Titleist Asset Management LLC Purchases New Shares in Lennar Corporation $LEN

Key Points

• Titleist Asset Management LLC acquired 21,557 shares of Lennar Corporation valued at approximately $2.47 million during the first quarter.
• Several analysts have revised price targets for Lennar, with Barclays reducing its target from $110 to $95, while UBS Group set a target of $146.
• Lennar recently announced a quarterly dividend of $0.50 per share, indicating a 1.5% yield and a payout ratio of 16.54%.

Titleist Asset Management LLC acquired a new position in Lennar Corporation (NYSE:LEN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 21,557 shares of the construction company's stock, valued at approximately $2,474,000.

Several other hedge funds have also bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its holdings in shares of Lennar by 45.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company's stock worth $1,020,866,000 after buying an additional 2,777,567 shares during the last quarter. Castlekeep Investment Advisors LLC purchased a new position in Lennar in the fourth quarter worth $218,533,000. Eminence Capital LP increased its stake in Lennar by 43.4% in the fourth quarter. Eminence Capital LP now owns 685,225 shares of the construction company's stock valued at $93,444,000 after acquiring an additional 207,343 shares during the last quarter. Man Group plc raised its position in Lennar by 112.5% during the fourth 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, Sound Shore Management Inc. CT lifted its stake in Lennar by 17.8% during the first quarter. Sound Shore Management Inc. CT now owns 466,752 shares of the construction company's stock worth $53,574,000 after purchasing an additional 70,463 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on LEN. Keefe, Bruyette & Woods decreased their price objective on Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a report on Friday, June 20th. UBS Group decreased their price target on shares of Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a research note on Wednesday, June 18th. Wells Fargo & Company upped their price objective on shares of Lennar from $110.00 to $135.00 and gave the company an "equal weight" rating in a research note on Tuesday. Wall Street Zen cut shares of Lennar from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Finally, JMP Securities cut their price target on shares of Lennar from $150.00 to $130.00 and set a "market outperform" rating for the company in a research report on Friday, June 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and fourteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $130.77.

Lennar Trading Down 0.4%

Shares of LEN stock traded down $0.50 during mid-day trading on Tuesday, reaching $132.64. The stock had a trading volume of 2,399,436 shares, compared to its average volume of 3,165,628. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. The stock's 50-day moving average price is $119.76 and its two-hundred day moving average price is $114.64. The firm has a market capitalization of $34.36 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 5.65 and a beta of 1.33. Lennar Corporation has a 52-week low of $98.42 and a 52-week high of $193.80.

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings results 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 prior year, the firm earned $3.45 EPS. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. Equities analysts expect that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 1.5%. Lennar's dividend payout ratio (DPR) is presently 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.