Lennar Corp. (LEN) Upgraded to “Buy” by Buckingham Research
Lennar Corp. (NYSE:LEN) was upgraded by investment analysts at Buckingham Research from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday.
Other equities research analysts have also recently issued research reports about the stock. Citigroup Inc. lowered their price target on shares of Lennar Corp. from $50.00 to $48.00 and set a “neutral” rating for the company in a research report on Wednesday, September 21st. Raymond James Financial Inc. raised shares of Lennar Corp. from a “market perform” rating to an “outperform” rating in a research report on Monday, June 27th. Royal Bank Of Canada lowered 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 report on Wednesday, September 21st. FBR & Co reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Lennar Corp. in a research report on Wednesday, June 22nd. Finally, Zacks Investment Research cut shares of Lennar Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, September 22nd. 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 assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.64.
Shares of Lennar Corp. (NYSE:LEN) traded up 1.35% during midday trading on Monday, hitting $41.92. 143,768 shares of the company traded hands. Lennar Corp. has a 52 week low of $37.14 and a 52 week high of $52.50. The stock has a market capitalization of $9.55 billion, a P/E ratio of 11.03 and a beta of 1.41. The company has a 50-day moving average price of $44.01 and a 200-day moving average price of $45.97.
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Lennar Corp. (NYSE:LEN) last announced its quarterly earnings results on Tuesday, September 20th. The company reported $1.01 earnings per share for the quarter, topping the 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 firm earned $2.83 billion during the quarter. During the same period in the previous year, the company posted $0.96 EPS. Lennar Corp.’s revenue for the quarter was up 13.7% on a year-over-year basis. Analysts anticipate that Lennar Corp. will post $3.82 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $0.16 annualized dividend and a yield of 0.39%. Lennar Corp.’s dividend payout ratio is presently 4.21%.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $42.01, for a total transaction of $840,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 12.18% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in LEN. Envestnet Asset Management Inc. raised its stake in Lennar Corp. by 29.2% in the first quarter. Envestnet Asset Management Inc. now owns 119,341 shares of the company’s stock valued at $5,771,000 after buying an additional 26,973 shares in the last quarter. Zurich Insurance Group Ltd FI increased its position in Lennar Corp. by 110.4% in the first quarter. Zurich Insurance Group Ltd FI now owns 23,497 shares of the company’s stock valued at $1,136,000 after buying an additional 12,330 shares during the last quarter. National Pension Service increased its position in Lennar Corp. by 4.7% in the first quarter. National Pension Service now owns 125,846 shares of the company’s stock valued at $6,086,000 after buying an additional 5,597 shares during the last quarter. Nuveen Asset Management LLC increased its position in Lennar Corp. by 57.2% in the first quarter. Nuveen Asset Management LLC now owns 32,915 shares of the company’s stock valued at $1,591,000 after buying an additional 11,971 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Lennar Corp. during the first quarter valued at about $247,000. Institutional investors own 86.38% of the company’s stock.
Lennar Corp. Company Profile
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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