New York State Teachers Retirement System Reduces Stake in Lennar Corporation $LEN

Key Points

• The New York State Teachers Retirement System reduced its stake in Lennar Corporation (NYSE: LEN) by 5.4% during the second quarter, selling 12,003 shares, and now owns approximately 0.08% of the company valued at $23.4 million.
• Lennar Corporation recently announced a quarterly dividend of $0.50 per share, to be paid on October 27, representing an annualized dividend of $2.00 with a yield of 1.6%.
• The company reported a quarterly earnings per share (EPS) of $2.29, surpassing expectations, although its revenue of $8.81 billion was below the expected $9.01 billion, reflecting a 6.4% year-over-year decline.

New York State Teachers Retirement System reduced its position in Lennar Corporation (NYSE:LEN - Free Report) by 5.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 211,993 shares of the construction company's stock after selling 12,003 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Lennar worth $23,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of LEN. Brighton Jones LLC boosted its stake in shares of Lennar by 27.9% in the 4th quarter. Brighton Jones LLC now owns 1,727 shares of the construction company's stock worth $236,000 after buying an additional 377 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Lennar by 2.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock valued at $23,962,000 after purchasing an additional 4,332 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in Lennar by 35.8% during the first quarter. Exchange Traded Concepts LLC now owns 2,695 shares of the construction company's stock valued at $309,000 after purchasing an additional 710 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Lennar during the first quarter valued at $10,649,000. Finally, Sagespring Wealth Partners LLC lifted its position in Lennar by 60.2% during the first quarter. Sagespring Wealth Partners LLC now owns 2,753 shares of the construction company's stock valued at $316,000 after purchasing an additional 1,034 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Price Performance

NYSE:LEN opened at $125.78 on Friday. The company has a quick ratio of 0.68, a current ratio of 4.49 and a debt-to-equity ratio of 0.15. The business's 50-day simple moving average is $129.60 and its two-hundred day simple moving average is $116.70. The stock has a market cap of $32.08 billion, a PE ratio of 12.43, a P/E/G ratio of 5.72 and a beta of 1.37. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $189.65.

Lennar (NYSE:LEN - Get Free Report) last posted its quarterly earnings results on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, beating analysts' consensus estimates of $2.14 by $0.15. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The business had revenue of $8.81 billion for the quarter, compared to analysts' expectations of $9.01 billion. During the same period last year, the firm earned $3.90 earnings per share. The business's quarterly revenue was down 6.4% on a year-over-year basis. As a group, analysts forecast that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Friday, October 10th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 10th. Lennar's payout ratio is 19.76%.

Analyst Ratings Changes

Several research firms recently weighed in on LEN. Royal Bank Of Canada lifted their target price on Lennar from $98.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, September 22nd. Evercore ISI lowered their target price on Lennar from $118.00 to $114.00 and set an "in-line" rating on the stock in a research report on Tuesday, October 7th. Raymond James Financial downgraded Lennar from a "market perform" rating to an "underperform" rating in a research report on Monday, September 22nd. UBS Group lifted their target price on Lennar from $146.00 to $161.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Finally, JMP Securities raised their price target on Lennar from $130.00 to $140.00 and gave the company a "market outperform" rating in a report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Lennar has an average rating of "Hold" and a consensus target price of $121.75.

Lennar Profile

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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