5 Best Housing Stocks to Buy Now

3. Lennar Corporation (NYSE:LEN)

Number of Hedge Fund Holders: 47

Lennar Corporation (NYSE:LEN) is a homebuilder that sells several kinds of houses such as single family attached and detached homes. Additionally, it also develops and sells residential land and multifamily rental properties. The firm is headquartered in Miami, Florida, United States.

Lennar Corporation (NYSE:LEN) was one of the few housing companies that saw its net income grow during its second quarter, as bottom line profits surged by 59% at a time when the market was in a downturn. During the same time, the firm increased its deliveries by 14% and backlog by 16% – both indicating the resilience of its business model in a tough macro environment. At the same time, the firm’s balance sheet grew stronger as its net debt to capital declined to 13% from a high of 32% in 2019. Lennar Corporation (NYSE:LEN) also pays a 38 cent dividend for a 1.90% yield.

Lennar Corporation (NYSE:LEN)’s share price target was kept at $82 by BofA in August 2022 as the bank highlighted that the company’s strong exposure in several markets is partially offset by a strong position in Florida. 47 of the 895 hedge funds part of Insider Monkey’s Q2 2022 survey had bought the company’s shares.

Lennar Corporation (NYSE:LEN)’s largest investor is Edgar Wachenheim’s Greenhaven Associates which owns 9.3 million shares that are worth $657 million.