Pictet Asset Management Holding SA Has $28.15 Million Position in Lennar Corporation $LEN

Key Points

• Pictet Asset Management increased its Lennar stake by 14.3% in Q4 to 273,798 shares worth $28.15 million (0.11% of the company), and institutional investors now own 81.10% of Lennar with large additions from Viking Global and Barrow Hanley.
• Lennar missed quarterly estimates (EPS $0.88 vs. $0.95; revenue down 13.3% to $6.62B), and multiple analysts have cut targets and ratings, leaving an average MarketBeat rating of “Reduce” and an average price target of $99.87.
• The company declared a quarterly dividend of $0.50 (annualized $2.00, yield 2.2%, ex-dividend Apr 22), and the stock trades at a P/E of 12.99 with a $22.32 billion market cap while its 50‑day SMA ($95.71) sits below the 200‑day SMA ($110.36).

Pictet Asset Management Holding SA grew its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 273,798 shares of the construction company's stock after buying an additional 34,199 shares during the quarter. Pictet Asset Management Holding SA owned 0.11% of Lennar worth $28,151,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Viking Global Investors LP lifted its stake in Lennar by 86.7% during the second quarter. Viking Global Investors LP now owns 2,523,594 shares of the construction company's stock worth $279,135,000 after purchasing an additional 1,172,068 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Lennar by 14.6% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,732,654 shares of the construction company's stock worth $596,504,000 after buying an additional 603,004 shares in the last quarter. Todd Asset Management LLC bought a new position in shares of Lennar during the 3rd quarter worth approximately $26,371,000. Teachers Retirement System of The State of Kentucky boosted its stake in Lennar by 319.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 274,173 shares of the construction company's stock valued at $34,557,000 after buying an additional 208,800 shares in the last quarter. Finally, Duquesne Family Office LLC boosted its stake in Lennar by 210.8% in the 3rd quarter. Duquesne Family Office LLC now owns 279,424 shares of the construction company's stock valued at $35,219,000 after buying an additional 189,524 shares in the last quarter. Institutional investors own 81.10% of the company's stock.

Analyst Upgrades and Downgrades

LEN has been the subject of a number of analyst reports. Evercore cut their price objective on Lennar from $89.00 to $82.00 and set an "underperform" rating for the company in a report on Monday, April 13th. Citigroup lowered their target price on shares of Lennar from $113.00 to $104.00 and set a "neutral" rating on the stock in a report on Tuesday, March 17th. Barclays cut their price target on shares of Lennar from $85.00 to $80.00 and set an "underweight" rating for the company in a report on Wednesday, April 8th. UBS Group reduced their price target on shares of Lennar from $122.00 to $107.00 and set a "neutral" rating on the stock in a research report on Monday, March 16th. Finally, Seaport Research Partners reaffirmed a "sell" rating and set a $74.00 price objective (down from $140.00) on shares of Lennar in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and eight have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Lennar has an average rating of "Reduce" and an average price target of $99.87.

Lennar Price Performance

LEN opened at $90.38 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.77 and a quick ratio of 0.97. The stock has a market capitalization of $22.32 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.95 and a beta of 1.47. The company's 50 day simple moving average is $95.71 and its 200-day simple moving average is $110.36. Lennar Corporation has a one year low of $83.03 and a one year high of $144.24.

Lennar (NYSE:LEN - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The construction company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.07). The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.90 billion. Lennar had a return on equity of 7.80% and a net margin of 5.39%.The business's revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.14 EPS. Sell-side analysts anticipate that Lennar Corporation will post 5.91 earnings per share for the current fiscal year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 6th. Stockholders of record on Wednesday, April 22nd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, April 22nd. Lennar's dividend payout ratio is 28.74%.

Lennar Profile

Lennar Corporation NYSE: LEN is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.

In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.

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