TD Asset Management Inc Sells 5,798 Shares of Lennar Corporation $LEN

TD Asset Management Inc reduced its stake in shares of Lennar Corporation (NYSE:LEN) by 5.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 100,378 shares of the construction company’s stock after selling 5,798 shares during the period. TD Asset Management Inc’s holdings in Lennar were worth $10,319,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Lennar by 14.6% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,732,654 shares of the construction company’s stock worth $596,504,000 after acquiring an additional 603,004 shares during the last quarter. Viking Global Investors LP boosted its holdings in Lennar by 86.7% in the second quarter. Viking Global Investors LP now owns 2,523,594 shares of the construction company’s stock valued at $279,135,000 after acquiring an additional 1,172,068 shares during the last quarter. California Public Employees Retirement System increased its position in Lennar by 41.0% during the 3rd quarter. California Public Employees Retirement System now owns 578,927 shares of the construction company’s stock valued at $72,968,000 after purchasing an additional 168,196 shares during the period. Caisse de depot et placement du Quebec raised its holdings in Lennar by 3.7% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 555,305 shares of the construction company’s stock worth $69,991,000 after purchasing an additional 19,566 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Lennar by 19.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 542,190 shares of the construction company’s stock worth $55,737,000 after purchasing an additional 88,707 shares during the period. Institutional investors own 81.10% of the company’s stock.

Lennar Price Performance

Shares of NYSE LEN opened at $92.63 on Wednesday. The company has a current ratio of 4.77, a quick ratio of 0.97 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average price is $89.02 and its 200-day moving average price is $103.84. The firm has a market capitalization of $22.88 billion, a P/E ratio of 13.31, a P/E/G ratio of 2.00 and a beta of 1.39. Lennar Corporation has a 1-year low of $81.18 and a 1-year high of $144.24.

Lennar (NYSE:LEN) last issued its earnings results on Thursday, March 12th. The construction company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.07). The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.90 billion. Lennar had a net margin of 5.39% and a return on equity of 7.80%. The business’s quarterly revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.14 earnings per share. Equities research analysts anticipate that Lennar Corporation will post 5.87 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 6th. Investors of record on Wednesday, April 22nd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, April 22nd. Lennar’s dividend payout ratio (DPR) is currently 28.74%.

Analysts Set New Price Targets

Several research firms have recently weighed in on LEN. Zacks Research upgraded shares of Lennar from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Keefe, Bruyette & Woods cut shares of Lennar from a “market perform” rating to an “underperform” rating and cut their price target for the company from $97.00 to $86.00 in a research report on Tuesday. Evercore decreased their price target on Lennar from $89.00 to $82.00 and set an “underperform” rating for the company in a report on Monday, April 13th. Truist Financial dropped their price objective on Lennar from $95.00 to $90.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. Finally, Seaport Research Partners restated a “sell” rating and set a $74.00 target price (down from $140.00) on shares of Lennar in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and nine have given a Sell rating to the company’s stock. According to MarketBeat, Lennar has a consensus rating of “Reduce” and an average price target of $98.00.

More Lennar News

Here are the key news stories impacting Lennar this week:

• Positive Sentiment: Lennar sold Raleigh townhomes to an investor, reinforcing demand for rental housing and showing the company can monetize completed projects even in a tougher housing market. Lennar sells Raleigh townhomes to California investor as rental demand surges
• Positive Sentiment: Ongoing planning progress for the Cortlandt townhomes suggests Lennar continues to advance its land and community-development pipeline, which supports future growth. VS and Lennar move forward with planning for Cortlandt townhomes
• Neutral Sentiment: Several recent articles focus on Lennar’s valuation, margin pressure, and upcoming earnings expectations, keeping attention on whether the stock is fairly priced ahead of the next results. Evaluating Lennar (LEN) As Shares Trade Near Analyst Fair Value Estimates
• Neutral Sentiment: Industry commentary continues to point to the housing “lock-in effect,” which could help homebuilders like Lennar if lower rates improve affordability and unlock more demand. The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on It (LEN)
• Negative Sentiment: Keefe, Bruyette & Woods downgraded Lennar from “market perform” to “underperform” and cut its price target to $86 from $97, signaling concern about limited upside and possible margin pressure. KBW downgrades Lennar

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.