Should You Be Bullish on Lennar Corporation’s (LEN) Long-Term Prospects?

Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund had a strong performance in the quarter and generated a gain of 8.28% (Institutional Shares). The Fund beat both the MSCI US REIT Index (the REIT Index), which declined 0.62% and the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which rose 6.59%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Real Estate Fund featured stocks like Lennar Corporation (NYSE:LEN) in its Q1 2024 investor letter. Headquartered in Miami, Florida, Lennar Corporation (NYSE:LEN) is a homebuilder. On April 24, 2024, Lennar Corporation (NYSE:LEN) stock closed at $154.12 per share. One-month return of Lennar Corporation (NYSE:LEN) was -11.18%, and its shares gained 36.75% of their value over the last 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $42.123 billion.

Baron Real Estate Fund stated the following regarding Lennar Corporation (NYSE:LEN) in its first quarter 2024 investor letter:

"Following exceptional performance in 2023, the share prices of our investments in homebuilder companies – Toll Brothers, Inc., Lennar Corporation (NYSE:LEN), and D.R. Horton, Inc. – continued to move higher in the first quarter of 2024, gaining 26.1%, 15.8%, and 8.5%, respectively, in part due to the continuation of strong quarterly business results and management optimism about each company’s multi-year prospects. Our recent meetings with CEOs Doug Yearley (Toll Brothers), Stuart Miller (Lennar), and Paul Romanowski (D.R. Horton), reinforced our view that each company is well positioned to generate strong long-term shareholder returns.

In January, we met with Lennar’s senior management team, including CEO Stuart Miller, at the company’s headquarters in Miami. We also had follow-up discussions with management over the course of the first quarter.

We are bullish on the long-term prospects for Lennar. We believe the company is exceptionally well run, favorably positioned to generate compelling long-term growth, and committed to unlocking shareholder value through several strategic initiatives…” (Click here to read the full text)

List of Homebuilder Stocks Sorted By Hedge Fund Sentiment

Photo by Jens Behrmann on Unsplash

Lennar Corporation (NYSE:LEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, according to our database, Lennar Corporation (NYSE:LEN) was held by 65 hedge fund portfolios, compared to 63 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.