Nordea Investment Management AB Sells 219,865 Shares of Lennar Corporation $LEN

Key Points

• Nordea Investment Management AB has reduced its stake in Lennar Corporation by 9.1%, selling 219,865 shares and now owning a total of 2,197,646 shares valued at approximately $241.8 million.
• Lennar reported $2.29 earnings per share (EPS) for the last quarter, exceeding estimates, but its revenue decreased by 6.4% year-over-year, totaling $8.81 billion.
• The company declared a quarterly dividend of $0.50 per share, with a payment date scheduled for October 27th and a total annualized dividend yielding 1.6%.

Nordea Investment Management AB reduced its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 9.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,197,646 shares of the construction company's stock after selling 219,865 shares during the period. Nordea Investment Management AB owned 0.85% of Lennar worth $241,829,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Lennar by 27.9% during the 4th quarter. Brighton Jones LLC now owns 1,727 shares of the construction company's stock worth $236,000 after purchasing an additional 377 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Lennar by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock valued at $23,962,000 after buying an additional 4,332 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in Lennar by 35.8% in the 1st 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 during the period. Janney Montgomery Scott LLC bought a new stake in Lennar in the 1st quarter valued at about $10,649,000. Finally, Sagespring Wealth Partners LLC boosted its holdings in Lennar by 60.2% in the 1st 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 during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Lennar Trading Up 2.4%

Shares of NYSE LEN opened at $125.78 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.68 and a current ratio of 4.49. Lennar Corporation has a 52-week low of $98.42 and a 52-week high of $189.65. The firm has a 50 day moving average price of $129.60 and a two-hundred day moving average price of $116.70. The stock has a market cap of $32.08 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 5.72 and a beta of 1.37.

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

Lennar Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LEN. UBS Group upped their price target on shares of Lennar from $146.00 to $161.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Raymond James Financial cut shares of Lennar from a "market perform" rating to an "underperform" rating in a research report on Monday, September 22nd. Citigroup reiterated an "outperform" rating on shares of Lennar in a research report on Monday, September 22nd. Zacks Research cut shares of Lennar from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Lennar from $128.00 to $114.00 and set a "market perform" rating for the company in a research report on Friday, June 20th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average 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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