Titleist Asset Management LLC Decreases Holdings in Lennar Corporation $LEN

Titleist Asset Management LLC cut its position in shares of Lennar Corporation (NYSE:LEN) by 43.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,229 shares of the construction company’s stock after selling 6,410 shares during the quarter. Titleist Asset Management LLC’s holdings in Lennar were worth $1,037,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in LEN. Viking Global Investors LP increased its holdings in Lennar by 86.7% during 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 acquiring an additional 1,172,068 shares in the last quarter. Envestnet Asset Management Inc. increased its stake 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 worth $145,563,000 after purchasing an additional 75,574 shares in the last quarter. Swiss National Bank raised its position in shares of Lennar by 4.3% during the 2nd quarter. Swiss National Bank now owns 702,872 shares of the construction company’s stock worth $77,745,000 after purchasing an additional 29,300 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in Lennar by 16.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 454,585 shares of the construction company’s stock worth $50,282,000 after buying an additional 65,485 shares in the last quarter. Finally, Basswood Capital Management L.L.C. lifted its position in shares of Lennar by 10.6% in the second quarter. Basswood Capital Management L.L.C. now owns 448,984 shares of the construction company’s stock valued at $49,662,000 after acquiring an additional 43,051 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Lennar Trading Down 0.0%

Shares of LEN stock opened at $115.25 on Friday. Lennar Corporation has a fifty-two week low of $98.42 and a fifty-two week high of $144.24. The firm’s 50 day moving average price is $114.30 and its two-hundred day moving average price is $121.72. The stock has a market cap of $29.39 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.44. The company has a quick ratio of 1.36, a current ratio of 4.89 and a debt-to-equity ratio of 0.18.

Lennar (NYSE:LEN) last announced its quarterly earnings results on Tuesday, December 16th. The construction company reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.27). Lennar had a net margin of 6.08% and a return on equity of 9.27%. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.17 billion. During the same quarter in the prior year, the company posted $4.03 earnings per share. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. On average, analysts anticipate that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Wednesday, February 4th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, February 4th. This represents a $2.00 dividend on an annualized basis and a yield of 1.7%. Lennar’s payout ratio is currently 25.03%.

Analysts Set New Price Targets

LEN has been the subject of several analyst reports. Wells Fargo & Company cut their target price on shares of Lennar from $110.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 6th. Argus upgraded shares of Lennar to a “strong-buy” rating in a research report on Friday, January 16th. BTIG Research set a $90.00 price target on Lennar in a report on Thursday, December 18th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $125.00 price objective on shares of Lennar in a research report on Tuesday, January 13th. Finally, Wall Street Zen cut Lennar from a “hold” rating to a “sell” rating in a report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and eight have assigned a Sell rating to the stock. According to MarketBeat.com, Lennar presently has a consensus rating of “Reduce” and an average target price of $106.38.

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.