Short Interest in Lennar Co. (NYSE:LEN) Drops By 9.3%

Lennar Co. (NYSE:LEN) was the target of a large decline in short interest in March. As of March 31st, there was short interest totalling 3,790,000 shares, a decline of 9.3% from the March 15th total of 4,180,000 shares. Based on an average trading volume of 2,100,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.6% of the shares of the stock are short sold.

Lennar Price Performance

Shares of NYSE LEN traded down $3.54 during midday trading on Wednesday, reaching $152.58. 3,167,759 shares of the company were exchanged, compared to its average volume of 1,851,659. The stock’s 50-day moving average price is $159.66 and its 200-day moving average price is $141.89. The stock has a market cap of $42.47 billion, a P/E ratio of 10.69, a PEG ratio of 1.46 and a beta of 1.53. Lennar has a one year low of $102.90 and a one year high of $172.59. The company has a quick ratio of 1.27, a current ratio of 5.47 and a debt-to-equity ratio of 0.11.

Lennar (NYSE:LEN) last issued its quarterly earnings data on Thursday, March 14th. The construction company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.36. Lennar had a net margin of 11.59% and a return on equity of 15.90%. The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $7.39 billion. During the same quarter in the previous year, the firm posted $2.12 earnings per share. Lennar’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, sell-side analysts anticipate that Lennar will post 14.46 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 8th. Shareholders of record on Wednesday, April 24th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, April 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 1.31%. Lennar’s dividend payout ratio (DPR) is currently 14.02%.

Insider Transactions at Lennar

In other news, Director Amy Banse acquired 1,575 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were purchased at an average cost of $157.00 per share, for a total transaction of $247,275.00. Following the transaction, the director now owns 11,859 shares of the company’s stock, valued at $1,861,863. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 9.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lennar

Institutional investors and hedge funds have recently made changes to their positions in the business. Coastline Trust Co increased its stake in Lennar by 80.8% in the 4th quarter. Coastline Trust Co now owns 24,515 shares of the construction company’s stock valued at $3,654,000 after buying an additional 10,957 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Lennar by 6,297.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 662,277 shares of the construction company’s stock worth $98,706,000 after purchasing an additional 651,924 shares in the last quarter. PGGM Investments raised its position in shares of Lennar by 16.3% during the 3rd quarter. PGGM Investments now owns 88,872 shares of the construction company’s stock valued at $9,974,000 after buying an additional 12,469 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Lennar during the 4th quarter valued at $5,367,000. Finally, Ieq Capital LLC raised its position in shares of Lennar by 7.0% during the 3rd quarter. Ieq Capital LLC now owns 1,808 shares of the construction company’s stock valued at $203,000 after buying an additional 118 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on LEN shares. Barclays raised their price objective on Lennar from $173.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. Wells Fargo & Company lifted their price target on Lennar from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Citigroup lifted their price target on Lennar from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Raymond James lifted their price target on Lennar from $150.00 to $165.00 and gave the company an “outperform” rating in a research note on Tuesday, December 19th. Finally, JMP Securities reissued a “market outperform” rating and issued a $170.00 price target on shares of Lennar in a research note on Friday, March 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $163.88.

Lennar Company 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.