BTIG Research Boosts Lennar Corporation (LEN) Price Target to $63.00
Lennar Corporation (NYSE:LEN) had its target price upped by BTIG Research from $62.00 to $63.00 in a report published on Wednesday. They currently have a buy rating on the construction company’s stock.
Other equities analysts have also recently issued reports about the stock. Argus reiterated a buy rating and set a $60.00 target price (up from $57.00) on shares of Lennar Corporation in a research note on Tuesday, July 25th. Mizuho cut shares of Lennar Corporation from a buy rating to a neutral rating and cut their target price for the company from $59.00 to $53.00 in a research note on Tuesday, September 19th. Keefe, Bruyette & Woods reiterated an outperform rating on shares of Lennar Corporation in a research note on Tuesday, July 4th. MKM Partners reiterated a neutral rating and set a $58.00 target price (up from $55.00) on shares of Lennar Corporation in a research note on Friday, June 23rd. Finally, BidaskClub cut shares of Lennar Corporation from a buy rating to a hold rating in a research note on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Lennar Corporation has a consensus rating of Buy and a consensus price target of $57.63.
Lennar Corporation (NYSE:LEN) traded down 0.32% during midday trading on Wednesday, reaching $55.89. 2,830,480 shares of the company traded hands. The stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of 16.34 and a beta of 1.22. The firm has a 50 day moving average of $51.83 and a 200-day moving average of $52.10. Lennar Corporation has a 12 month low of $39.68 and a 12 month high of $56.78.
Lennar Corporation (NYSE:LEN) last issued its quarterly earnings data on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.05. Lennar Corporation had a net margin of 6.65% and a return on equity of 12.52%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the previous year, the company earned $1.01 earnings per share. Lennar Corporation’s revenue for the quarter was up 15.1% on a year-over-year basis. Analysts forecast that Lennar Corporation will post $3.82 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Thursday, October 19th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, October 18th. Lennar Corporation’s dividend payout ratio (DPR) is presently 4.61%.
In other Lennar Corporation news, CFO Bruce E. Gross sold 5,000 shares of the business’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $56.48, for a total value of $282,400.00. Following the sale, the chief financial officer now owns 376,043 shares of the company’s stock, valued at approximately $21,238,908.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 12.18% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. D.A. Davidson & CO. grew its holdings in shares of Lennar Corporation by 8.9% in the 2nd quarter. D.A. Davidson & CO. now owns 1,895 shares of the construction company’s stock worth $101,000 after purchasing an additional 155 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of Lennar Corporation by 32.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,168 shares of the construction company’s stock worth $114,000 after purchasing an additional 530 shares during the last quarter. Washington Trust Bank grew its holdings in shares of Lennar Corporation by 47.6% in the 2nd quarter. Washington Trust Bank now owns 2,462 shares of the construction company’s stock worth $131,000 after purchasing an additional 794 shares during the last quarter. QS Investors LLC grew its holdings in shares of Lennar Corporation by 1.0% in the 2nd quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock worth $135,000 after purchasing an additional 25 shares during the last quarter. Finally, MUFG Americas Holdings Corp grew its holdings in shares of Lennar Corporation by 7.3% in the 2nd quarter. MUFG Americas Holdings Corp now owns 3,250 shares of the construction company’s stock worth $173,000 after purchasing an additional 220 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.
Lennar Corporation Company Profile
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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