TD Asset Management Inc Reduces Stock Position in Lennar Corporation $LEN

TD Asset Management Inc lowered its position in shares of Lennar Corporation (NYSE:LEN) by 7.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 109,985 shares of the construction company’s stock after selling 8,854 shares during the quarter. TD Asset Management Inc’s holdings in Lennar were worth $12,165,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in LEN. Kingstone Capital Partners Texas LLC purchased a new stake in Lennar during the 2nd quarter valued at $424,950,000. The Manufacturers Life Insurance Company boosted its position in Lennar by 45.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company’s stock valued at $1,020,866,000 after buying an additional 2,777,567 shares during the period. Eminence Capital LP boosted its position in Lennar by 130.8% during the 1st quarter. Eminence Capital LP now owns 1,581,489 shares of the construction company’s stock valued at $181,523,000 after buying an additional 896,264 shares during the period. Brave Warrior Advisors LLC boosted its position in Lennar by 23.4% during the 1st quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company’s stock valued at $251,323,000 after buying an additional 415,218 shares during the period. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in Lennar during the 1st quarter valued at $41,788,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analyst Weigh In

LEN has been the subject of several research reports. JPMorgan Chase & Co. decreased their price objective on shares of Lennar from $97.00 to $92.00 and set a “neutral” rating for the company in a report on Monday, September 22nd. The Goldman Sachs Group upped their price objective on shares of Lennar from $122.00 to $126.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Raymond James Financial lowered shares of Lennar from a “market perform” rating to an “underperform” rating in a report on Monday, September 22nd. UBS Group upped their price objective on shares of Lennar from $146.00 to $161.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, Citigroup restated an “outperform” rating on shares of Lennar in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Lennar currently has a consensus rating of “Hold” and an average target price of $121.75.

Lennar Stock Up 2.4%

Shares of Lennar stock opened at $125.78 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.49 and a quick ratio of 0.68. The company has a 50-day moving average of $129.60 and a 200 day moving average of $116.71. The firm has a market cap of $32.08 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 5.85 and a beta of 1.37. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $189.65.

Lennar (NYSE:LEN) last issued its quarterly earnings results on Thursday, September 18th. The construction company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.15. The company had revenue of $8.81 billion during the quarter, compared to analyst estimates of $9.01 billion. Lennar had a net margin of 7.72% and a return on equity of 11.09%. Lennar’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period last year, the business earned $3.90 EPS. As a group, sell-side analysts anticipate that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Friday, October 10th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, October 10th. Lennar’s dividend payout ratio (DPR) is currently 19.76%.

About Lennar

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.