Baker Avenue Asset Management LP Raises Stock Position in Lennar Corporation (NYSE:LEN)

Baker Avenue Asset Management LP lifted its stake in Lennar Corporation (NYSE:LEN) by 58.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,062 shares of the construction company’s stock after purchasing an additional 1,869 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Lennar were worth $581,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Castlekeep Investment Advisors LLC purchased a new position in shares of Lennar during the 4th quarter worth about $218,533,000. ANTIPODES PARTNERS Ltd bought a new position in Lennar in the 1st quarter valued at $41,788,000. AustralianSuper Pty Ltd purchased a new position in Lennar in the 1st quarter worth about $37,055,000. D1 Capital Partners L.P. increased its position in shares of Lennar by 67.3% during the fourth quarter. D1 Capital Partners L.P. now owns 672,433 shares of the construction company’s stock worth $88,116,000 after acquiring an additional 270,433 shares during the period. Finally, Man Group plc increased its holdings in Lennar by 112.5% during the 4th quarter. Man Group plc now owns 506,722 shares of the construction company’s stock worth $69,102,000 after purchasing an additional 268,209 shares during the period. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Lennar Stock Up 3.4%

NYSE:LEN opened at $115.97 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.49. The company’s fifty day moving average price is $110.63 and its 200-day moving average price is $114.98. Lennar Corporation has a 1-year low of $98.42 and a 1-year high of $193.80. The firm has a market capitalization of $30.04 billion, a P/E ratio of 9.59, a PEG ratio of 4.92 and a beta of 1.29.

Lennar (NYSE:LEN) last issued its earnings results on Monday, June 16th. The construction company reported $1.90 EPS 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 analysts’ expectations of $8.21 billion. Lennar had a return on equity of 12.73% and a net margin of 9.20%. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.45 EPS. As a group, equities research analysts anticipate that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.50 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.7%. Lennar’s dividend payout ratio (DPR) is 16.54%.

Analysts Set New Price Targets

Several research firms have recently commented on LEN. Royal Bank Of Canada reduced their price target on shares of Lennar from $122.00 to $98.00 and set a “sector perform” rating for the company in a report on Wednesday, June 18th. Wells Fargo & Company lowered their price target on shares of Lennar from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Bank of America cut their price target on shares of Lennar from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, June 18th. Zelman & Associates lowered Lennar from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 18th. Finally, Wall Street Zen downgraded Lennar from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $128.85.

About Lennar

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.