Lennar Corp. (LEN) Upgraded to Buy at Buckingham Research
Lennar Corp. (NYSE:LEN) was upgraded by equities researchers at Buckingham Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, The Fly reports.
Several other equities research analysts have also issued reports on LEN. Royal Bank Of Canada decreased their price target on shares of Lennar Corp. from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, September 21st. MKM Partners restated a “hold” rating on shares of Lennar Corp. in a research note on Wednesday, June 22nd. Credit Suisse Group AG restated a “hold” rating on shares of Lennar Corp. in a research note on Tuesday, June 28th. FBR & Co restated an “outperform” rating and set a $60.00 price target on shares of Lennar Corp. in a research note on Wednesday, September 21st. Finally, RBC Capital Markets restated a “buy” rating and set a $55.00 price target (down previously from $64.00) on shares of Lennar Corp. in a research note on Wednesday, September 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Lennar Corp. has an average rating of “Buy” and an average price target of $53.64.
Shares of Lennar Corp. (NYSE:LEN) opened at 41.36 on Monday. Lennar Corp. has a 1-year low of $37.14 and a 1-year high of $52.50. The company has a market capitalization of $9.42 billion, a PE ratio of 10.88 and a beta of 1.41. The firm’s 50-day moving average price is $44.01 and its 200 day moving average price is $45.97.
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Lennar Corp. (NYSE:LEN) last issued its quarterly earnings results on Tuesday, September 20th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.12. Lennar Corp. had a net margin of 8.37% and a return on equity of 13.98%. The company earned $2.83 billion during the quarter. During the same quarter in the previous year, the business earned $0.96 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Equities analysts predict that Lennar Corp. will post $3.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Monday, October 3rd. Lennar Corp.’s payout ratio is presently 4.21%.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar Corp. stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $42.01, for a total value of $840,200.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.18% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the company. Cleararc Capital Inc. boosted its position in Lennar Corp. by 1.9% in the second quarter. Cleararc Capital Inc. now owns 4,465 shares of the company’s stock worth $206,000 after buying an additional 83 shares during the last quarter. Gateway Investment Advisers LLC boosted its position in Lennar Corp. by 0.8% in the second quarter. Gateway Investment Advisers LLC now owns 12,620 shares of the company’s stock worth $582,000 after buying an additional 97 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in Lennar Corp. by 1.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,996 shares of the company’s stock worth $323,000 after buying an additional 120 shares during the last quarter. Pitcairn Co. boosted its position in Lennar Corp. by 1.7% in the second quarter. Pitcairn Co. now owns 7,530 shares of the company’s stock worth $347,000 after buying an additional 125 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in Lennar Corp. by 2.9% in the second quarter. LS Investment Advisors LLC now owns 7,648 shares of the company’s stock worth $353,000 after buying an additional 217 shares during the last quarter. Institutional investors own 86.38% of the company’s stock.
About Lennar Corp.
Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily.
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