Resona Asset Management Co. Ltd. Cuts Holdings in Lennar Corporation $LEN

Resona Asset Management Co. Ltd. trimmed its holdings in shares of Lennar Corporation (NYSE:LEN) by 12.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,912 shares of the construction company’s stock after selling 9,903 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Lennar were worth $7,199,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Cibc World Market Inc. grew its holdings in shares of Lennar by 993.0% in the 3rd quarter. Cibc World Market Inc. now owns 129,487 shares of the construction company’s stock worth $16,321,000 after acquiring an additional 117,640 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Lennar by 5.9% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 466,027 shares of the construction company’s stock worth $58,738,000 after acquiring an additional 26,117 shares during the period. Boothbay Fund Management LLC grew its holdings in shares of Lennar by 201.1% in the 3rd quarter. Boothbay Fund Management LLC now owns 24,004 shares of the construction company’s stock worth $3,025,000 after acquiring an additional 16,031 shares during the period. Tounjian Advisory Partners LLC acquired a new stake in shares of Lennar in the 4th quarter worth approximately $2,599,000. Finally, Coronation Fund Managers Ltd. acquired a new stake in shares of Lennar in the 3rd quarter worth approximately $14,160,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Lennar Price Performance

Shares of NYSE:LEN opened at $88.87 on Friday. The business’s fifty day moving average price is $89.82 and its two-hundred day moving average price is $106.59. The stock has a market cap of $21.95 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.41. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.97 and a current ratio of 4.77. Lennar Corporation has a one year low of $81.18 and a one year high of $144.24.

Lennar (NYSE:LEN) last announced 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). Lennar had a net margin of 5.39% and a return on equity of 7.80%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same quarter last year, the company posted $2.14 EPS. Lennar’s quarterly revenue was down 13.3% compared to the same quarter last year. On average, analysts forecast that Lennar Corporation will post 5.87 EPS for the current fiscal year.

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 6th. Stockholders of record on Wednesday, April 22nd were issued a dividend of $0.50 per share. The ex-dividend date was Wednesday, April 22nd. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. Lennar’s dividend payout ratio (DPR) is 28.74%.

Wall Street Analysts Forecast Growth

LEN has been the topic of a number of research reports. Seaport Research Partners restated a “sell” rating and issued a $74.00 price target (down from $140.00) on shares of Lennar in a report on Tuesday, April 7th. Barclays lowered their price target on Lennar from $85.00 to $80.00 and set an “underweight” rating on the stock in a report on Wednesday, April 8th. Zacks Research upgraded Lennar from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Keefe, Bruyette & Woods lowered their target price on Lennar from $105.00 to $97.00 and set a “market perform” rating on the stock in a report on Wednesday, April 1st. Finally, Citigroup lowered their target price on Lennar from $113.00 to $104.00 and set a “neutral” rating on the stock in a report on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and eight have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $99.87.

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.