Resona Asset Management Co. Ltd. Sells 6,433 Shares of Lennar Corporation $LEN

Resona Asset Management Co. Ltd. trimmed its holdings in shares of Lennar Corporation (NYSE:LEN) by 7.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 79,815 shares of the construction company’s stock after selling 6,433 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Lennar were worth $10,079,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new position in Lennar during the second quarter valued at $33,000. Rexford Capital Inc. bought a new position in shares of Lennar during the second quarter valued at $36,000. Mid American Wealth Advisory Group Inc. purchased a new position in shares of Lennar in the 2nd quarter worth about $43,000. Cary Street Partners Financial LLC bought a new position in Lennar in the 2nd quarter worth about $47,000. Finally, Harbor Investment Advisory LLC increased its stake in Lennar by 39.7% during the 3rd quarter. Harbor Investment Advisory LLC now owns 405 shares of the construction company’s stock valued at $51,000 after purchasing an additional 115 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Lennar Stock Down 1.1%

Lennar stock opened at $110.66 on Tuesday. Lennar Corporation has a one year low of $98.42 and a one year high of $144.24. The stock has a fifty day moving average of $116.17 and a 200 day moving average of $121.82. 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 has a market cap of $28.22 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.64 and a beta of 1.42.

Lennar (NYSE:LEN) last released its quarterly earnings results 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). Lennar had a net margin of 6.08% and a return on equity of 9.27%. The firm had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $9.17 billion. During the same quarter in the prior year, the firm earned $4.03 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. As a group, sell-side analysts predict that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Wednesday, February 4th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Wednesday, February 4th. Lennar’s dividend payout ratio is currently 25.03%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LEN. Zacks Research downgraded shares of Lennar from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 8th. Barclays lowered their price objective on Lennar from $98.00 to $88.00 and set an “underweight” rating on the stock in a research report on Thursday, December 18th. Royal Bank Of Canada set a $88.00 target price on Lennar in a report on Friday, January 9th. Keefe, Bruyette & Woods lowered their price target on Lennar from $125.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Lennar in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and eight have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $106.38.

Lennar Profile

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.