TD Asset Management Inc Sells 8,854 Shares of Lennar Corporation $LEN

Key Points

• TD Asset Management Inc reduced its holdings in Lennar Corporation by 7.5%, selling 8,854 shares during the second quarter, leaving it with 109,985 shares valued at about $12.17 million.
• Analysts have set a consensus target price of $121.75 for Lennar, with ratings including one Strong Buy, three Buy, thirteen Hold, and two Sell.
• Lennar announced a $0.50 quarterly dividend to be paid on October 27th, representing an annualized yield of 1.6%.

TD Asset Management Inc lowered its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,985 shares of the construction company's stock after selling 8,854 shares during the period. TD Asset Management Inc's holdings in Lennar were worth $12,165,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Secured Retirement Advisors LLC bought a new stake in shares of Lennar in the first quarter valued at approximately $926,000. Marks Group Wealth Management Inc increased its holdings in Lennar by 15.4% during the 1st quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after acquiring an additional 292 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Lennar by 2.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock worth $23,962,000 after acquiring an additional 4,332 shares during the period. Turtle Creek Wealth Advisors LLC increased its holdings in Lennar by 24.8% during the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company's stock worth $4,825,000 after acquiring an additional 8,357 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc increased its holdings in Lennar by 77.7% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock worth $419,000 after acquiring an additional 1,596 shares during the period. Institutional investors own 81.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Lennar in a report on Wednesday, October 8th. Wells Fargo & Company decreased their target price on shares of Lennar from $135.00 to $125.00 and set an "equal weight" rating on the stock in a report on Friday, October 10th. Royal Bank Of Canada upped their target price on shares of Lennar from $98.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, September 22nd. The Goldman Sachs Group upped their target price on shares of Lennar from $122.00 to $126.00 and gave the stock a "neutral" rating in a report on Tuesday, September 23rd. Finally, Citigroup reissued an "outperform" rating on shares of Lennar in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $121.75.

Lennar Price Performance

LEN stock opened at $125.78 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.49 and a quick ratio of 0.68. Lennar Corporation has a one year low of $98.42 and a one year high of $189.65. The stock has a market cap of $32.08 billion, a PE ratio of 12.43, a P/E/G ratio of 5.85 and a beta of 1.37. The firm has a 50 day simple moving average of $129.60 and a two-hundred day simple moving average of $116.71.

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings data on Thursday, September 18th. The construction company reported $2.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.15. Lennar had a net margin of 7.72% and a return on equity of 11.09%. The company had revenue of $8.81 billion during the quarter, compared to analysts' expectations of $9.01 billion. During the same quarter in the prior year, the company earned $3.90 EPS. The firm's revenue was down 6.4% on a year-over-year basis. On average, analysts predict that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Friday, October 10th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.6%. Lennar's dividend payout ratio is 19.76%.

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.

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