Manning & Napier Advisors LLC Makes New $3.18 Million Investment in Lennar Corporation $LEN

Key Points

• Manning & Napier Advisors purchased 34,985 Lennar shares worth approximately $3.18 million in the second quarter. Institutional investors collectively own 81.1% of the homebuilder.
• Analyst sentiment is broadly negative: one analyst rates Lennar a Buy, seven rate it Hold and ten rate it Sell, producing an average “Reduce” rating and a $92.13 price target.
• Lennar exceeded quarterly EPS estimates, reporting $1.31 versus the expected $1.24, but revenue fell 5.2% year over year to $7.94 billion. The company also paid a quarterly dividend of $0.50 per share, equivalent to a 2.3% annualized yield.

Manning & Napier Advisors LLC purchased a new position in shares of Lennar Corporation (NYSE:LEN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 34,985 shares of the construction company's stock, valued at approximately $3,178,000.

A number of other institutional investors have also made changes to their positions in the business. Ally Financial Inc. acquired a new position in Lennar during the second quarter worth $2,081,000. Butensky & Cohen Financial Security Inc. lifted its position in Lennar by 12.1% during the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 43,977 shares of the construction company's stock worth $3,979,000 after buying an additional 4,750 shares in the last quarter. Hudson Value Partners LLC bought a new stake in Lennar during the 2nd quarter worth about $249,000. Tema ETFs LLC boosted its stake in shares of Lennar by 9.4% during the 2nd quarter. Tema ETFs LLC now owns 10,096 shares of the construction company's stock worth $914,000 after buying an additional 870 shares during the last quarter. Finally, Everpar Advisors LLC grew its holdings in shares of Lennar by 16.5% in the 2nd quarter. Everpar Advisors LLC now owns 2,917 shares of the construction company's stock valued at $264,000 after acquiring an additional 413 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Evercore upped their target price on Lennar from $82.00 to $87.00 and gave the stock an "underperform" rating in a report on Monday, June 15th. Bank of America lowered their price target on Lennar from $84.00 to $77.00 and set an "underperform" rating on the stock in a research report on Friday, June 12th. Zacks Research cut Lennar from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods cut their price objective on Lennar from $86.00 to $85.00 and set an "underperform" rating for the company in a report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Lennar from $80.00 to $77.00 and set an "underweight" rating on the stock in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have assigned a Sell rating to the company's stock. According to MarketBeat, Lennar currently has an average rating of "Reduce" and an average target price of $92.13.

Lennar Price Performance

Shares of NYSE LEN opened at $87.85 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 4.91 and a debt-to-equity ratio of 0.19. The business's 50 day moving average price is $86.50 and its two-hundred day moving average price is $92.74. The company has a market cap of $21.16 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 2.93 and a beta of 1.39. Lennar Corporation has a twelve month low of $79.82 and a twelve month high of $144.24.

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

Lennar Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders 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 yield of 2.3%. The ex-dividend date of this dividend was Friday, July 10th. Lennar's payout ratio is 31.30%.

Lennar Profile

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.

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