Lennar Corporation (LEN): Citadel Investment Group Reveals Over 5% Passive Stake

In a new filing with the U.S. Securities and Exchange Commission, Citadel Investment Group, managed by Ken Griffin, has revealed a 5.4% passive stake in Lennar Corporation (NYSE:LEN). The stake contains 9.37 million class A common stock of Lennar Corporation (NYSE:LEN). In its 13F filing, Citadel Investment reported ownership of 3.62 million shares of the company.


Lennar Corporation (NYSE:LEN) is a homebuilder, with a market cap of $7.82 billion. The company reported second-quarter 2014 net earnings attributable to the company of $137.7 million, or $0.61 per diluted share, compared to net earnings attributable to the company of $137.4 million, or $0.61 per diluted share, for the same quarter of 2013. Revenues from home sales rose 28% in the second quarter $1.6 billion from $1.3 billion in the same period last year, according to a news release.

Shares of Lennar Corporation (NYSE:LEN) rose by 0.90% to $39.41 on Monday. Analysts have the consensus average target price of $44.44 for the stock. The consensus average recommendation is ‘Overweight.’

Aside from Citadel Investment, Capital Growth Management, run by Ken Heebner, holds 6.78 million shares of Lennar Corporation (NYSE:LEN), while Robert Bishop’s Impala Asset Management owns 2.82 million shares of the company.

Ken Griffin is a self-made billionaire and Citadel Investment Group is one of the largest funds in the world. Ken Griffin founded Citadel Investment Group, officially, on November 1, 1990. It had $4.2 million in assets under management. As of the end of 2013, the fund had grown to $16 billion in assets under management. Citadel’s main funds are called Kensington and Wellington. These funds returned almost 25% in 2012 and 19.4% in 2013.

Recently, Citadel Investment Group reported that it upped its stake in Liberty Interactive Corp (NASDAQ:LINTA), holding 4.13 million Liberty Ventures series A common stock, equal to 5.8% of class.

In its latest 13F filing, Citadel Investment disclosed more than 10,000 investments for the second quarter of 2014. The value of portfolio totaled more than $70 billion. Apple Inc. (NASDAQ:AAPL) is the represented as largest holding, in which the fund reported ownership of a $796.7 million stake, which contains 8.57 million shares. Second most valuable holding is Baker Hughes Incorporated (NYSE:BHI), in which Citadel upped its stake to 5.37 million shares, worth $400.1 million, from 1.57 million shares. Danaher Corporation (NYSE:DHR) is third largest holding, where the fund holds 4.42 million shares, up from 2.38 million shares held previously.

Disclosure: none