Nordea Investment Management AB Cuts Stake in Lennar Corporation $LEN

Nordea Investment Management AB cut its holdings in shares of Lennar Corporation (NYSE:LEN) by 98.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 25,525 shares of the construction company’s stock after selling 2,172,121 shares during the quarter. Nordea Investment Management AB’s holdings in Lennar were worth $3,196,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. FNY Investment Advisers LLC purchased a new position in Lennar in the 2nd quarter worth $33,000. Rexford Capital Inc. bought a new position in Lennar during the 2nd quarter worth approximately $36,000. Mid American Wealth Advisory Group Inc. bought a new stake in Lennar in the second quarter valued at approximately $43,000. Cary Street Partners Financial LLC purchased a new stake in shares of Lennar during the second quarter valued at approximately $47,000. Finally, Harbor Investment Advisory LLC grew its holdings in shares of Lennar by 39.7% in the third quarter. Harbor Investment Advisory LLC now owns 405 shares of the construction company’s stock worth $51,000 after purchasing an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LEN. Wedbush reissued a “neutral” rating and issued a $130.00 price target on shares of Lennar in a report on Monday, September 22nd. JMP Securities upped their price target on Lennar from $130.00 to $140.00 and gave the company a “market outperform” rating in a research report on Monday, September 22nd. Wells Fargo & Company cut their price objective on Lennar from $110.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 6th. BTIG Research set a $90.00 target price on Lennar in a report on Thursday, December 18th. Finally, Bank of America reiterated an “underperform” rating and issued a $95.00 price target (down previously from $125.00) on shares of Lennar in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and eight have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $106.38.

Lennar Trading Down 3.0%

LEN opened at $118.57 on Monday. The stock has a market cap of $30.24 billion, a PE ratio of 14.84, a PEG ratio of 1.37 and a beta of 1.42. The business has a 50 day moving average of $116.98 and a 200-day moving average of $121.70. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $144.24. 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 posted its quarterly earnings data on Tuesday, December 16th. The construction company reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.27). Lennar had a return on equity of 9.27% and a net margin of 6.08%.The firm had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.17 billion. During the same quarter last year, the company posted $4.03 EPS. Lennar’s revenue for the quarter was down 5.8% compared to the same quarter last year. Equities research analysts predict that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

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.