Lennar (NYSE:LEN) Stock Gets Price Target Bump from Wells Fargo & Company

Lennar (NYSE:LEN) had its target price hoisted by Wells Fargo & Company from $75.00 to $80.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the construction company’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 7.99% from the stock’s current price.

Other analysts also recently issued reports about the company. Weiss Ratings downgraded Lennar from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 21st. Citigroup cut their price target on Lennar from $88.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, September 21st. Bank of America reduced their price target on Lennar from $77.00 to $70.00 and set an “underperform” rating for the company in a report on Monday, September 14th. BTIG Research restated a “sell” rating and set a $63.00 price objective on shares of Lennar in a research note on Friday, September 18th. Finally, Seaport Research Partners dropped their price objective on Lennar from $74.00 to $70.00 and set a “sell” rating on the stock in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and eleven have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Strong Sell” and an average price target of $79.33.

Lennar Price Performance

Shares of LEN stock opened at $86.95 on Monday. The firm has a fifty day simple moving average of $81.09 and a 200-day simple moving average of $91.59. The company has a market capitalization of $20.69 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 3.26 and a beta of 1.36. Lennar has a twelve month low of $71.78 and a twelve month high of $133.76. The company has a current ratio of 4.94, a quick ratio of 0.69 and a debt-to-equity ratio of 0.20.

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

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc bought 1,708,095 shares of the company’s stock in a transaction dated Friday, October 2nd. The stock was bought at an average price of $79.44 per share, with a total value of $135,691,066.80. Following the transaction, the insider owned 28,438,045 shares of the company’s stock, valued at approximately $2,259,118,294.80. This trade represents a 6.39% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have acquired 7,502,276 shares of company stock worth $595,303,287. 10.05% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lennar

A number of hedge funds have recently bought and sold shares of the company. Concurrent Investment Advisors LLC boosted its position in shares of Lennar by 77.1% during the second quarter. Concurrent Investment Advisors LLC now owns 89,178 shares of the construction company’s stock worth $8,070,000 after buying an additional 38,822 shares during the period. Nykredit A S bought a new position in Lennar in the 2nd quarter worth approximately $5,295,000. Nan Shan Life Insurance Co. Ltd. increased its position in Lennar by 6,292.5% in the 2nd quarter. Nan Shan Life Insurance Co. Ltd. now owns 328,000 shares of the construction company’s stock valued at $29,681,000 after acquiring an additional 322,869 shares during the period. Corient Private Wealth LP increased its position in Lennar by 24.7% in the 2nd quarter. Corient Private Wealth LP now owns 82,261 shares of the construction company’s stock valued at $7,444,000 after acquiring an additional 16,299 shares during the period. Finally, Vision Capital Management Inc. raised its stake in Lennar by 240.4% during the 3rd quarter. Vision Capital Management Inc. now owns 19,581 shares of the construction company’s stock valued at $1,598,000 after acquiring an additional 13,828 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Lennar Company Profile

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.