Coronation Fund Managers Ltd. Sells 89,893 Shares of Lennar Corporation $LEN

Coronation Fund Managers Ltd. lessened its holdings in Lennar Corporation (NYSE:LEN) by 82.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,327 shares of the construction company’s stock after selling 89,893 shares during the period. Coronation Fund Managers Ltd.’s holdings in Lennar were worth $1,678,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. DV Equities LLC bought a new position in Lennar during the fourth quarter valued at $31,000. High Point Wealth Management LLC bought a new stake in shares of Lennar in the 4th quarter worth about $31,000. Phillip James Consulting Co. purchased a new stake in shares of Lennar during the 1st quarter valued at about $30,000. Quarry LP bought a new position in shares of Lennar in the 4th quarter valued at about $41,000. Finally, Cary Street Partners Financial LLC bought a new position in shares of Lennar in the 2nd quarter valued at about $47,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Lennar Stock Up 0.2%

Shares of NYSE LEN opened at $82.00 on Thursday. Lennar Corporation has a 52-week low of $81.18 and a 52-week high of $144.24. The firm has a market capitalization of $19.75 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 2.72 and a beta of 1.38. The stock has a 50 day moving average price of $88.01 and a 200 day moving average price of $97.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 4.91.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, June 11th. The construction company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.24 by $0.07. The company had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $8.08 billion. Lennar had a return on equity of 7.08% and a net margin of 4.93%.Lennar’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the business posted $1.81 EPS. Sell-side analysts expect that Lennar Corporation will post 5.52 earnings per share for the current year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Friday, July 10th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, July 10th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Lennar’s dividend payout ratio (DPR) is currently 31.30%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on LEN shares. JPMorgan Chase & Co. reduced their price objective on Lennar from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 16th. UBS Group decreased their price target on Lennar from $107.00 to $94.00 and set a “neutral” rating on the stock in a report on Tuesday, June 16th. Royal Bank Of Canada lowered their price target on Lennar from $88.00 to $85.00 and set an “underperform” rating for the company in a research report on Monday, June 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Lennar in a research report on Thursday, June 11th. Finally, BTIG Research set a $67.00 target price on shares of Lennar in a research note on Monday, June 15th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $92.80.

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.