Ricky Sandler‘s Eminence Capital is optimistic about the prospects of Lennar Corporation (NYSE:LEN). As reported in a recently amended filing with the Securities and Exchange Commission, the fund has increased its holding of the stock to 10.2 million shares, up from 3.6 million shares reported in its 13F filing for the September quarter. Eminence Capital’s current stake amounts to 5.2% of the company’s outstanding stock.
Lennar Corporation (NYSE:LEN) is a homebuilder that operates in 19 states. The company has a market cap of $9.3 billion and pays an annual dividend of $0.16 per share, providing shareholders with a 0.36% yield. The stock ended 2016 12% lower, but is up by 3.5% already this year, having ended Friday’s trading session at $44.46 per share. Lennar stock is currently trading at a trailing Price to Earnings (P/E) ratio of 12, slightly lower than the industry average of 13.4 according to Yahoo! Finance’s data. Barclay’s recently initiated coverage of Lennar, having assigned an ‘Overweight’ rating and a price target of $50 per share to it, which implies upside potential of 12.5%.
During the third quarter of 2016, Lennar Corporation (NYSE:LEN) registered a boost in popularity among the hedge funds followed by Insider Monkey. According to our data, the stock could be found in the portfolios of 48 of those hedge funds at the end of September, up from 40 long positions recorded at the end of June. Combined, those funds amassed a little over 12% of Lennar’s common stock. At the top of the heap was Edgar Wachenheim‘s Greenhaven Associates, which held 5.06 million shares, up by 6% over the quarter. Not far behind was Long Pond Capital, run by John Khoury, which held 2.75 million shares, a boost of 32% from the end of the second quarter.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Eminence Capital | 0 | 10,180,202 | 0 | 10,180,202 | 10,180,202 | 5.2% |
| Eminence GP | 0 | 8,212,235 | 0 | 8,212,235 | 8,212,235 | 4.2% |
| Ricky C. Sandler | 0 | 10,180,202 | 0 | 10,180,202 | 10,180,202 | 5.2% |
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Page 1 of 10 – SEC Filing
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
| SCHEDULE 13G | |
| Under the Securities Exchange Act of 1934 | |
| Lennar Corporation | |
| (Name of Issuer) | |
| Class | |
| (Title of Class of Securities) | |
| 526057104 | |
| (CUSIP Number) | |
| January | |
| (Date of Event Which Requires Filing of This Statement) | |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: | |
| ¨ | Rule 13d-1(b) |
| Q | Rule 13d-1(c) |
| ¨ | Rule 13d-1(d) |
| (Page 1 of 10 Pages) | |
______________________________
*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
