Mirae Asset Global Investments Co. Ltd. lessened its stake in Lennar Corporation (NYSE:LEN - Free Report) by 11.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,040 shares of the construction company's stock after selling 3,352 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Lennar were worth $2,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. Hurley Capital LLC acquired a new stake in shares of Lennar in the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Lennar in the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. acquired a new position in shares of Lennar in the 4th quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new stake in Lennar in the 1st quarter valued at $30,000. Finally, NBC Securities Inc. acquired a new stake in Lennar during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 81.10% of the company's stock.
Analyst Ratings Changes
A number of brokerages have recently commented on LEN. Royal Bank Of Canada reduced their target price on shares of Lennar from $122.00 to $98.00 and set a "sector perform" 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 research note on Wednesday, June 18th. Wall Street Zen downgraded Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Evercore ISI dropped their target price on Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a report on Wednesday, June 18th. Finally, Wells Fargo & Company decreased their price target on Lennar from $120.00 to $110.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Lennar presently has an average rating of "Hold" and an average price target of $128.85.
Check Out Our Latest Report on LEN
Lennar Price Performance
Shares of NYSE:LEN traded down $4.96 on Friday, reaching $110.35. 3,163,101 shares of the company were exchanged, compared to its average volume of 2,711,844. The company has a 50-day moving average of $108.89 and a 200-day moving average of $118.31. 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 firm has a market cap of $29.11 billion, a price-to-earnings ratio of 9.13, a price-to-earnings-growth ratio of 4.54 and a beta of 1.33. Lennar Corporation has a 1-year low of $98.42 and a 1-year high of $187.61.
Lennar (NYSE:LEN - Get Free Report) last issued its earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share 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 company 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 company posted $3.45 earnings per share. The company's quarterly revenue was down 4.4% compared to the same quarter last year. Equities analysts forecast 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 will be paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 1.81%. Lennar's payout ratio is 16.54%.
About Lennar
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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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