Lennar Corporation $LEN Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in Lennar Corporation (NYSE:LEN) by 1.9% in the first quarter, Holdings Channel reports. The institutional investor owned 5,976,609 shares of the construction company’s stock after selling 113,012 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Lennar were worth $519,009,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

LEN has been the topic of a number of recent research reports. Bank of America reduced their price target on shares of Lennar from $84.00 to $77.00 and set an “underperform” rating on the stock in a research report on Friday, June 12th. Keefe, Bruyette & Woods cut their target price on shares of Lennar from $86.00 to $85.00 and set an “underperform” rating on the stock in a report on Wednesday, June 17th. Wells Fargo & Company decreased their target price on Lennar from $90.00 to $85.00 and set an “equal weight” rating for the company in a research note on Monday, June 15th. The Goldman Sachs Group reiterated a “neutral” rating on shares of Lennar in a research report on Friday, June 5th. Finally, BTIG Research set a $67.00 price objective on Lennar in a research report on Monday, June 15th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $92.80.

Lennar Price Performance

Shares of NYSE:LEN opened at $84.99 on Tuesday. The stock has a market cap of $20.47 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 2.81 and a beta of 1.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91. Lennar Corporation has a 12 month low of $79.82 and a 12 month high of $144.24. The stock’s 50 day moving average price is $88.03 and its 200 day moving average price is $96.93.

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

Lennar Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were issued 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 was Friday, July 10th. Lennar’s dividend payout ratio is presently 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.