Myriad Asset Management Advisors LLC Makes New Investment in Lennar Corporation $LEN

Key Points

• Myriad Asset Management Advisors opened a new position in Lennar during the fourth quarter, buying 14,696 shares worth about $1.51 million.
• Lennar is heading into its fiscal Q2 earnings report after recent misses, with investors watching for signs of stabilization in a tough housing market marked by higher interest rates.
• Wall Street sentiment has turned more cautious: several firms cut price targets, and Keefe, Bruyette & Woods downgraded the stock to underperform with an $86 target. The overall analyst consensus is now Reduce.

Myriad Asset Management Advisors LLC bought a new position in shares of Lennar Corporation (NYSE:LEN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,696 shares of the construction company's stock, valued at approximately $1,511,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LEN. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Lennar during the 3rd quarter worth approximately $25,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Lennar in the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC purchased a new stake in shares of Lennar in the 4th quarter worth approximately $31,000. Washington Trust Advisors Inc. grew its stake in shares of Lennar by 102.7% in the 3rd quarter. Washington Trust Advisors Inc. now owns 371 shares of the construction company's stock worth $47,000 after buying an additional 188 shares during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Lennar in the 4th quarter worth approximately $47,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Key Stories Impacting Lennar

Here are the key news stories impacting Lennar this week:

• Neutral Sentiment: Lennar is set to report fiscal Q2 results after Thursday’s close, and analysts are watching for signs of stabilization after last quarter’s adjusted EPS and revenue both missed expectations. Article Title
• Neutral Sentiment: Commentary around the stock highlights that Lennar may need lower interest rates to support home sales, reinforcing the challenge of operating in a high-rate housing market. Article Title
• Negative Sentiment: Keefe, Bruyette & Woods downgraded Lennar to underperform and cut its price target to $86 from $97, signaling downside risk versus recent trading levels.
• Negative Sentiment: Recent previews note Lennar has missed analyst estimates in prior quarters, and investors appear wary that another earnings miss could extend the stock’s decline. Article Title

Wall Street Analyst Weigh In

Several research firms recently weighed in on LEN. Truist Financial cut their price target on Lennar from $95.00 to $90.00 and set a "hold" rating on the stock in a research note on Tuesday, March 31st. UBS Group cut their price target on Lennar from $122.00 to $107.00 and set a "neutral" rating on the stock in a research note on Monday, March 16th. Keefe, Bruyette & Woods downgraded Lennar from a "market perform" rating to an "underperform" rating and cut their price target for the stock from $97.00 to $86.00 in a research note on Tuesday. Zacks Research upgraded Lennar from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 19th. Finally, Evercore cut their price target on Lennar from $89.00 to $82.00 and set an "underperform" rating on the stock in a research note on Monday, April 13th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and nine have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $98.00.

Lennar Stock Performance

LEN stock opened at $89.89 on Thursday. The stock has a market capitalization of $22.20 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 2.05 and a beta of 1.39. Lennar Corporation has a 12-month low of $81.18 and a 12-month high of $144.24. The company has a current ratio of 4.77, a quick ratio of 0.97 and a debt-to-equity ratio of 0.18. The stock's 50 day simple moving average is $89.12 and its 200 day simple moving average is $103.65.

Lennar (NYSE:LEN - Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The construction company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.07). The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6.90 billion. Lennar had a net margin of 5.39% and a return on equity of 7.80%. Lennar's quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.14 earnings per share. As a group, research analysts forecast that Lennar Corporation will post 5.87 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 6th. Stockholders of record on Wednesday, April 22nd were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 22nd. Lennar's dividend payout ratio is presently 28.74%.

About Lennar

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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