Wedbush Weighs in on Lennar Corporation’s Q3 2017 Earnings (LEN)
Lennar Corporation (NYSE:LEN) – Wedbush lowered their Q3 2017 earnings estimates for Lennar Corporation in a note issued to investors on Thursday. Wedbush analyst J. Mccanless now forecasts that the construction company will post earnings per share of $0.99 for the quarter, down from their prior estimate of $1.01. Wedbush currently has a “Neutral” rating and a $54.00 target price on the stock. Wedbush also issued estimates for Lennar Corporation’s Q1 2018 earnings at $0.72 EPS, Q2 2018 earnings at $1.04 EPS, Q4 2018 earnings at $1.68 EPS and FY2018 earnings at $4.61 EPS.
Lennar Corporation (NYSE:LEN) last announced its quarterly earnings results on Tuesday, June 20th. The construction company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $2.90 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. Lennar Corporation’s quarterly revenue was up 18.8% on a year-over-year basis. TRADEMARK VIOLATION NOTICE: This news story was originally posted by American Banking News and is owned by of American Banking News. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international trademark & copyright laws. The correct version of this news story can be accessed at https://www.americanbankingnews.com/2017/09/15/wedbush-weighs-in-on-lennar-corporations-q3-2017-earnings-len.html.
A number of other research analysts also recently commented on LEN. Zacks Investment Research raised shares of Lennar Corporation from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, May 23rd. BidaskClub downgraded shares of Lennar Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada boosted their target price on shares of Lennar Corporation from $60.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 21st. Bank of America Corporation reissued a “buy” rating and set a $63.00 target price (up previously from $60.00) on shares of Lennar Corporation in a research report on Wednesday, June 21st. Finally, Credit Suisse Group began coverage on shares of Lennar Corporation in a research report on Thursday, June 22nd. They set a “neutral” rating and a $55.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $56.88.
Lennar Corporation (NYSE:LEN) opened at 50.90 on Friday. Lennar Corporation has a 12 month low of $39.68 and a 12 month high of $55.75. The company’s 50 day moving average is $52.31 and its 200 day moving average is $51.94. The stock has a market cap of $11.94 billion, a PE ratio of 14.88 and a beta of 1.24.
In other news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar Corporation stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $53.17, for a total transaction of $1,063,400.00. Following the completion of the transaction, the chief operating officer now owns 139,433 shares of the company’s stock, valued at approximately $7,413,652.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 12.18% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Achmea Investment Management B.V. purchased a new stake in Lennar Corporation in the 2nd quarter valued at about $314,000. Toronto Dominion Bank grew its holdings in shares of Lennar Corporation by 25.5% during the 2nd quarter. Toronto Dominion Bank now owns 68,832 shares of the construction company’s stock worth $3,669,000 after purchasing an additional 13,992 shares during the period. Psagot Investment House Ltd. grew its holdings in shares of Lennar Corporation by 12.1% during the 2nd quarter. Psagot Investment House Ltd. now owns 33,475 shares of the construction company’s stock worth $1,785,000 after purchasing an additional 3,600 shares during the period. Bank of Nova Scotia grew its holdings in shares of Lennar Corporation by 71.8% during the 2nd quarter. Bank of Nova Scotia now owns 79,890 shares of the construction company’s stock worth $4,260,000 after purchasing an additional 33,388 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Lennar Corporation by 347.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 31,762 shares of the construction company’s stock worth $1,694,000 after purchasing an additional 24,659 shares during the period. 81.09% of the stock is owned by hedge funds and other institutional investors.
Lennar Corporation Company Profile
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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