State of Michigan Retirement System Sells 5,700 Shares of Lennar Corporation (NYSE:LEN)

State of Michigan Retirement System trimmed its position in Lennar Corporation (NYSE:LEN - Free Report) by 6.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,215 shares of the construction company's stock after selling 5,700 shares during the quarter. State of Michigan Retirement System's holdings in Lennar were worth $9,551,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Valeo Financial Advisors LLC increased its stake in Lennar by 1.1% during the first quarter. Valeo Financial Advisors LLC now owns 8,841 shares of the construction company's stock worth $1,015,000 after acquiring an additional 95 shares during the last quarter. Horizon Investments LLC increased its stake in Lennar by 2.1% during the fourth quarter. Horizon Investments LLC now owns 4,818 shares of the construction company's stock worth $629,000 after acquiring an additional 98 shares during the last quarter. Unison Advisors LLC increased its stake in Lennar by 0.3% during the fourth quarter. Unison Advisors LLC now owns 37,040 shares of the construction company's stock worth $5,051,000 after acquiring an additional 100 shares during the last quarter. Mather Group LLC. boosted its position in shares of Lennar by 8.4% during the first quarter. Mather Group LLC. now owns 1,517 shares of the construction company's stock valued at $174,000 after buying an additional 117 shares during the period. Finally, Omnia Family Wealth LLC grew its stake in shares of Lennar by 1.9% during the first quarter. Omnia Family Wealth LLC now owns 6,417 shares of the construction company's stock valued at $737,000 after buying an additional 119 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

Lennar Stock Down 2.1%

Lennar stock opened at $114.04 on Friday. The business has a fifty day moving average of $109.35 and a two-hundred day moving average of $117.39. 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 $30.08 billion, a P/E ratio of 9.43, a P/E/G ratio of 4.94 and a beta of 1.33. Lennar Corporation has a twelve month low of $98.42 and a twelve month high of $187.61.

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

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.00 annualized dividend and a dividend yield of 1.75%. Lennar's dividend payout ratio is presently 16.54%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LEN. Barclays cut their target price on Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 18th. Evercore ISI cut their target price on Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a research note on Wednesday, June 18th. Wells Fargo & Company cut their target price on Lennar from $120.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Zelman & Associates cut Lennar from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 18th. Finally, UBS Group cut their target price on Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a research note on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $128.85.

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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