Public Sector Pension Investment Board Cuts Stake in Lennar Corporation $LEN

Key Points

• The Public Sector Pension Investment Board significantly reduced its stake in Lennar Corporation by 93.3%, selling 434,889 shares and retaining only 31,068 shares valued at approximately $3.57 million.
• Lennar reported an EPS of $1.90 for the quarter, which fell short of analysts' expectations; however, it achieved a revenue of $8.38 billion, surpassing estimates of $8.21 billion.
• The company declared a quarterly dividend of $0.50 per share, indicating a 1.5% yield, with a low dividend payout ratio of 16.54%.

Public Sector Pension Investment Board reduced its stake in Lennar Corporation (NYSE:LEN - Free Report) by 93.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 31,068 shares of the construction company's stock after selling 434,889 shares during the quarter. Public Sector Pension Investment Board's holdings in Lennar were worth $3,566,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ameriflex Group Inc. purchased a new stake in Lennar during the fourth quarter valued at about $30,000. Opal Wealth Advisors LLC purchased a new stake in Lennar during the first quarter valued at about $30,000. NBC Securities Inc. purchased a new stake in Lennar during the first quarter valued at about $33,000. Franchise Capital Ltd purchased a new stake in Lennar during the first quarter valued at about $38,000. Finally, Oakworth Capital Inc. lifted its holdings in Lennar by 139.9% during the first quarter. Oakworth Capital Inc. now owns 343 shares of the construction company's stock valued at $39,000 after purchasing an additional 200 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Lennar Stock Down 0.4%

LEN stock opened at $131.43 on Tuesday. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $114.40 and its 200 day moving average is $113.94. The stock has a market cap of $34.04 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 5.60 and a beta of 1.29. Lennar Corporation has a 1-year low of $98.42 and a 1-year high of $193.80.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings results on Monday, June 16th. The construction company reported $1.90 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). Lennar had a net margin of 9.20% and a return on equity of 12.73%. The business had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.21 billion. During the same quarter in the previous year, the business earned $3.45 earnings per share. The firm's revenue was down 4.4% on a year-over-year basis. Sell-side analysts predict that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Thursday, July 3rd. Lennar's dividend payout ratio (DPR) is presently 16.54%.

Analyst Ratings Changes

Several equities research analysts have commented on LEN shares. Evercore ISI dropped their price objective on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a report on Wednesday, June 18th. Barclays decreased their price target on Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Wednesday, June 18th. Royal Bank Of Canada decreased their price target on Lennar from $122.00 to $98.00 and set a "sector perform" rating on the stock in a research report on Wednesday, June 18th. Zelman & Associates cut Lennar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 18th. Finally, UBS Group decreased their price target on Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Lennar presently has an average rating of "Hold" and an average target price of $128.85.

Lennar Company 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.

Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Corporation (NYSE:LEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.