Lennar (NYSE:LEN) Price Target Raised to $80.00

Lennar (NYSE:LEN) had its price target lifted by Wells Fargo & Company from $75.00 to $80.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the construction company’s stock.

Several other brokerages have also commented on LEN. Truist Financial decreased their price target on Lennar from $80.00 to $75.00 and set a “hold” rating on the stock in a research note on Wednesday, September 16th. BTIG Research restated a “sell” rating and issued a $63.00 price target on shares of Lennar in a report on Friday, September 18th. Seaport Research Partners dropped their price objective on Lennar from $74.00 to $70.00 and set a “sell” rating for the company in a research note on Monday, September 21st. Benchmark raised Lennar to a “hold” rating in a report on Thursday, September 3rd. Finally, Barclays decreased their target price on Lennar from $79.00 to $70.00 and set an “underweight” rating on the stock in a research report on Friday, September 18th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and eleven have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $78.87.

Lennar Stock Performance

Shares of LEN opened at $92.00 on Monday. The company has a 50-day simple moving average of $81.21 and a 200-day simple moving average of $91.10. The company has a quick ratio of 0.69, a current ratio of 4.94 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $21.89 billion, a PE ratio of 17.39, a P/E/G ratio of 3.23 and a beta of 1.36. Lennar has a 52-week low of $71.78 and a 52-week high of $133.76.

Lennar (NYSE:LEN) last released its quarterly earnings data on Wednesday, September 16th. The construction company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). Lennar had a return on equity of 6.15% and a net margin of 4.09%. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $8.32 billion. During the same period in the prior year, the firm posted $2.00 EPS. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. Equities research analysts predict that Lennar will post 4.88 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 22nd. Shareholders of record on Wednesday, October 7th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, October 7th. Lennar’s dividend payout ratio is 37.81%.

Insider Activity

In other Lennar news, major shareholder Berkshire Hathaway Inc purchased 1,708,095 shares of the stock in a transaction dated Friday, October 2nd. The shares were acquired at an average cost of $79.44 per share, for a total transaction of $135,691,066.80. Following the completion of the transaction, the insider directly owned 28,438,045 shares of the company’s stock, valued at $2,259,118,294.80. This trade represents a 6.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought a total of 7,502,276 shares of company stock valued at $595,303,287 over the last quarter. 10.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Polaris Financial Partners acquired a new stake in shares of Lennar during the third quarter worth $27,000. Phillip James Consulting Co. acquired a new position in Lennar in the first quarter valued at $30,000. Quest 10 Wealth Builders Inc. increased its stake in Lennar by 100.0% in the third quarter. Quest 10 Wealth Builders Inc. now owns 368 shares of the construction company’s stock valued at $30,000 after purchasing an additional 184 shares during the last quarter. Global Assets Advisory LLC purchased a new position in Lennar during the first quarter worth about $39,000. Finally, GK Wealth Management LLC purchased a new position in Lennar during the third quarter worth about $42,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

About Lennar

Lennar Corporation (NYSE:LEN) is a homebuilding and real estate company that develops, constructs, and sells primarily single-family homes. The company offers homes across a range of price points and designs, including residences for first-time, move-up, luxury, and active-adult buyers. Its operations also include land acquisition and development, allowing Lennar to prepare communities and lots for residential construction.

In addition to homebuilding, Lennar develops multifamily rental properties and provides related financial services.