Bank of America Lowers Lennar (LEN) Price Target to $58.00

Lennar (NYSE:LEN) had its price target cut by Bank of America from $60.00 to $58.00 in a report issued on Thursday. They currently have a buy rating on the construction company’s stock.

Other research analysts also recently issued reports about the company. Royal Bank of Canada set a $63.00 price target on Lennar and gave the company a buy rating in a report on Thursday, October 4th. They noted that the move was a valuation call. Deutsche Bank raised Lennar from a hold rating to a buy rating and decreased their price target for the company from $58.00 to $51.00 in a report on Monday, October 22nd. Citigroup decreased their price target on Lennar from $65.00 to $62.00 and set a buy rating for the company in a report on Thursday, October 4th. JMP Securities set a $56.00 price target on Lennar and gave the company a buy rating in a report on Friday, October 5th. Finally, Barclays set a $63.00 price target on Lennar and gave the company a buy rating in a report on Friday, September 14th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the company. Lennar has a consensus rating of Buy and a consensus price target of $59.00.

Shares of NYSE:LEN opened at $46.41 on Thursday. Lennar has a 12-month low of $37.29 and a 12-month high of $72.17. The company has a market capitalization of $15.29 billion, a price-to-earnings ratio of 7.31, a P/E/G ratio of 0.43 and a beta of 1.17. The company has a debt-to-equity ratio of 0.67, a current ratio of 12.62 and a quick ratio of 0.72.

Lennar (NYSE:LEN) last announced its quarterly earnings results on Wednesday, January 9th. The construction company reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.05. Lennar had a return on equity of 14.02% and a net margin of 8.24%. The company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.46 billion. During the same period in the previous year, the company posted $1.29 earnings per share. Lennar’s revenue for the quarter was up 70.7% on a year-over-year basis. On average, sell-side analysts anticipate that Lennar will post 6.45 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 8th. Stockholders of record on Friday, January 25th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Thursday, January 24th. Lennar’s dividend payout ratio (DPR) is presently 2.52%.

In other news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $40.03, for a total value of $800,600.00. Following the completion of the sale, the chief operating officer now directly owns 171,014 shares in the company, valued at $6,845,690.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Worth Venture Partners LLC purchased a new stake in shares of Lennar during the third quarter worth approximately $106,000. D.A. Davidson & CO. purchased a new stake in shares of Lennar during the third quarter worth approximately $206,000. SCP Investment LP purchased a new stake in shares of Lennar during the second quarter worth approximately $263,000. Ardsley Advisory Partners purchased a new stake in shares of Lennar during the second quarter worth approximately $263,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Lennar during the third quarter worth approximately $233,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.

About Lennar

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.

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