Cannell & Spears LLC Trims Stock Holdings in Lennar Corporation $LEN

Cannell & Spears LLC lowered its stake in Lennar Corporation (NYSE:LEN) by 16.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 184,946 shares of the construction company’s stock after selling 37,286 shares during the quarter. Cannell & Spears LLC’s holdings in Lennar were worth $16,061,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Phillip James Consulting Co. purchased a new stake in shares of Lennar in the 1st quarter valued at approximately $30,000. High Point Wealth Management LLC purchased a new position in shares of Lennar during the 4th quarter worth approximately $31,000. DV Equities LLC acquired a new stake in Lennar in the 4th quarter valued at approximately $31,000. Global Assets Advisory LLC purchased a new stake in Lennar in the first quarter valued at approximately $39,000. Finally, Quarry LP acquired a new position in Lennar during the fourth quarter worth $41,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods lowered their price target on Lennar from $86.00 to $85.00 and set an “underperform” rating for the company in a research report on Wednesday, June 17th. Wells Fargo & Company decreased their target price on Lennar from $90.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, June 15th. Bank of America lowered their target price on Lennar from $84.00 to $77.00 and set an “underperform” rating for the company in a report on Friday, June 12th. BTIG Research set a $67.00 target price on Lennar in a research report on Monday, June 15th. Finally, UBS Group reduced their price target on shares of Lennar from $107.00 to $94.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 16th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $92.80.

Lennar Stock Performance

NYSE:LEN opened at $84.74 on Friday. Lennar Corporation has a 52 week low of $79.82 and a 52 week high of $144.24. The company has a fifty day simple moving average of $88.00 and a two-hundred day simple moving average of $97.13. The company has a quick ratio of 0.91, a current ratio of 4.91 and a debt-to-equity ratio of 0.19. The company has a market cap of $20.41 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 2.73 and a beta of 1.38.

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, beating the consensus estimate of $1.24 by $0.07. Lennar had a return on equity of 7.08% and a net margin of 4.93%.The business had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $8.08 billion. During the same period last year, the firm earned $1.81 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Lennar Corporation will post 5.52 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Friday, July 10th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, July 10th. Lennar’s dividend payout ratio (DPR) is presently 31.30%.

About Lennar

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.