Procyon Advisors LLC Decreases Stake in Lennar Corporation $LEN

Key Points

• Procyon Advisors LLC has significantly reduced its holdings in Lennar Corporation by 73.3%, owning now 6,479 shares worth $717,000 after selling 17,749 shares in the second quarter.
• Multiple hedge funds increased their positions in Lennar, with Two Sigma Advisers LP boosting holdings by an impressive 1,163.6%, now owning 122,820 shares valued at about $16.7 million.
• Lennar's recent earnings report revealed a miss on EPS estimates, reporting $1.90 against a consensus of $1.94, although revenue surpassed expectations at $8.38 billion.

Procyon Advisors LLC reduced its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 73.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,479 shares of the construction company's stock after selling 17,749 shares during the quarter. Procyon Advisors LLC's holdings in Lennar were worth $717,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its position in Lennar by 45.4% in the first quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company's stock worth $1,020,866,000 after purchasing an additional 2,777,567 shares during the last quarter. Brave Warrior Advisors LLC lifted its holdings in Lennar by 23.4% during the 1st quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company's stock worth $251,323,000 after purchasing an additional 415,218 shares in the last quarter. Eminence Capital LP lifted its holdings in Lennar by 130.8% during the 1st quarter. Eminence Capital LP now owns 1,581,489 shares of the construction company's stock worth $181,523,000 after purchasing an additional 896,264 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Lennar by 20.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 736,490 shares of the construction company's stock worth $84,534,000 after purchasing an additional 123,266 shares in the last quarter. Finally, Sound Shore Management Inc. CT increased its stake in Lennar by 17.8% in the 1st quarter. Sound Shore Management Inc. CT now owns 466,752 shares of the construction company's stock worth $53,574,000 after acquiring an additional 70,463 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on LEN. Evercore ISI reduced their price objective on Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a research report on Wednesday, June 18th. Wall Street Zen lowered Lennar from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. JMP Securities cut their price objective on Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a research report on Friday, June 20th. Keefe, Bruyette & Woods dropped their price target on Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a research report on Friday, June 20th. Finally, Royal Bank Of Canada lowered their price objective on Lennar from $122.00 to $98.00 and set a "sector perform" rating for the company in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and fifteen have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $133.08.

Lennar Stock Performance

NYSE:LEN traded down $5.70 during mid-day trading on Friday, hitting $127.17. 17,036,662 shares of the company traded hands, compared to its average volume of 3,277,253. The stock's fifty day moving average price is $125.97 and its 200-day moving average price is $116.03. Lennar Corporation has a one year low of $98.42 and a one year high of $189.65. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12. The firm has a market cap of $32.94 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 5.64 and a beta of 1.33.

Lennar (NYSE:LEN - Get Free Report) last released 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 return on equity of 12.73% and a net margin of 9.20%.The business had revenue of $8.81 billion during the quarter, compared to analyst estimates of $9.01 billion. During the same quarter in the previous year, the company posted $3.90 earnings per share. Lennar's revenue for the quarter was down 6.4% on a year-over-year basis. Research analysts anticipate that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

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.