Pacific Heights Asset Management LLC Buys 73,000 Shares of Lennar Corporation (NYSE:LEN)

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

A number of other institutional investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its holdings 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 worth $834,115,000 after acquiring an additional 213,003 shares during the period. Wellington Management Group LLP increased its stake in shares of Lennar by 18.9% in the fourth quarter. Wellington Management Group LLP now owns 3,239,488 shares of the construction company's stock worth $441,769,000 after purchasing an additional 515,378 shares during the period. Castlekeep Investment Advisors LLC acquired a new position in shares of Lennar during the 4th quarter worth about $218,533,000. Eminence Capital LP boosted its stake in Lennar by 43.4% during the 4th quarter. Eminence Capital LP now owns 685,225 shares of the construction company's stock valued at $93,444,000 after purchasing an additional 207,343 shares during the period. Finally, D1 Capital Partners L.P. grew its holdings 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 valued at $88,116,000 after buying an additional 270,433 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Lennar Stock Performance

Shares of NYSE:LEN opened at $110.35 on Friday. The business has a fifty day moving average of $108.84 and a 200-day moving average of $118.59. 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. The firm has a market cap of $29.11 billion, a PE ratio of 9.13, a price-to-earnings-growth ratio of 4.75 and a beta of 1.33.

Lennar (NYSE:LEN - Get Free Report) last posted its quarterly earnings data on Monday, June 16th. The construction company reported $1.90 earnings per share 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 company had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.21 billion. During the same quarter in the previous year, the business posted $3.45 EPS. The company's revenue was down 4.4% compared to the same quarter last year. On average, equities research analysts predict that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd will be given a $0.50 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 1.81%. Lennar's payout ratio is 16.54%.

Analyst Ratings Changes

Several research firms have recently weighed in on LEN. Zelman & Associates cut Lennar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 18th. Barclays reduced 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 dropped their price objective on shares of Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. The Goldman Sachs Group reduced their target price on shares of Lennar from $141.00 to $120.00 and set a "neutral" rating for the company in a research note on Tuesday, March 25th. Finally, Seaport Res Ptn upgraded Lennar from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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.

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