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

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

Lennar (NYSE:LEN) had its price target lowered by Bank of America from $60.00 to $58.00 in a research report sent to investors on Thursday. The brokerage currently has a buy rating on the construction company’s stock.

A number of other equities research analysts have also issued reports on the stock. Deutsche Bank increased their price objective on shares of Lennar to $56.00 and gave the company a buy rating in a report on Thursday. Zacks Investment Research lowered shares of Lennar from a hold rating to a sell rating in a report on Monday, January 7th. Citigroup cut their price objective on shares of Lennar from $62.00 to $55.00 and set a buy rating for the company in a report on Friday, January 4th. ValuEngine raised shares of Lennar from a strong sell rating to a sell rating in a report on Monday, December 17th. Finally, Barclays set a $55.00 price objective on shares of Lennar and gave the company a buy rating in a report on Wednesday, December 12th. 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. The stock presently has a consensus rating of Buy and an average price target of $59.00.

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

Lennar (NYSE:LEN) last released its earnings results on Wednesday, January 9th. The construction company reported $1.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.91 by $0.05. Lennar had a net margin of 8.24% and a return on equity of 14.02%. The company had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.46 billion. During the same period in the prior year, the firm posted $1.29 EPS. The firm’s quarterly revenue was up 70.7% compared to the same quarter last year. Analysts forecast that Lennar will post 6.45 EPS for the current year.

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

In other news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar stock in a transaction on Wednesday, January 2nd. The stock was sold at an average price of $40.03, for a total transaction 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 filing with the SEC, which can be accessed through the SEC website. 8.50% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Worth Venture Partners LLC bought a new stake in shares of Lennar during the third quarter worth $106,000. D.A. Davidson & CO. bought a new stake in shares of Lennar during the third quarter worth $206,000. SCP Investment LP bought a new stake in shares of Lennar during the second quarter worth $263,000. Ardsley Advisory Partners bought a new stake in shares of Lennar during the second quarter worth $263,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Lennar during the third quarter valued at $233,000. Institutional investors and hedge funds 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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