Wellington Management Group LLP Sells 28,391 Shares of Lennar Corporation $LEN

Key Points

• Wellington Management reduced its Lennar stake by 13.3% in the second quarter, selling 28,391 shares and retaining 184,844 shares valued at approximately $16.7 million. Institutional investors collectively own 81.1% of Lennar.
• Analyst sentiment is largely negative: Lennar has a consensus “Reduce” rating, with 10 sells, seven holds and one buy, and a consensus price target of $92.13.
• Lennar’s latest quarterly earnings exceeded EPS expectations, but revenue fell 5.2% year over year and earnings declined from the prior-year quarter. Shares opened at $83.70, while the company maintains a quarterly dividend of $0.50 per share.

Wellington Management Group LLP trimmed its stake in Lennar Corporation (NYSE:LEN - Free Report) by 13.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 184,844 shares of the construction company's stock after selling 28,391 shares during the period. Wellington Management Group LLP owned 0.08% of Lennar worth $16,727,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Phillip James Consulting Co. acquired a new position in Lennar during the 1st quarter valued at $30,000. DV Equities LLC acquired a new position in shares of Lennar during the fourth quarter valued at about $31,000. Global Assets Advisory LLC acquired a new stake in Lennar during the first quarter worth about $39,000. Quarry LP acquired a new position in Lennar in the 4th quarter valued at approximately $41,000. Finally, IFC & Insurance Marketing Inc. bought a new stake in shares of Lennar in the 4th quarter worth approximately $45,000. Institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LEN. Truist Financial cut their target price on Lennar from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Thursday, August 6th. The Goldman Sachs Group restated a "neutral" rating on shares of Lennar in a research note on Friday, June 5th. Zacks Research lowered Lennar from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 16th. Bank of America cut their price objective on Lennar from $84.00 to $77.00 and set an "underperform" rating for the company in a report on Friday, June 12th. Finally, Argus set a $108.00 target price on shares of Lennar in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $92.13.

Lennar Price Performance

Shares of LEN stock opened at $83.70 on Monday. Lennar Corporation has a 52 week low of $79.82 and a 52 week high of $144.24. The stock has a market capitalization of $20.16 billion, a PE ratio of 13.10, a PEG ratio of 2.78 and a beta of 1.39. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 4.91. The stock's fifty day moving average is $85.63 and its 200-day moving average is $90.82.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $8.08 billion. During the same quarter in the prior year, the company earned $1.81 EPS. The firm's quarterly revenue 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 fiscal year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Friday, July 10th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, July 10th. Lennar's dividend payout ratio (DPR) is 31.30%.

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.

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