Hsbc Holdings PLC Cuts Stock Position in Lennar Corporation $LEN

Hsbc Holdings PLC decreased its stake in shares of Lennar Corporation (NYSE:LEN) by 14.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 468,006 shares of the construction company’s stock after selling 77,016 shares during the quarter. Hsbc Holdings PLC owned about 0.19% of Lennar worth $48,173,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC increased its stake in Lennar by 27.9% during the 4th quarter. Brighton Jones LLC now owns 1,727 shares of the construction company’s stock valued at $236,000 after purchasing an additional 377 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of Lennar by 29.8% during the first quarter. Intech Investment Management LLC now owns 13,840 shares of the construction company’s stock valued at $1,589,000 after buying an additional 3,177 shares during the last quarter. Jump Financial LLC increased its position in shares of Lennar by 15.0% during the second quarter. Jump Financial LLC now owns 25,622 shares of the construction company’s stock valued at $2,834,000 after acquiring an additional 3,345 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in Lennar in the 2nd quarter worth approximately $47,000. Finally, Daiwa Securities Group Inc. lifted its position in Lennar by 4.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 34,958 shares of the construction company’s stock valued at $3,867,000 after acquiring an additional 1,544 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on LEN shares. UBS Group reduced their target price on Lennar from $107.00 to $94.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. Royal Bank Of Canada dropped their price objective on Lennar from $88.00 to $85.00 and set an “underperform” rating on the stock in a research report on Monday, June 15th. Citigroup reduced their price objective on Lennar from $113.00 to $104.00 and set a “neutral” rating for the company in a report on Tuesday, March 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of Lennar in a research report on Thursday, June 11th. Finally, Bank of America dropped their price target on shares of Lennar from $84.00 to $77.00 and set an “underperform” rating on the stock in a report on Friday, June 12th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have assigned a Sell rating to the company. According to MarketBeat.com, Lennar has a consensus rating of “Reduce” and an average price target of $95.00.

Lennar Trading Up 0.1%

Shares of NYSE:LEN opened at $87.49 on Wednesday. The stock’s 50-day simple moving average is $89.51 and its two-hundred day simple moving average is $101.12. The stock has a market capitalization of $21.61 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 2.93 and a beta of 1.39. Lennar Corporation has a 52-week low of $81.18 and a 52-week high of $144.24. 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 results on Thursday, June 11th. The construction company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.24 by $0.07. The firm had revenue of $7.94 billion during the quarter, compared to analyst estimates of $8.08 billion. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.81 EPS. Analysts expect that Lennar Corporation will post 5.47 EPS for the current year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 6th. Stockholders of record on Wednesday, April 22nd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, April 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Lennar’s payout ratio 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.