Renaissance Technologies LLC Lowers Holdings in Lennar Corporation $LEN

Key Points

• Renaissance Technologies cut its Lennar stake by 25.7% in the first quarter, selling 130,300 shares and retaining 377,239 shares valued at approximately $32.8 million. Institutional investors collectively own 81.1% of Lennar.
• Lennar reported quarterly EPS of $1.31, exceeding estimates of $1.24, while revenue of $7.94 billion fell short of forecasts and declined 5.2% year over year. The company paid a quarterly dividend of $0.50 per share, equivalent to a 2.3% yield.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating, 18 analysts issuing Hold or Sell ratings, and a consensus price target of $92.80.

Renaissance Technologies LLC reduced its stake in shares of Lennar Corporation (NYSE:LEN - Free Report) by 25.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 377,239 shares of the construction company's stock after selling 130,300 shares during the period. Renaissance Technologies LLC owned approximately 0.15% of Lennar worth $32,759,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Phillip James Consulting Co. acquired a new stake in Lennar during the first quarter worth about $30,000. High Point Wealth Management LLC acquired a new position in Lennar in the fourth quarter valued at approximately $31,000. DV Equities LLC acquired a new position in Lennar in the fourth quarter valued at approximately $31,000. Global Assets Advisory LLC purchased a new stake in Lennar in the 1st quarter worth approximately $39,000. Finally, Quarry LP acquired a new stake in shares of Lennar during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Trading Up 3.0%

Shares of NYSE:LEN opened at $87.61 on Wednesday. The business's 50 day moving average price is $88.12 and its 200-day moving average price is $96.81. Lennar Corporation has a 1 year low of $79.82 and a 1 year high of $144.24. The firm has a market capitalization of $21.11 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 2.82 and a beta of 1.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91.

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

Lennar Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Evercore boosted their target price on shares of Lennar from $82.00 to $87.00 and gave the company an "underperform" rating in a research note on Monday, June 15th. Bank of America dropped their price target on shares of Lennar from $84.00 to $77.00 and set an "underperform" rating on the stock in a research report on Friday, June 12th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Lennar in a research report on Thursday, June 11th. Citigroup lowered their target price on shares of Lennar from $104.00 to $88.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. Finally, The Goldman Sachs Group restated a "neutral" rating on shares of Lennar in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and ten have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price 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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