Cannell & Spears LLC Cuts Stock Position in Lennar Corporation $LEN

by · The Markets Daily

Cannell & Spears LLC trimmed its stake in shares of Lennar Corporation (NYSE:LEN – Free Report) by 16.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,946 shares of the construction company’s stock after selling 37,286 shares during the period. Cannell & Spears LLC owned 0.07% of Lennar worth $16,061,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Magnolia Group LLC purchased a new position in shares of Lennar in the fourth quarter valued at approximately $6,756,000. KBC Group NV raised its stake in Lennar by 34.3% in the 4th quarter. KBC Group NV now owns 62,689 shares of the construction company’s stock valued at $6,445,000 after purchasing an additional 15,998 shares during the last quarter. MUFG Securities EMEA plc lifted its holdings in Lennar by 2,522.7% in the 4th quarter. MUFG Securities EMEA plc now owns 114,245 shares of the construction company’s stock valued at $11,744,000 after purchasing an additional 109,889 shares in the last quarter. Third View Private Wealth LLC acquired a new stake in Lennar during the 4th quarter worth $1,269,000. Finally, Element Capital Management LLC acquired a new stake in Lennar during the 4th quarter worth $6,437,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Lennar Trading Up 3.2%

Shares of LEN opened at $84.74 on Friday. Lennar Corporation has a 12-month low of $79.82 and a 12-month high of $144.24. The firm has a market capitalization of $20.41 billion, a P/E ratio of 13.26, a P/E/G ratio of 2.73 and a beta of 1.38. The firm has a 50-day moving average price of $88.00 and a 200 day moving average price of $97.13. The company has a current ratio of 4.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19.

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

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Friday, July 10th were issued a $0.50 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Lennar’s dividend payout ratio is currently 31.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on LEN shares. Zacks Research cut shares of Lennar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 16th. Seaport Research Partners reiterated a “sell” rating and issued a $74.00 price objective (down from $140.00) on shares of Lennar in a report on Tuesday, April 7th. Wells Fargo & Company decreased their target price on shares of Lennar from $90.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, June 15th. Truist Financial dropped their price target on Lennar from $95.00 to $90.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Finally, Bank of America cut their price target on Lennar from $84.00 to $77.00 and set an “underperform” rating for the company in a report on Friday, June 12th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $92.80.

View Our Latest Stock Analysis on LEN

Lennar Profile

(Free Report)

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.

Further Reading

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