Lennar Corporation $LEN Stake Lowered by State of New Jersey Common Pension Fund D

Key Points

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State of New Jersey Common Pension Fund D lessened its holdings in shares of Lennar Corporation (NYSE:LEN - Free Report) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,401 shares of the construction company's stock after selling 8,928 shares during the period. State of New Jersey Common Pension Fund D's holdings in Lennar were worth $8,540,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Ameriflex Group Inc. bought a new stake in Lennar during the fourth quarter worth approximately $30,000. Opal Wealth Advisors LLC bought a new stake in Lennar during the first quarter worth approximately $30,000. NBC Securities Inc. bought a new stake in Lennar during the first quarter worth approximately $33,000. Itau Unibanco Holding S.A. raised its holdings in Lennar by 611.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 299 shares of the construction company's stock worth $41,000 after purchasing an additional 257 shares in the last quarter. Finally, Franchise Capital Ltd bought a new stake in Lennar during the first quarter worth approximately $38,000. Institutional investors own 81.10% of the company's stock.

Lennar Trading Down 1.0%

NYSE LEN traded down $1.27 on Thursday, hitting $129.05. 2,270,871 shares of the stock were exchanged, compared to its average volume of 3,177,941. Lennar Corporation has a 52-week low of $98.42 and a 52-week high of $193.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.49. The company has a market capitalization of $33.43 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 5.70 and a beta of 1.29. The company's 50-day moving average price is $115.19 and its two-hundred day moving average price is $114.19.

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

Lennar Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 1.5%. The ex-dividend date was Thursday, July 3rd. Lennar's payout ratio is presently 16.54%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on LEN shares. Zelman & Associates cut Lennar from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Wedbush reaffirmed a "neutral" rating and issued a $130.00 price target on shares of Lennar in a report on Wednesday, June 18th. 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 report on Friday, June 20th. Barclays dropped their price target on Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 18th. Finally, JMP Securities dropped their price target on Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a report on Friday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, Lennar has an average rating of "Hold" and an average price target of $128.85.

About Lennar

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.