Lennar Corporation (LEN) Price Target Raised to $65.00 at Bank of America Corporation
Lennar Corporation (NYSE:LEN) had its price objective lifted by investment analysts at Bank of America Corporation from $63.00 to $65.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the construction company’s stock. Bank of America Corporation’s target price indicates a potential upside of 17.43% from the company’s current price.
A number of other analysts have also commented on LEN. Zacks Investment Research lowered shares of Lennar Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. Wedbush reissued a “neutral” rating and issued a $46.00 price target on shares of Lennar Corporation in a research note on Thursday, June 15th. BidaskClub downgraded Lennar Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada raised their price target on Lennar Corporation from $60.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 21st. Finally, Credit Suisse Group began coverage on Lennar Corporation in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $55.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $57.63.
Lennar Corporation (NYSE LEN) traded up 1.147% on Wednesday, hitting $55.985. The company’s stock had a trading volume of 2,201,387 shares. The company has a 50 day moving average price of $51.62 and a 200-day moving average price of $52.02. The company has a market capitalization of $13.13 billion, a P/E ratio of 16.365 and a beta of 1.22. Lennar Corporation has a 1-year low of $39.68 and a 1-year high of $56.18.
Lennar Corporation (NYSE:LEN) last posted its quarterly earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.05. Lennar Corporation had a net margin of 6.78% and a return on equity of 12.57%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the firm posted $1.01 earnings per share. Lennar Corporation’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities analysts forecast that Lennar Corporation will post $3.82 earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company bought a new position in Lennar Corporation during the 3rd quarter worth about $304,677,000. Greenhaven Associates Inc. acquired a new stake in shares of Lennar Corporation in the 4th quarter valued at about $199,878,000. Capital World Investors raised its stake in shares of Lennar Corporation by 576.0% in the 4th quarter. Capital World Investors now owns 2,934,000 shares of the construction company’s stock valued at $143,502,000 after purchasing an additional 2,500,000 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Lennar Corporation in the 2nd quarter valued at about $112,193,000. Finally, Hexavest Inc. acquired a new stake in shares of Lennar Corporation in the 3rd quarter valued at about $79,257,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.
About Lennar Corporation
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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