Lennar Corporation $LEN Shares Purchased by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC increased its holdings in Lennar Corporation by 120.7% during the first quarter, owning 4,554 shares valued at $523,000 as of their most recent SEC filing.
• Lennar recently reported a miss on earnings per share with $1.90, falling short of analyst expectations of $1.94, while also generating quarterly revenue of $8.38 billion, surpassing expectations of $8.21 billion.
• The company declared a quarterly dividend of $0.50 per share, representing an annualized dividend yield of 1.5% with a payout ratio of 16.54%.

Cresset Asset Management LLC lifted its position in Lennar Corporation (NYSE:LEN - Free Report) by 120.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,554 shares of the construction company's stock after purchasing an additional 2,491 shares during the period. Cresset Asset Management LLC's holdings in Lennar were worth $523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in LEN. Ameriflex Group Inc. acquired a new position in shares of Lennar in the 4th quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new stake in Lennar in the 1st quarter worth $30,000. NBC Securities Inc. purchased a new stake in Lennar in the 1st quarter worth $33,000. Franchise Capital Ltd purchased a new stake in Lennar in the 1st quarter worth $38,000. Finally, Oakworth Capital Inc. increased its holdings in Lennar by 139.9% in the 1st quarter. Oakworth Capital Inc. now owns 343 shares of the construction company's stock worth $39,000 after acquiring an additional 200 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Lennar Price Performance

Lennar stock opened at $135.8360 on Friday. Lennar Corporation has a 52-week low of $98.42 and a 52-week high of $193.80. The firm has a market capitalization of $35.18 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 5.76 and a beta of 1.29. The company has a fifty day simple moving average of $116.07 and a 200-day simple moving average of $114.17. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12.

Lennar (NYSE:LEN - Get Free Report) last released 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). Lennar had a return on equity of 12.73% and a net margin of 9.20%.The business had revenue of $8.38 billion for the quarter, compared to analysts' expectations of $8.21 billion. During the same period in the previous year, the company earned $3.45 EPS. Lennar's quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Dividend Announcement

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

Wall Street Analyst Weigh In

LEN has been the subject of several recent analyst reports. Wall Street Zen lowered shares of Lennar from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Barclays cut their price target on shares of Lennar from $110.00 to $95.00 and set an "equal weight" rating for the company in a report on Wednesday, June 18th. UBS Group cut their price target on shares of Lennar from $164.00 to $146.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. Evercore ISI cut their price target on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a report on Wednesday, June 18th. Finally, Bank of America dropped their target price on shares of Lennar from $110.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $128.85.

Lennar 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.

Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Corporation (NYSE:LEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.