1832 Asset Management L.P. Boosts Stake in Lennar Corporation $LEN

Key Points

• 1832 Asset Management L.P. raised its stake in Lennar Corporation by 9.2%, now holding 32,302 shares valued at approximately $3.7 million.
• Lennar's stock has seen a 5.2% increase recently and currently trades at around $135.84.
• The company recently declared a quarterly dividend of $0.50, yielding about 1.5% annually, with a dividend payout ratio of 16.54%.

1832 Asset Management L.P. increased its position in shares of Lennar Corporation (NYSE:LEN - Free Report) by 9.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,302 shares of the construction company's stock after buying an additional 2,726 shares during the quarter. 1832 Asset Management L.P.'s holdings in Lennar were worth $3,708,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Secured Retirement Advisors LLC acquired a new position in shares of Lennar in the 1st quarter valued at $926,000. Marks Group Wealth Management Inc boosted its stake in shares of Lennar by 15.4% during the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after buying an additional 292 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Lennar by 2.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock worth $23,962,000 after buying an additional 4,332 shares during the last quarter. Turtle Creek Wealth Advisors LLC increased its position in Lennar by 24.8% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company's stock valued at $4,825,000 after acquiring an additional 8,357 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc raised its stake in Lennar by 77.7% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock valued at $419,000 after acquiring an additional 1,596 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Stock Up 5.2%

Shares of NYSE LEN opened at $135.8360 on Monday. The firm's 50-day moving average is $116.07 and its two-hundred day moving average is $114.08. The company has a market capitalization of $35.18 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 5.76 and a beta of 1.29. Lennar Corporation has a 12-month low of $98.42 and a 12-month high of $193.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.49.

Lennar (NYSE:LEN - Get Free Report) last posted its earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). The company had revenue of $8.38 billion during the quarter, compared to analysts' expectations of $8.21 billion. Lennar had a net margin of 9.20% and a return on equity of 12.73%. Lennar's quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.45 EPS. Equities analysts anticipate that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Thursday, July 3rd. Lennar's dividend payout ratio (DPR) is 16.54%.

Wall Street Analyst Weigh In

LEN has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a report on Friday, June 20th. Royal Bank Of Canada dropped their target price on Lennar from $122.00 to $98.00 and set a "sector perform" rating on the stock in a research report on Wednesday, June 18th. UBS Group reduced their price objective on shares of Lennar from $164.00 to $146.00 and set a "buy" rating for the company in a research note on Wednesday, June 18th. JMP Securities lowered their target price on shares of Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a research report on Friday, June 20th. Finally, Evercore ISI reduced their price target on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $128.85.

About Lennar

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.

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