Lennar Corporation (NYSE:LEN) Short Interest Down 67.8% in December

Lennar Corporation (NYSE:LEN) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totaling 11,521,372 shares, a decline of 67.8% from the November 30th total of 35,737,570 shares. Based on an average daily trading volume, of 6,762,352 shares, the days-to-cover ratio is currently 1.7 days. Currently, 5.0% of the shares of the stock are sold short. Currently, 5.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 6,762,352 shares, the days-to-cover ratio is currently 1.7 days.

Lennar Trading Up 0.2%

Shares of LEN stock opened at $105.00 on Thursday. The business has a 50-day moving average of $121.80 and a 200 day moving average of $121.55. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.89 and a quick ratio of 1.36. Lennar has a 1-year low of $98.42 and a 1-year high of $144.24. The stock has a market capitalization of $26.78 billion, a PE ratio of 13.14, a P/E/G ratio of 1.07 and a beta of 1.38.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Tuesday, December 16th. The construction company reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.27). The company had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.17 billion. Lennar had a net margin of 6.08% and a return on equity of 9.27%. The business’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.03 EPS. As a group, sell-side analysts anticipate that Lennar will post 12.48 earnings per share for the current year.

Lennar Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 27th. Shareholders of record on Friday, October 10th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, October 10th. This represents a $2.00 annualized dividend and a yield of 1.9%. Lennar’s dividend payout ratio is presently 25.03%.

Hedge Funds Weigh In On Lennar

Several hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in shares of Lennar by 45.4% in the first quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company’s stock worth $1,020,866,000 after purchasing an additional 2,777,567 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in Lennar by 14.6% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,732,654 shares of the construction company’s stock valued at $596,504,000 after purchasing an additional 603,004 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Lennar in the 2nd quarter worth approximately $424,950,000. Viking Global Investors LP grew its position in shares of Lennar by 86.7% in the 2nd quarter. Viking Global Investors LP now owns 2,523,594 shares of the construction company’s stock worth $279,135,000 after buying an additional 1,172,068 shares during the last quarter. Finally, Brave Warrior Advisors LLC increased its stake in shares of Lennar by 23.4% during the first quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company’s stock valued at $251,323,000 after buying an additional 415,218 shares during the period. 81.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Raymond James Financial cut Lennar from a “market perform” rating to an “underperform” rating in a report on Monday, September 22nd. Bank of America reaffirmed an “underperform” rating and issued a $95.00 target price (down from $125.00) on shares of Lennar in a research note on Thursday, December 18th. Zacks Research raised shares of Lennar from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 4th. UBS Group lowered their price objective on shares of Lennar from $161.00 to $137.00 and set a “buy” rating on the stock in a research report on Thursday, December 18th. Finally, JMP Securities lifted their price objective on shares of Lennar from $130.00 to $140.00 and gave the stock a “market outperform” rating in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, Lennar currently has an average rating of “Reduce” and an average target price of $109.62.

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.