State of Michigan Retirement System Sells 2,100 Shares of Lennar Co. (NYSE:LEN)

State of Michigan Retirement System decreased its position in shares of Lennar Co. (NYSE:LEN) by 2.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,915 shares of the construction company’s stock after selling 2,100 shares during the period. State of Michigan Retirement System’s holdings in Lennar were worth $13,326,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of LEN. Zurich Insurance Group Ltd FI purchased a new position in shares of Lennar during the first quarter valued at about $61,807,000. Jacobs Levy Equity Management Inc. boosted its position in shares of Lennar by 157.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 575,003 shares of the construction company’s stock valued at $98,889,000 after buying an additional 351,698 shares during the period. Swedbank AB bought a new position in shares of Lennar during the first quarter valued at approximately $28,998,000. Cercano Management LLC purchased a new stake in shares of Lennar in the first quarter worth approximately $24,341,000. Finally, Point72 Hong Kong Ltd bought a new position in Lennar in the 4th quarter valued at $16,394,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $170.00 price objective on shares of Lennar in a research note on Thursday, June 20th. The Goldman Sachs Group downgraded Lennar from a “buy” rating to a “neutral” rating and cut their price target for the company from $180.00 to $174.00 in a report on Monday, July 22nd. Evercore ISI raised their price objective on Lennar from $237.00 to $240.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. StockNews.com lowered shares of Lennar from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Finally, Argus lifted their price objective on shares of Lennar from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $169.13.

Lennar Stock Down 0.7 %

Shares of LEN opened at $182.39 on Tuesday. The stock has a fifty day simple moving average of $163.40 and a two-hundred day simple moving average of $160.33. The company has a quick ratio of 0.91, a current ratio of 4.93 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $50.09 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.60 and a beta of 1.60. Lennar Co. has a 52-week low of $102.90 and a 52-week high of $186.60.

Lennar (NYSE:LEN) last issued its earnings results on Monday, June 17th. The construction company reported $3.38 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.18. The company had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.57 billion. Lennar had a net margin of 11.58% and a return on equity of 15.93%. As a group, equities analysts forecast that Lennar Co. will post 14.16 EPS for the current year.

Lennar Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 5th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, July 5th. This represents a $2.00 dividend on an annualized basis and a yield of 1.10%. Lennar’s dividend payout ratio (DPR) is presently 13.60%.

Lennar Profile

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.