Norden Group LLC Sells 677 Shares of Lennar Corporation (NYSE:LEN)

Norden Group LLC lessened its holdings in Lennar Corporation (NYSE:LEN) by 13.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,239 shares of the construction company’s stock after selling 677 shares during the period. Norden Group LLC’s holdings in Lennar were worth $487,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of LEN. Hurley Capital LLC bought a new position in Lennar in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. acquired a new position in shares of Lennar during the 4th quarter worth about $30,000. Opal Wealth Advisors LLC acquired a new position in Lennar in the 1st quarter valued at about $30,000. NBC Securities Inc. acquired a new position in Lennar in the 1st quarter valued at about $33,000. Finally, Franchise Capital Ltd acquired a new position in shares of Lennar during the 1st quarter worth approximately $38,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Lennar Trading Down 0.1%

NYSE:LEN opened at $115.97 on Wednesday. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $30.04 billion, a price-to-earnings ratio of 9.59, a PEG ratio of 4.93 and a beta of 1.33. The firm has a fifty day simple moving average of $110.14 and a two-hundred day simple moving average of $115.42. Lennar Corporation has a 12 month low of $98.42 and a 12 month high of $193.80.

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

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend was Thursday, July 3rd. Lennar’s payout ratio is currently 16.54%.

Analysts Set New Price Targets

LEN has been the topic of several analyst reports. Wells Fargo & Company reduced their price target on shares of Lennar from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Evercore ISI dropped their price objective on shares of Lennar from $131.00 to $114.00 and set an “in-line” rating for the company in a research note on Wednesday, June 18th. JMP Securities dropped their price objective on shares of Lennar from $150.00 to $130.00 and set a “market outperform” rating for the company in a research note on Friday, June 20th. Wall Street Zen downgraded shares of Lennar from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. Finally, Wedbush reissued a “neutral” rating and issued a $130.00 price objective on shares of Lennar in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $128.85.

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.