Manchester Capital Management LLC Cuts Stock Holdings in Lennar Corporation (NYSE:LEN)

Manchester Capital Management LLC lowered its stake in shares of Lennar Corporation (NYSE:LEN) by 7.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,672 shares of the construction company’s stock after selling 214 shares during the quarter. Manchester Capital Management LLC’s holdings in Lennar were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Secured Retirement Advisors LLC purchased a new stake in shares of Lennar during the first quarter worth $926,000. Marks Group Wealth Management Inc increased its position in shares of Lennar by 15.4% during the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company’s stock worth $251,000 after acquiring an additional 292 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Lennar by 2.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company’s stock worth $23,962,000 after acquiring an additional 4,332 shares during the period. Turtle Creek Wealth Advisors LLC increased its holdings in Lennar by 24.8% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company’s stock valued at $4,825,000 after buying an additional 8,357 shares during the last quarter. Finally, Brown Advisory Inc. increased its holdings in Lennar by 5.4% in the first quarter. Brown Advisory Inc. now owns 6,965 shares of the construction company’s stock valued at $799,000 after buying an additional 354 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on LEN. Wells Fargo & Company dropped their target price on Lennar from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Keefe, Bruyette & Woods dropped their target price on Lennar from $128.00 to $114.00 and set a “market perform” rating on the stock in a report on Friday, June 20th. Zelman & Associates lowered Lennar from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 18th. Bank of America dropped their target price on Lennar from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, June 18th. Finally, JMP Securities dropped their target price on Lennar from $150.00 to $130.00 and set a “market outperform” rating on the stock in a report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $128.85.

Lennar Stock Performance

NYSE LEN opened at $115.97 on Monday. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $193.80. The company has a market capitalization of $30.04 billion, a PE ratio of 9.59, a P/E/G ratio of 4.92 and a beta of 1.29. The company has a fifty day moving average of $110.63 and a two-hundred day moving average of $114.79. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.49.

Lennar (NYSE:LEN) last announced its earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.04). Lennar had a return on equity of 12.73% and a net margin of 9.20%. The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.21 billion. During the same quarter last year, the company posted $3.45 EPS. Lennar’s quarterly revenue was down 4.4% on a year-over-year basis. As a group, analysts expect that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 annualized dividend and a dividend yield of 1.7%. Lennar’s dividend payout ratio is 16.54%.

Lennar Company Profile

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.