. Lennar had a net margin of 9.20% and a return on equity of 12.73%. Lennar's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the business earned $3.45 earnings per share. Equities research analysts anticipate that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Thursday, July 3rd. Lennar's payout ratio is presently 16.54%.

About Lennar

(Free Report)

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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Institutional Ownership by Quarter for Lennar (NYSE:LEN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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