Lennar (NYSE:LEN) Price Target Cut to $88.00 by Analysts at Citigroup

Lennar (NYSE:LEN) had its target price reduced by Citigroup from $104.00 to $88.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the construction company’s stock.

LEN has been the subject of a number of other research reports. UBS Group decreased their price objective on shares of Lennar from $107.00 to $94.00 and set a “neutral” rating for the company in a research note on Tuesday, June 16th. Zacks Research cut shares of Lennar from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 16th. Barclays dropped their price objective on shares of Lennar from $80.00 to $79.00 and set an “underweight” rating on the stock in a research note on Monday, June 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Lennar in a research report on Thursday, June 11th. Finally, Seaport Research Partners reissued a “sell” rating and set a $74.00 target price (down from $140.00) on shares of Lennar in a research note on Tuesday, April 7th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and ten have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $92.80.

Lennar Stock Performance

Shares of LEN opened at $85.44 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91. The firm’s 50 day moving average is $88.35 and its 200-day moving average is $98.09. Lennar has a 12-month low of $81.18 and a 12-month high of $144.24. The stock has a market capitalization of $20.58 billion, a P/E ratio of 13.37, a P/E/G ratio of 2.78 and a beta of 1.38.

Lennar (NYSE:LEN) last issued its earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.07. The firm had revenue of $7.94 billion during the quarter, compared to analysts’ expectations of $8.08 billion. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the firm posted $1.81 earnings per share. Equities research analysts anticipate that Lennar will post 5.52 EPS for the current fiscal year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Friday, July 10th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, July 10th. Lennar’s payout ratio is presently 31.30%.

Hedge Funds Weigh In On Lennar

Several institutional investors have recently bought and sold shares of the stock. KERR FINANCIAL PLANNING Corp acquired a new position in Lennar during the third quarter valued at approximately $25,000. Phillip James Consulting Co. acquired a new stake in shares of Lennar in the first quarter worth $30,000. High Point Wealth Management LLC acquired a new stake in shares of Lennar in the fourth quarter worth $31,000. DV Equities LLC bought a new stake in shares of Lennar during the 4th quarter worth $31,000. Finally, Global Assets Advisory LLC acquired a new position in Lennar in the 1st quarter valued at $39,000. 81.10% of the stock is currently owned by institutional investors.

About Lennar

Lennar Corporation (NYSE: LEN) is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.

In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.