Korea Investment CORP Decreases Holdings in Lennar Corporation $LEN

Korea Investment CORP lowered its stake in Lennar Corporation (NYSE:LEN) by 9.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,256 shares of the construction company’s stock after selling 15,646 shares during the period. Korea Investment CORP owned approximately 0.06% of Lennar worth $19,190,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Viking Global Investors LP lifted its stake in shares of Lennar by 86.7% in the 2nd quarter. Viking Global Investors LP now owns 2,523,594 shares of the construction company’s stock valued at $279,135,000 after purchasing an additional 1,172,068 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Lennar by 7.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,154,892 shares of the construction company’s stock valued at $145,563,000 after purchasing an additional 75,574 shares during the last quarter. Swiss National Bank raised its holdings in Lennar by 4.3% during the 2nd quarter. Swiss National Bank now owns 702,872 shares of the construction company’s stock valued at $77,745,000 after buying an additional 29,300 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Lennar by 5.9% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 466,027 shares of the construction company’s stock worth $58,738,000 after buying an additional 26,117 shares during the last quarter. Finally, Basswood Capital Management L.L.C. boosted its stake in Lennar by 10.6% during the second quarter. Basswood Capital Management L.L.C. now owns 448,984 shares of the construction company’s stock worth $49,662,000 after buying an additional 43,051 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Trading Down 1.2%

NYSE LEN opened at $98.78 on Wednesday. The stock has a market cap of $24.40 billion, a PE ratio of 12.36, a PEG ratio of 1.44 and a beta of 1.43. Lennar Corporation has a 12 month low of $96.40 and a 12 month high of $144.24. The company’s 50-day moving average price is $113.03 and its 200-day moving average price is $120.36. The company has a current ratio of 4.89, a quick ratio of 1.36 and a debt-to-equity ratio of 0.18.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Tuesday, December 16th. The construction company reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.27). The company had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $9.17 billion. Lennar had a net margin of 6.08% and a return on equity of 9.27%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.03 EPS. Equities research analysts forecast that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Investors of record on Wednesday, February 4th were issued a $0.50 dividend. The ex-dividend date was Wednesday, February 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Lennar’s payout ratio is presently 25.03%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore downgraded shares of Lennar from an “in-line” rating to an “underperform” rating and reduced their target price for the company from $114.00 to $92.00 in a research note on Thursday, December 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Lennar in a report on Thursday, January 22nd. Truist Financial started coverage on shares of Lennar in a research report on Wednesday, March 4th. They issued a “hold” rating and a $110.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on Lennar from $115.00 to $80.00 and set an “underweight” rating for the company in a research report on Thursday, December 18th. Finally, Keefe, Bruyette & Woods cut their target price on Lennar from $125.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Hold rating and eight have assigned a Sell rating to the company. According to data from MarketBeat.com, Lennar has an average rating of “Reduce” and an average price target of $106.14.

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.