Wealthfront Advisers LLC Sells 13,928 Shares of Lennar Corporation $LEN

Key Points

• Wealthfront Advisers LLC cut its Lennar stake by 31.1% in the first quarter, selling 13,928 shares and leaving it with 30,922 shares worth about $2.69 million.
• Lennar reported better-than-expected quarterly EPS of $1.31, though revenue came in below expectations at $7.94 billion and fell 5.2% year over year.
• Analysts remain cautious on the stock: several firms lowered price targets, and the consensus rating is “Reduce” with an average target price of $92.80.

Wealthfront Advisers LLC trimmed its position in Lennar Corporation (NYSE:LEN - Free Report) by 31.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,922 shares of the construction company's stock after selling 13,928 shares during the period. Wealthfront Advisers LLC's holdings in Lennar were worth $2,685,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC raised its position in shares of Lennar by 7.1% in the second quarter. Lazard Asset Management LLC now owns 1,278 shares of the construction company's stock worth $141,000 after buying an additional 85 shares in the last quarter. Rossby Financial LCC grew its position in Lennar by 9.1% during the fourth quarter. Rossby Financial LCC now owns 1,059 shares of the construction company's stock worth $109,000 after buying an additional 88 shares in the last quarter. New Mexico Educational Retirement Board grew its position in Lennar by 1.0% during the fourth quarter. New Mexico Educational Retirement Board now owns 10,560 shares of the construction company's stock worth $1,086,000 after buying an additional 100 shares in the last quarter. KDT Advisors LLC increased its stake in Lennar by 2.7% in the 3rd quarter. KDT Advisors LLC now owns 4,654 shares of the construction company's stock worth $587,000 after acquiring an additional 123 shares during the last quarter. Finally, Orion Porfolio Solutions LLC raised its holdings in shares of Lennar by 0.7% in the 4th quarter. Orion Porfolio Solutions LLC now owns 17,725 shares of the construction company's stock valued at $1,822,000 after acquiring an additional 130 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Lennar Price Performance

Shares of Lennar stock opened at $83.03 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 4.91. Lennar Corporation has a 52-week low of $81.18 and a 52-week high of $144.24. The company has a fifty day moving average of $88.15 and a 200-day moving average of $97.67. The stock has a market capitalization of $20.00 billion, a price-to-earnings ratio of 12.99, a price-to-earnings-growth ratio of 2.79 and a beta of 1.38.

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

Lennar Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Friday, July 10th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, July 10th. Lennar's payout ratio is 31.30%.

Analysts Set New Price Targets

Several research firms recently weighed in on LEN. Wells Fargo & Company decreased their price objective on shares of Lennar from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Monday, June 15th. Keefe, Bruyette & Woods dropped their target price on shares of Lennar from $86.00 to $85.00 and set an "underperform" rating for the company in a research report on Wednesday, June 17th. Truist Financial cut their price target on shares of Lennar from $95.00 to $90.00 and set a "hold" rating for the company in a research note on Tuesday, March 31st. The Goldman Sachs Group reissued a "neutral" rating on shares of Lennar in a report on Friday, June 5th. Finally, Royal Bank Of Canada dropped their price objective on shares of Lennar from $88.00 to $85.00 and set an "underperform" rating for the company in a report on Monday, June 15th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $92.80.

Lennar Profile

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.