Lennar Corporation (NYSE:LEN)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $55.80, but opened at $55.35. Lennar Corporation shares last traded at $56.41, with a volume of 3,605,402 shares traded.

The construction company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.05. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Lennar Corporation had a return on equity of 12.57% and a net margin of 6.78%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 earnings per share.

A number of brokerages have recently commented on LEN. Citigroup Inc. increased their target price on shares of Lennar Corporation from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday. MKM Partners upgraded shares of Lennar Corporation from a “neutral” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Wednesday. BTIG Research boosted their price target on shares of Lennar Corporation from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America Corporation upped their price objective on shares of Lennar Corporation from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Mizuho reaffirmed a “buy” rating on shares of Lennar Corporation in a research note on Tuesday, July 11th. 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. The stock presently has an average rating of “Buy” and a consensus target price of $57.63.

A number of institutional investors have recently made changes to their positions in LEN. Sanders Capital LLC grew its position in Lennar Corporation by 1.3% in the 1st quarter. Sanders Capital LLC now owns 8,724,399 shares of the construction company’s stock valued at $456,887,000 after acquiring an additional 110,379 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Lennar Corporation by 5.4% during the second quarter. The Manufacturers Life Insurance Company now owns 7,516,323 shares of the construction company’s stock worth $400,771,000 after purchasing an additional 386,110 shares in the last quarter. Aristotle Capital Management LLC lifted its position in shares of Lennar Corporation by 1.3% during the first quarter. Aristotle Capital Management LLC now owns 5,767,575 shares of the construction company’s stock worth $295,242,000 after purchasing an additional 73,814 shares in the last quarter. Greenhaven Associates Inc. lifted its position in shares of Lennar Corporation by 0.9% during the second quarter. Greenhaven Associates Inc. now owns 5,420,516 shares of the construction company’s stock worth $289,022,000 after purchasing an additional 46,200 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Lennar Corporation by 25.0% during the second quarter. Principal Financial Group Inc. now owns 3,129,708 shares of the construction company’s stock worth $166,876,000 after purchasing an additional 625,329 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

The company’s 50-day moving average is $51.62 and its 200-day moving average is $52.02. The firm has a market capitalization of $13.23 billion, a price-to-earnings ratio of 16.49 and a beta of 1.22.

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About Lennar Corporation

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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