Pacific Heights Asset Management LLC Has $15.27 Million Position in Lennar Corporation (NYSE:LEN)

Pacific Heights Asset Management LLC increased its stake in Lennar Corporation (NYSE:LEN - Free Report) by 121.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,000 shares of the construction company's stock after buying an additional 73,000 shares during the period. Lennar comprises about 1.0% of Pacific Heights Asset Management LLC's investment portfolio, making the stock its 28th largest position. Pacific Heights Asset Management LLC owned approximately 0.05% of Lennar worth $15,266,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in LEN. Castlekeep Investment Advisors LLC purchased a new stake in shares of Lennar in the 4th quarter valued at approximately $218,533,000. Wellington Management Group LLP lifted its position in Lennar by 18.9% in the 4th quarter. Wellington Management Group LLP now owns 3,239,488 shares of the construction company's stock worth $441,769,000 after buying an additional 515,378 shares in the last quarter. D1 Capital Partners L.P. lifted its position in Lennar by 67.3% in the 4th quarter. D1 Capital Partners L.P. now owns 672,433 shares of the construction company's stock worth $88,116,000 after buying an additional 270,433 shares in the last quarter. Man Group plc raised its holdings in shares of Lennar by 112.5% during the 4th quarter. Man Group plc now owns 506,722 shares of the construction company's stock valued at $69,102,000 after purchasing an additional 268,209 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Lennar by 3.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 6,116,558 shares of the construction company's stock valued at $834,115,000 after buying an additional 213,003 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JMP Securities decreased 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. Zelman & Associates cut shares of Lennar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 18th. UBS Group reduced 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. Wedbush reissued a "neutral" rating and issued a $130.00 price objective on shares of Lennar in a research report on Wednesday, June 18th. Finally, Barclays dropped their price target on shares of Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $128.85.

Lennar Price Performance

Lennar stock traded down $0.84 during trading hours on Monday, reaching $109.28. 2,828,529 shares of the stock were exchanged, compared to its average volume of 2,715,547. The company has a market cap of $28.83 billion, a P/E ratio of 9.04, a price-to-earnings-growth ratio of 4.54 and a beta of 1.33. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. Lennar Corporation has a twelve month low of $98.42 and a twelve month high of $187.61. The stock has a 50 day moving average of $108.89 and a two-hundred day moving average of $117.97.

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

Lennar Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.00 annualized dividend and a dividend yield of 1.83%. Lennar's dividend payout ratio is currently 16.54%.

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.