Wellington Management Group LLP Sells 612,339 Shares of Lennar Co. (NYSE:LEN)

Wellington Management Group LLP lessened its position in shares of Lennar Co. (NYSE:LEN) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,225,495 shares of the construction company’s stock after selling 612,339 shares during the period. Wellington Management Group LLP’s holdings in Lennar were worth $1,495,242,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of LEN. Patton Fund Management Inc. acquired a new stake in Lennar during the fourth quarter worth approximately $203,000. Orion Portfolio Solutions LLC grew its stake in shares of Lennar by 11.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 7,793 shares of the construction company’s stock worth $705,000 after buying an additional 818 shares during the last quarter. abrdn plc lifted its holdings in shares of Lennar by 3.4% during the fourth quarter. abrdn plc now owns 78,207 shares of the construction company’s stock worth $7,078,000 after purchasing an additional 2,566 shares during the period. Seven Eight Capital LP acquired a new position in shares of Lennar during the fourth quarter worth $254,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Lennar by 5.8% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 199,351 shares of the construction company’s stock valued at $20,954,000 after buying an additional 10,972 shares during the period. Institutional investors own 79.87% of the company’s stock.

Insider Buying and Selling at Lennar

In related news, CFO Diane J. Bessette sold 10,790 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $121.46, for a total value of $1,310,553.40. Following the completion of the transaction, the chief financial officer now directly owns 270,556 shares in the company, valued at $32,861,731.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Lennar news, Director Amy Banse acquired 859 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was purchased at an average price of $117.65 per share, with a total value of $101,061.35. Following the transaction, the director now directly owns 8,972 shares in the company, valued at approximately $1,055,555.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Diane J. Bessette sold 10,790 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $121.46, for a total transaction of $1,310,553.40. Following the completion of the sale, the chief financial officer now owns 270,556 shares in the company, valued at $32,861,731.76. The disclosure for this sale can be found here. Insiders have acquired 2,634 shares of company stock valued at $321,855 in the last 90 days. 9.53% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LEN. Wedbush boosted their target price on shares of Lennar from $94.00 to $123.00 in a research report on Thursday, June 15th. Barclays lifted their target price on shares of Lennar from $120.00 to $135.00 in a report on Wednesday, May 24th. Citigroup upped their target price on shares of Lennar from $139.00 to $148.00 in a report on Wednesday, July 5th. BTIG Research increased their price objective on shares of Lennar from $120.00 to $148.00 in a research report on Friday, June 16th. Finally, StockNews.com assumed coverage on shares of Lennar in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Lennar currently has a consensus rating of “Hold” and an average target price of $127.20.

Lennar Stock Performance

Shares of Lennar stock traded down $0.45 on Thursday, hitting $118.82. The stock had a trading volume of 256,765 shares, compared to its average volume of 2,187,714. The stock has a market cap of $34.15 billion, a price-to-earnings ratio of 8.14, a price-to-earnings-growth ratio of 1.50 and a beta of 1.47. Lennar Co. has a twelve month low of $69.90 and a twelve month high of $133.24. The company has a quick ratio of 1.25, a current ratio of 7.09 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $123.82 and its two-hundred day moving average is $112.93.

Lennar (NYSE:LEN) last issued its earnings results on Wednesday, June 14th. The construction company reported $2.94 EPS for the quarter, beating the consensus estimate of $2.32 by $0.62. Lennar had a return on equity of 18.27% and a net margin of 12.66%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.28 billion. Analysts forecast that Lennar Co. will post 12.65 EPS for the current year.

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Friday, July 7th were issued a dividend of $0.375 per share. The ex-dividend date was Thursday, July 6th. This represents a $1.50 dividend on an annualized basis and a yield of 1.26%. Lennar’s payout ratio is 10.24%.

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.