NewEdge Wealth LLC Sells 57,784 Shares of Lennar Corporation $LEN

Key Points

• NewEdge Wealth LLC reduced its Lennar stake by 92.1% in the first quarter, selling 57,784 shares and retaining 4,982 shares valued at approximately $433,000. Institutional investors collectively own 81.1% of Lennar.
• Lennar reported quarterly EPS of $1.31, exceeding estimates of $1.24, while revenue fell 5.2% year over year to $7.94 billion. The company also maintains a $0.50 quarterly dividend, representing a 2.3% yield.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating from one Buy, seven Hold, and ten Sell ratings; the average price target is $92.80 versus the stock’s $87.61 opening price.

NewEdge Wealth LLC cut its position in shares of Lennar Corporation (NYSE:LEN - Free Report) by 92.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,982 shares of the construction company's stock after selling 57,784 shares during the quarter. NewEdge Wealth LLC's holdings in Lennar were worth $433,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Phillip James Consulting Co. purchased a new position in Lennar during the first quarter valued at $30,000. Oslo Pensjonsforsikring AS purchased a new stake in shares of Lennar in the 1st quarter worth about $232,000. Baader Bank Aktiengesellschaft bought a new position in shares of Lennar in the 1st quarter worth about $346,000. Glenview Trust Co lifted its position in Lennar by 22.8% during the 1st quarter. Glenview Trust Co now owns 19,881 shares of the construction company's stock valued at $1,726,000 after acquiring an additional 3,692 shares during the period. Finally, SEB Asset Management AB bought a new stake in Lennar during the first quarter worth about $3,676,000. Institutional investors own 81.10% of the company's stock.

Lennar Price Performance

Shares of LEN opened at $87.61 on Wednesday. The firm has a fifty day simple moving average of $88.12 and a two-hundred day simple moving average of $96.81. The firm has a market cap of $21.11 billion, a PE ratio of 13.71, a P/E/G ratio of 2.82 and a beta of 1.38. The company has a current ratio of 4.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. Lennar Corporation has a 1-year low of $79.82 and a 1-year high of $144.24.

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

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, July 10th. Lennar's payout ratio is currently 31.30%.

Analysts Set New Price Targets

A number of brokerages have weighed in on LEN. Citigroup decreased their target price on shares of Lennar from $104.00 to $88.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. Seaport Research Partners restated a "sell" rating and issued a $74.00 price target (down from $140.00) on shares of Lennar in a research note on Tuesday, April 7th. Royal Bank Of Canada reduced their price objective on Lennar from $88.00 to $85.00 and set an "underperform" rating for the company in a research report on Monday, June 15th. Barclays dropped their target price on Lennar from $80.00 to $79.00 and set an "underweight" rating on the stock in a report on Monday, June 15th. Finally, Keefe, Bruyette & Woods reduced their price target on Lennar from $86.00 to $85.00 and set an "underperform" rating for the company in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $92.80.

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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