Picton Mahoney Asset Management Increases Stake in Lennar Corporation (NYSE:LEN)

Key Points

• Picton Mahoney Asset Management increased its holdings in Lennar Corporation by 22.0% in the first quarter, amounting to $7.09 million in value.
• Lennar reported a quarterly earnings per share (EPS) of $1.90, missing estimates by $0.04, and showed a year-over-year revenue decline of 4.4%.
• The company recently declared a quarterly dividend of $0.50 per share, equating to an annualized dividend yield of 1.72%.

Picton Mahoney Asset Management raised its stake in shares of Lennar Corporation (NYSE:LEN - Free Report) by 22.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 61,796 shares of the construction company's stock after acquiring an additional 11,163 shares during the period. Picton Mahoney Asset Management's holdings in Lennar were worth $7,093,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LEN. Hurley Capital LLC purchased a new position in shares of Lennar during the 4th quarter valued at $26,000. Ameriflex Group Inc. purchased a new position in shares of Lennar in the fourth quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new position in shares of Lennar in the first quarter worth about $30,000. NBC Securities Inc. purchased a new stake in shares of Lennar during the first quarter worth about $33,000. Finally, Franchise Capital Ltd bought a new stake in Lennar during the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 81.10% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LEN. Wedbush reiterated a "neutral" rating and issued a $130.00 price target on shares of Lennar in a report on Wednesday, June 18th. Zelman & Associates cut Lennar from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Wells Fargo & Company dropped their price target on Lennar from $120.00 to $110.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. JMP Securities reduced their price objective on Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a research note on Friday, June 20th. Finally, Evercore ISI decreased their price objective on Lennar from $131.00 to $114.00 and set an "in-line" rating on the stock in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $128.85.

Lennar Trading Up 3.4%

NYSE LEN traded up $3.79 during trading on Friday, hitting $115.97. The stock had a trading volume of 3,639,324 shares, compared to its average volume of 2,828,674. Lennar Corporation has a one year low of $98.42 and a one year high of $193.80. The stock has a 50 day simple moving average of $110.63 and a 200 day simple moving average of $115.14. The stock has a market capitalization of $30.04 billion, a price-to-earnings ratio of 9.59, a P/E/G ratio of 4.76 and a beta of 1.29. 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 (NYSE:LEN - Get Free Report) last posted its quarterly earnings data 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 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 analysts' expectations of $8.21 billion. During the same quarter in the previous year, the firm earned $3.45 EPS. Lennar's revenue was down 4.4% compared to the same quarter last year. Sell-side analysts predict that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Thursday, July 3rd. Lennar's dividend payout ratio is currently 16.54%.

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.