Oppenheimer Asset Management Inc. Raises Stock Position in Lennar Corporation (NYSE:LEN)

Oppenheimer Asset Management Inc. lifted its position in Lennar Corporation (NYSE:LEN - Free Report) by 88.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 389,100 shares of the construction company's stock after purchasing an additional 182,588 shares during the period. Oppenheimer Asset Management Inc. owned about 0.15% of Lennar worth $44,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its position in shares of Lennar by 3.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 6,116,558 shares of the construction company's stock worth $834,115,000 after acquiring an additional 213,003 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Lennar by 18.9% during the fourth quarter. Wellington Management Group LLP now owns 3,239,488 shares of the construction company's stock worth $441,769,000 after acquiring an additional 515,378 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in shares of Lennar during the fourth quarter worth $218,533,000. Eminence Capital LP boosted its position in shares of Lennar by 43.4% during the fourth quarter. Eminence Capital LP now owns 685,225 shares of the construction company's stock worth $93,444,000 after acquiring an additional 207,343 shares during the last quarter. Finally, D1 Capital Partners L.P. boosted its position in shares of Lennar by 67.3% during the fourth quarter. D1 Capital Partners L.P. now owns 672,433 shares of the construction company's stock worth $88,116,000 after acquiring an additional 270,433 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Lennar Stock Performance

LEN stock traded up $1.19 during trading on Tuesday, reaching $111.82. The company had a trading volume of 3,629,135 shares, compared to its average volume of 2,678,121. The firm has a 50-day simple moving average of $108.01 and a 200-day simple moving average of $120.57. The company has a market cap of $29.50 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 4.33 and a beta of 1.33. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.49 and a current ratio of 3.65. Lennar Corporation has a twelve month low of $98.42 and a twelve month high of $187.61.

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings data on Monday, June 16th. The construction company reported $1.90 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.04). Lennar had a net margin of 9.20% and a return on equity of 12.73%. The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.21 billion. During the same quarter in the previous year, the firm posted $3.45 earnings per share. The business's revenue was down 4.4% on a year-over-year basis. As a group, sell-side analysts expect that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, July 3rd. Lennar's dividend payout ratio (DPR) is 16.54%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Barclays lowered their price objective on shares of Lennar from $110.00 to $95.00 and set an "equal weight" rating for the company in a research report on Wednesday, June 18th. Seaport Res Ptn upgraded shares of Lennar from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 6th. The Goldman Sachs Group lowered their price objective on shares of Lennar from $141.00 to $120.00 and set a "neutral" rating for the company in a research report on Tuesday, March 25th. Royal Bank Of Canada lowered their target price on shares of Lennar from $122.00 to $98.00 and set a "sector perform" rating for the company in a report on Wednesday, June 18th. Finally, Wells Fargo & Company lowered their target price on shares of Lennar from $120.00 to $110.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $132.50.

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.