Pictet Asset Management Holding SA Sells 142,781 Shares of Lennar Corporation $LEN

Pictet Asset Management Holding SA lowered its stake in shares of Lennar Corporation (NYSE:LEN) by 52.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,017 shares of the construction company’s stock after selling 142,781 shares during the period. Pictet Asset Management Holding SA’s holdings in Lennar were worth $11,373,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Boothbay Fund Management LLC raised its holdings in Lennar by 201.1% in the third quarter. Boothbay Fund Management LLC now owns 24,004 shares of the construction company’s stock worth $3,025,000 after purchasing an additional 16,031 shares in the last quarter. Tounjian Advisory Partners LLC bought a new stake in shares of Lennar in the 4th quarter valued at about $2,599,000. Magnolia Group LLC purchased a new position in shares of Lennar in the 4th quarter worth approximately $6,756,000. Asset Management Advisors LLC raised its stake in shares of Lennar by 30.1% during the 4th quarter. Asset Management Advisors LLC now owns 71,542 shares of the construction company’s stock worth $7,355,000 after acquiring an additional 16,560 shares in the last quarter. Finally, Prana Capital Management LP lifted its position in Lennar by 17.7% during the third quarter. Prana Capital Management LP now owns 393,027 shares of the construction company’s stock valued at $49,537,000 after acquiring an additional 59,236 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Stock Up 1.3%

Lennar stock opened at $88.15 on Friday. The business’s 50-day simple moving average is $89.50 and its two-hundred day simple moving average is $99.64. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 4.91. The company has a market cap of $21.77 billion, a PE ratio of 13.80, a PEG ratio of 2.86 and a beta of 1.38. Lennar Corporation has a fifty-two week low of $81.18 and a fifty-two week high of $144.24.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Thursday, June 11th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.07. The firm had revenue of $7.94 billion during the quarter, compared to analysts’ expectations of $8.08 billion. Lennar had a return on equity of 7.08% and a net margin of 4.93%.The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the business posted $1.81 earnings per share. Equities analysts anticipate that Lennar Corporation will post 5.58 EPS for the current year.

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Friday, July 10th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, July 10th. Lennar’s dividend payout ratio is 31.30%.

Analyst Upgrades and Downgrades

LEN has been the topic of several analyst reports. Seaport Research Partners reaffirmed 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. Bank of America decreased their price objective on Lennar from $84.00 to $77.00 and set an “underperform” rating for the company in a report on Friday, June 12th. Zacks Research cut Lennar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 16th. UBS Group reduced their target price on Lennar from $107.00 to $94.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 16th. Finally, Citigroup lowered their price target on Lennar from $113.00 to $104.00 and set a “neutral” rating for the company in a report on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $95.00.

Lennar Company 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.