Zacks Investment Research Upgrades Lennar Corporation (LEN) to Buy
Lennar Corporation (NYSE:LEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm presently has a $57.00 price target on the construction company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.97% from the stock’s current price.
According to Zacks, “Lennar is one of the best-positioned homebuilders to capitalize on the housing recovery, courtesy of the diverse revenue mix, steady top-line performance, above-average order growth and improving SG&A leverage. Moreover, the company’s ancillary platforms — Rialto, Multi-Family, FivePoint and Financial Services — are evolving and should improve further. Lennar remains focused on continued improvement in the SG&A line from operating leverage and investments in technology. Also, the acquisition of WCI Communities is expected to generate strong gross margin given its portfolio of high quality, low cost land and 51 communities. Meanwhile, although Lennar shares underperformed the industry over the last three months, earnings estimates for the current year and the next have moved upward. However, labor shortages, rising land and labor costs as well as interest rate can keep the housing momentum in check going”
LEN has been the subject of several other reports. Royal Bank Of Canada boosted their target price on Lennar Corporation from $61.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. BidaskClub upgraded Lennar Corporation from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Credit Suisse Group started coverage on Lennar Corporation in a report on Thursday, June 22nd. They issued a “neutral” rating and a $55.00 target price for the company. Wedbush reiterated a “neutral” rating and set a $46.00 price target on shares of Lennar Corporation in a report on Thursday, June 15th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $62.00 price target on shares of Lennar Corporation in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $56.82.
Lennar Corporation (NYSE LEN) traded up 0.96% during mid-day trading on Friday, hitting $51.38. 1,035,174 shares of the stock were exchanged. Lennar Corporation has a 52 week low of $39.68 and a 52 week high of $55.75. The company has a 50 day moving average price of $52.31 and a 200 day moving average price of $51.94. The stock has a market cap of $12.05 billion, a price-to-earnings ratio of 15.02 and a beta of 1.24.
Lennar Corporation (NYSE:LEN) last posted its earnings results on Tuesday, June 20th. The construction company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.13. Lennar Corporation had a return on equity of 12.57% and a net margin of 6.78%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same period in the previous year, the company earned $0.95 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. Analysts expect that Lennar Corporation will post $3.82 EPS for the current fiscal year.
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In other news, COO Jonathan M. Jaffe sold 20,000 shares of the 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 sale, the chief operating officer now owns 139,433 shares in the company, valued at $7,413,652.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.18% of the company’s stock.
Several hedge funds have recently made changes to their positions in LEN. Nationwide Fund Advisors grew its holdings in shares of Lennar Corporation by 8.3% during the first quarter. Nationwide Fund Advisors now owns 56,967 shares of the construction company’s stock worth $2,916,000 after purchasing an additional 4,371 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Lennar Corporation during the first quarter worth $426,000. Strs Ohio grew its holdings in shares of Lennar Corporation by 11.8% during the first quarter. Strs Ohio now owns 18,068 shares of the construction company’s stock worth $924,000 after purchasing an additional 1,911 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Lennar Corporation by 6,834.6% during the first quarter. Canada Pension Plan Investment Board now owns 44,035 shares of the construction company’s stock worth $2,254,000 after purchasing an additional 43,400 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Lennar Corporation during the first quarter worth $342,000. Institutional investors own 81.09% of the company’s stock.
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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