Lennar (LEN) Price Target Lowered to $58.00 at Bank of America

Lennar (NYSE:LEN) had its price objective cut by Bank of America from $60.00 to $58.00 in a report published on Thursday morning. They currently have a buy rating on the construction company’s stock.

Several other equities research analysts have also commented on the stock. Deutsche Bank upgraded shares of Lennar from a hold rating to a buy rating and reduced their price target for the company from $58.00 to $51.00 in a report on Monday, October 22nd. TheStreet lowered shares of Lennar from a b- rating to a c+ rating in a research note on Tuesday, October 23rd. JMP Securities set a $56.00 price objective on shares of Lennar and gave the stock a buy rating in a research note on Friday, October 5th. Wedbush upgraded shares of Lennar from a neutral rating to an outperform rating and reduced their price objective for the stock from $56.00 to $50.00 in a research note on Monday, October 29th. Finally, Royal Bank of Canada set a $63.00 price objective on shares of Lennar and gave the stock a buy rating in a research note on Thursday, October 4th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $60.19.

Shares of NYSE:LEN traded up $1.24 during trading hours on Thursday, hitting $46.41. The company’s stock had a trading volume of 5,361,486 shares, compared to its average volume of 6,242,648. Lennar has a 52 week low of $37.29 and a 52 week high of $72.17. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.72 and a current ratio of 12.62. The firm has a market cap of $15.29 billion, a P/E ratio of 7.31, a P/E/G ratio of 0.43 and a beta of 1.17.

Lennar (NYSE:LEN) last posted its quarterly earnings results on Wednesday, January 9th. The construction company reported $1.96 EPS for the quarter, beating the consensus estimate of $1.91 by $0.05. Lennar had a net margin of 8.24% and a return on equity of 14.02%. The business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.46 billion. During the same quarter in the previous year, the business posted $1.29 EPS. The company’s quarterly revenue was up 70.7% compared to the same quarter last year. On average, research analysts predict that Lennar will post 6.45 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 8th. Shareholders of record on Friday, January 25th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.34%. The ex-dividend date is Thursday, January 24th. Lennar’s dividend payout ratio is presently 2.52%.

In other Lennar news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $40.03, for a total transaction of $800,600.00. Following the sale, the chief operating officer now owns 171,014 shares of the company’s stock, valued at approximately $6,845,690.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 8.50% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Lennar by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,160,634 shares of the construction company’s stock worth $1,445,931,000 after purchasing an additional 1,099,188 shares during the last quarter. Alliancebernstein L.P. grew its position in Lennar by 2.1% during the 3rd quarter. Alliancebernstein L.P. now owns 4,037,099 shares of the construction company’s stock worth $188,492,000 after purchasing an additional 81,676 shares during the last quarter. Miller Value Partners LLC grew its position in Lennar by 0.5% during the 2nd quarter. Miller Value Partners LLC now owns 1,393,550 shares of the construction company’s stock worth $73,161,000 after purchasing an additional 7,325 shares during the last quarter. Sterling Capital Management LLC grew its position in Lennar by 3.5% during the 3rd quarter. Sterling Capital Management LLC now owns 1,080,531 shares of the construction company’s stock worth $50,450,000 after purchasing an additional 36,434 shares during the last quarter. Finally, Stelliam Investment Management LP grew its position in Lennar by 14.5% during the 3rd quarter. Stelliam Investment Management LP now owns 1,027,500 shares of the construction company’s stock worth $47,974,000 after purchasing an additional 130,000 shares during the last quarter. 84.53% of the stock is currently owned by institutional investors.

About Lennar

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.

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