Coronation Fund Managers Ltd. Sells 3,426 Shares of Lennar Co. (NYSE:LEN)

Coronation Fund Managers Ltd. lowered its holdings in Lennar Co. (NYSE:LEN) by 9.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,462 shares of the construction company’s stock after selling 3,426 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Lennar were worth $5,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of LEN. Scotia Capital Inc. lifted its stake in Lennar by 1.6% during the 4th quarter. Scotia Capital Inc. now owns 6,661 shares of the construction company’s stock valued at $993,000 after acquiring an additional 103 shares during the period. Bank of Nova Scotia lifted its position in Lennar by 17.3% during the fourth quarter. Bank of Nova Scotia now owns 49,724 shares of the construction company’s stock valued at $7,411,000 after purchasing an additional 7,350 shares during the period. KBC Group NV boosted its holdings in Lennar by 145.0% in the fourth quarter. KBC Group NV now owns 65,448 shares of the construction company’s stock worth $9,755,000 after purchasing an additional 38,737 shares during the last quarter. NEOS Investment Management LLC grew its position in Lennar by 45.3% in the 4th quarter. NEOS Investment Management LLC now owns 3,266 shares of the construction company’s stock worth $487,000 after purchasing an additional 1,018 shares during the period. Finally, Belpointe Asset Management LLC lifted its holdings in shares of Lennar by 17.9% during the 4th quarter. Belpointe Asset Management LLC now owns 7,736 shares of the construction company’s stock valued at $1,153,000 after buying an additional 1,177 shares during the period. 81.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LEN. Raymond James cut Lennar from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 2nd. Bank of America increased their price objective on shares of Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Citigroup boosted their target price on shares of Lennar from $164.00 to $196.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Wedbush reiterated a “neutral” rating and set a $144.00 price target on shares of Lennar in a research note on Friday, September 20th. Finally, Barclays upped their price objective on Lennar from $177.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $181.94.

Lennar Price Performance

Shares of NYSE:LEN opened at $188.30 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.98 and a current ratio of 4.90. The firm has a market cap of $51.71 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 1.71 and a beta of 1.61. The firm has a fifty day moving average price of $178.86 and a 200 day moving average price of $165.16. Lennar Co. has a fifty-two week low of $102.90 and a fifty-two week high of $193.80.

Lennar (NYSE:LEN) last issued its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 earnings per share for the quarter, beating analysts’ consensus estimates of $3.62 by $0.28. The firm had revenue of $9.42 billion during the quarter, compared to analyst estimates of $9.14 billion. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.91 earnings per share. As a group, sell-side analysts expect that Lennar Co. will post 14.13 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, October 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.06%. Lennar’s dividend payout ratio is currently 13.60%.

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.