2,046 Shares in Lennar Corporation $LEN Bought by Patton Fund Management Inc.

Key Points

• Patton Fund Management Inc. has acquired 2,046 shares of Lennar Corporation, valued at approximately $226,000, as part of its new position in the company.
• Lennar's recent quarterly earnings showed $2.29 EPS surpassing the consensus estimate, but revenue declined by 6.4% compared to the previous year.
• The company announced a quarterly dividend of $0.50, with a yield of 1.6%, to be paid to shareholders of record on October 10th.

Patton Fund Management Inc. acquired a new position in shares of Lennar Corporation (NYSE:LEN - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,046 shares of the construction company's stock, valued at approximately $226,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Perigon Wealth Management LLC raised its stake in Lennar by 3.8% in the second quarter. Perigon Wealth Management LLC now owns 4,364 shares of the construction company's stock valued at $483,000 after buying an additional 160 shares during the last quarter. Ballentine Partners LLC raised its stake in Lennar by 51.0% in the second quarter. Ballentine Partners LLC now owns 4,420 shares of the construction company's stock valued at $489,000 after buying an additional 1,493 shares during the last quarter. Accurate Wealth Management LLC raised its stake in Lennar by 2.8% in the second quarter. Accurate Wealth Management LLC now owns 6,609 shares of the construction company's stock valued at $770,000 after buying an additional 179 shares during the last quarter. Maseco LLP purchased a new stake in Lennar in the second quarter valued at about $113,000. Finally, Fifth Third Bancorp raised its stake in Lennar by 6.1% in the second quarter. Fifth Third Bancorp now owns 10,887 shares of the construction company's stock valued at $1,204,000 after buying an additional 628 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Stock Up 1.3%

Shares of LEN opened at $127.69 on Tuesday. The company has a current ratio of 4.49, a quick ratio of 0.68 and a debt-to-equity ratio of 0.15. Lennar Corporation has a 12 month low of $98.42 and a 12 month high of $189.65. The stock's 50 day moving average is $127.76 and its two-hundred day moving average is $116.08. The firm has a market cap of $33.07 billion, a P/E ratio of 12.62, a PEG ratio of 5.64 and a beta of 1.33.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings data on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.14 by $0.15. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The company had revenue of $8.81 billion for the quarter, compared to analyst estimates of $9.01 billion. During the same period last year, the company earned $3.90 earnings per share. Lennar's quarterly revenue was down 6.4% compared to the same quarter last year. Analysts predict that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Friday, October 10th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, October 10th. Lennar's dividend payout ratio (DPR) is presently 19.76%.

Analyst Ratings Changes

A number of equities research analysts have commented on LEN shares. Wedbush reiterated a "neutral" rating and issued a $130.00 price target on shares of Lennar in a research note on Monday, September 22nd. Wall Street Zen cut Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. JPMorgan Chase & Co. reduced their price objective on Lennar from $97.00 to $92.00 and set a "neutral" rating for the company in a research note on Monday, September 22nd. Citigroup restated an "outperform" rating on shares of Lennar in a research note on Monday, September 22nd. Finally, Royal Bank Of Canada raised their price objective on Lennar from $98.00 to $106.00 and gave the stock a "sector perform" rating in a research note on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $123.75.

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.

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