Lennar Co. (LEN) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Lennar Co. (NYSE:LEN) from a hold rating to a buy rating in a research note released on Friday morning. They currently have $58.00 price objective on the stock.
According to Zacks, “After the outstanding fiscal 2015 results, Lennar posted strong numbers in 2016 as well. The company beat the Zacks Consensus Estimate for both earnings and sales in all the four quarters. The company is one of the best positioned homebuilders to capitalize on the housing recovery, driven by diverse revenue mix, steady top-line performance, above-average order growth and improving SG&A leverage. Moreover, its ancillary platforms – Rialto, Multi-Family, FivePoint and Financial Services – are evolving and should improve further. Also, Lennar’s shares have outperformed the broader market in the last three months. However, labor shortages, gross margin compression due to rising land and labor costs and rising interest rate can keep the housing momentum in check going forward.”
A number of other equities analysts have also recently issued reports on LEN. Evercore ISI reissued a buy rating and issued a $55.00 target price on shares of Lennar in a report on Tuesday, December 13th. MKM Partners reissued a neutral rating on shares of Lennar in a report on Friday, December 23rd. Barclays PLC started coverage on shares of Lennar in a report on Thursday, January 5th. They issued an overweight rating and a $50.00 target price on the stock. BTIG Research started coverage on shares of Lennar in a report on Tuesday, February 7th. They issued a buy rating and a $56.00 target price on the stock. Finally, Citigroup Inc started coverage on shares of Lennar in a report on Tuesday, February 14th. They issued a neutral rating and a $52.00 target price on the stock. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Lennar presently has a consensus rating of Buy and a consensus target price of $53.92.
Shares of Lennar (NYSE:LEN) traded down 0.6557% during midday trading on Friday, hitting $52.4836. The stock had a trading volume of 1,446,720 shares. Lennar has a one year low of $39.68 and a one year high of $53.79. The company has a market cap of $12.31 billion, a P/E ratio of 13.3410 and a beta of 1.27. The firm has a 50 day moving average of $48.13 and a 200-day moving average of $44.55.
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Several large investors have recently made changes to their positions in the stock. Sanders Capital LLC raised its stake in shares of Lennar by 0.9% in the third quarter. Sanders Capital LLC now owns 8,511,852 shares of the company’s stock valued at $366,937,000 after buying an additional 76,400 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Lennar during the third quarter valued at approximately $304,677,000. Aristotle Capital Management LLC raised its stake in shares of Lennar by 2.3% in the fourth quarter. Aristotle Capital Management LLC now owns 5,693,761 shares of the company’s stock valued at $244,432,000 after buying an additional 128,010 shares during the last quarter. Greenhaven Associates Inc. raised its stake in shares of Lennar by 5.5% in the third quarter. Greenhaven Associates Inc. now owns 5,059,049 shares of the company’s stock valued at $214,200,000 after buying an additional 261,877 shares during the last quarter. Finally, TCW Group Inc. raised its position in Lennar by 3.7% in the fourth quarter. TCW Group Inc. now owns 3,736,123 shares of the company’s stock worth $160,392,000 after buying an additional 133,388 shares in the last quarter. Institutional investors own 79.04% of the company’s stock.
Lennar 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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