NewEdge Wealth LLC Reduces Position in Lennar Corporation $LEN

NewEdge Wealth LLC trimmed its stake in Lennar Corporation (NYSE:LEN) by 92.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,982 shares of the construction company’s stock after selling 57,784 shares during the period. NewEdge Wealth LLC’s holdings in Lennar were worth $433,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of LEN. DV Equities LLC bought a new stake in Lennar during the fourth quarter valued at about $31,000. High Point Wealth Management LLC bought a new position in shares of Lennar in the fourth quarter worth about $31,000. Phillip James Consulting Co. purchased a new position in shares of Lennar during the 1st quarter valued at about $30,000. Quarry LP bought a new position in shares of Lennar during the 4th quarter valued at approximately $41,000. Finally, Cary Street Partners Financial LLC bought a new stake in Lennar during the 2nd quarter worth approximately $47,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LEN has been the subject of a number of recent analyst reports. UBS Group dropped their price target on shares of Lennar from $107.00 to $94.00 and set a “neutral” rating for the company in a research report on Tuesday, June 16th. Truist Financial lowered their target price on shares of Lennar from $95.00 to $90.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. The Goldman Sachs Group reiterated a “neutral” rating on shares of Lennar in a research note on Friday, June 5th. BTIG Research set a $67.00 price target on Lennar in a report on Monday, June 15th. Finally, Seaport Research Partners restated a “sell” rating and issued a $74.00 price objective (down from $140.00) on shares of Lennar in a research report on Tuesday, April 7th. One 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, Lennar presently has an average rating of “Reduce” and an average price target of $92.80.

Lennar Trading Up 3.0%

Lennar stock opened at $87.61 on Wednesday. Lennar Corporation has a 1 year low of $79.82 and a 1 year high of $144.24. The firm’s 50 day moving average price is $88.12 and its 200-day moving average price is $96.81. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91. The stock has a market cap of $21.11 billion, a P/E ratio of 13.71, a PEG ratio of 2.82 and a beta of 1.38.

Lennar (NYSE:LEN) last issued its earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.07. The firm had revenue of $7.94 billion during the quarter, compared to analyst estimates of $8.08 billion. Lennar had a net margin of 4.93% and a return on equity of 7.08%. Lennar’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.81 earnings per share. On average, equities analysts predict that Lennar Corporation will post 5.52 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Friday, July 10th were given a dividend of $0.50 per share. The ex-dividend date was Friday, July 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Lennar’s dividend payout ratio (DPR) is presently 31.30%.

About Lennar

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.