Texas Permanent School Fund Corp Cuts Holdings in Lennar Corporation $LEN

Texas Permanent School Fund Corp trimmed its position in Lennar Corporation (NYSE:LEN) by 35.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,352 shares of the construction company’s stock after selling 8,966 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Lennar were worth $1,809,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC increased its holdings in Lennar by 7.1% in the 2nd quarter. Lazard Asset Management LLC now owns 1,278 shares of the construction company’s stock valued at $141,000 after purchasing an additional 85 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of Lennar by 2.3% in the first quarter. EP Wealth Advisors LLC now owns 4,782 shares of the construction company’s stock worth $549,000 after buying an additional 107 shares during the period. Brighton Jones LLC grew its stake in shares of Lennar by 6.1% in the second quarter. Brighton Jones LLC now owns 2,049 shares of the construction company’s stock valued at $227,000 after buying an additional 118 shares in the last quarter. Coldstream Capital Management Inc. raised its holdings in shares of Lennar by 1.9% during the 2nd quarter. Coldstream Capital Management Inc. now owns 6,430 shares of the construction company’s stock valued at $711,000 after buying an additional 120 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its position in Lennar by 3.4% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,708 shares of the construction company’s stock worth $426,000 after acquiring an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on LEN shares. Weiss Ratings reissued a “hold (c)” rating on shares of Lennar in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Lennar from a “hold” rating to a “sell” rating in a report on Monday, December 8th. Wells Fargo & Company lowered their target price on Lennar from $125.00 to $110.00 and set an “equal weight” rating for the company in a research note on Thursday. Keefe, Bruyette & Woods cut their price target on Lennar from $125.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, December 18th. Finally, UBS Group reduced their price target on Lennar from $161.00 to $137.00 and set a “buy” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $109.62.

Lennar Stock Performance

LEN stock opened at $106.92 on Tuesday. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $144.24. The stock has a market capitalization of $27.27 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.01 and a beta of 1.38. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.36 and a current ratio of 4.89. The stock’s fifty day moving average is $122.50 and its two-hundred day moving average is $121.69.

Lennar (NYSE:LEN) last issued its quarterly earnings data on Tuesday, December 16th. The construction company reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.27). The business had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.17 billion. Lennar had a return on equity of 9.27% and a net margin of 6.08%.The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the company earned $4.03 earnings per share. On average, research analysts predict that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 27th. Stockholders of record on Friday, October 10th were given a dividend of $0.50 per share. The ex-dividend date was Friday, October 10th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Lennar’s dividend payout ratio (DPR) is 25.03%.

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.