Abacus Planning Group Inc. Decreases Position in Lennar Corporation $LEN

Abacus Planning Group Inc. trimmed its holdings in shares of Lennar Corporation (NYSE:LEN) by 1.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,148 shares of the construction company’s stock after selling 164 shares during the period. Abacus Planning Group Inc.’s holdings in Lennar were worth $1,454,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Tokio Marine Asset Management Co. Ltd. grew its position in Lennar by 1.2% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,719 shares of the construction company’s stock worth $886,000 after purchasing an additional 89 shares during the last quarter. NorthRock Partners LLC grew its holdings in shares of Lennar by 1.4% during the first quarter. NorthRock Partners LLC now owns 6,509 shares of the construction company’s stock valued at $747,000 after buying an additional 93 shares during the last quarter. Valeo Financial Advisors LLC increased its position in shares of Lennar by 1.1% in the 1st quarter. Valeo Financial Advisors LLC now owns 8,841 shares of the construction company’s stock valued at $1,015,000 after acquiring an additional 95 shares during the period. EP Wealth Advisors LLC raised its stake in Lennar by 2.3% in the 1st quarter. EP Wealth Advisors LLC now owns 4,782 shares of the construction company’s stock worth $549,000 after acquiring an additional 107 shares during the last quarter. Finally, Mather Group LLC. lifted its position in Lennar by 8.4% during the 1st quarter. Mather Group LLC. now owns 1,517 shares of the construction company’s stock worth $174,000 after acquiring an additional 117 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on LEN shares. Wedbush restated a “neutral” rating and issued a $130.00 price objective on shares of Lennar in a research note on Monday, September 22nd. Bank of America increased their price target on shares of Lennar from $115.00 to $135.00 and gave the stock a “neutral” rating in a report on Thursday, September 18th. Raymond James Financial cut shares of Lennar from a “market perform” rating to an “underperform” rating in a research note on Monday, September 22nd. Evercore ISI increased their price objective on shares of Lennar from $114.00 to $118.00 and gave the stock an “in-line” rating in a research note on Monday, September 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Lennar from $97.00 to $92.00 and set a “neutral” rating for the company in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $123.75.

Lennar Price Performance

NYSE:LEN opened at $128.25 on Friday. The company has a 50 day moving average price of $128.42 and a 200-day moving average price of $116.30. Lennar Corporation has a 1-year low of $98.42 and a 1-year high of $189.65. The firm has a market cap of $33.22 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 5.74 and a beta of 1.37. 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 (NYSE:LEN) last released its quarterly earnings results on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $9.01 billion. During the same quarter last year, the business earned $3.90 earnings per share. The firm’s revenue was down 6.4% on a year-over-year basis. Equities research analysts forecast that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Friday, October 10th will be issued 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 yield of 1.6%. Lennar’s dividend payout ratio is presently 19.76%.

About Lennar

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.