Lennar Corporation (LEN): Are Hedge Funds Right About This Stock?

As aggregate interest increased, specific money managers were leading the bulls’ herd. Point72 Asset Management, managed by Steve Cohen, assembled the biggest position in Lennar Corporation (NYSE:LEN). Point72 Asset Management had $26.6 million invested in the company at the end of the quarter. Mark Kingdon’s Kingdon Capital also initiated a $22 million position during the quarter. The following funds were also among the new LEN investors: Clint Murray’s Lodge Hill Capital, Cliff Asness’ AQR Capital Management, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks similar to Lennar Corporation (NYSE:LEN). These stocks are Best Buy Co., Inc. (NYSE:BBY), UDR, Inc. (NYSE:UDR), Textron Inc. (NYSE:TXT), and Akamai Technologies, Inc. (NASDAQ:AKAM). This group of stocks’ market valuations match LEN’s market valuation.

As you can see these stocks had an average of 26.75 hedge funds with bullish positions and the average amount invested in these stocks was $510 million. That figure was $1.13 billion in LEN’s case. Best Buy Co., Inc. (NYSE:BBY) is the most popular stock in this table. On the other hand UDR, Inc. (NYSE:UDR) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Lennar Corporation (NYSE:LEN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.