Lennar Corporation (NYSE:LEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $57.00 target price on the construction company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.09% 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”
Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $62.00 target price on shares of Lennar Corporation in a research report on Thursday, July 27th. Argus reiterated a “buy” rating and set a $60.00 target price (up from $57.00) on shares of Lennar Corporation in a research report on Tuesday, July 25th. Bank of America Corporation reiterated a “buy” rating and set a $63.00 target price (up from $60.00) on shares of Lennar Corporation in a research report on Wednesday, June 21st. Mizuho reiterated a “buy” rating on shares of Lennar Corporation in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $64.00 target price on shares of Lennar Corporation in a research report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Lennar Corporation presently has an average rating of “Buy” and an average target price of $56.82.
Shares of Lennar Corporation (LEN) opened at 51.31 on Friday. The company’s 50 day moving average price is $52.26 and its 200-day moving average price is $51.96. Lennar Corporation has a 1-year low of $39.68 and a 1-year high of $55.75. The company has a market capitalization of $12.03 billion, a price-to-earnings ratio of 15.00 and a beta of 1.24.
Lennar Corporation (NYSE:LEN) last released its earnings results on Tuesday, June 20th. The construction company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.13. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.90 billion. Lennar Corporation had a return on equity of 12.57% and a net margin of 6.78%. Lennar Corporation’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. On average, equities analysts forecast that Lennar Corporation will post $3.82 earnings per share for the current year.
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In other news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar Corporation stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $53.17, for a total value of $1,063,400.00. Following the sale, the chief operating officer now directly owns 139,433 shares of the company’s stock, valued at $7,413,652.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.18% of the company’s stock.
Several hedge funds have recently modified their holdings of LEN. Alliancebernstein L.P. increased its holdings in shares of Lennar Corporation by 527.2% in the first quarter. Alliancebernstein L.P. now owns 2,094,587 shares of the construction company’s stock worth $107,222,000 after purchasing an additional 1,760,608 shares during the last quarter. Capital Growth Management LP increased its holdings in shares of Lennar Corporation by 55.5% in the first quarter. Capital Growth Management LP now owns 2,130,000 shares of the construction company’s stock worth $109,035,000 after purchasing an additional 760,000 shares during the last quarter. Oakmont Corp increased its holdings in shares of Lennar Corporation by 1,293.5% in the first quarter. Oakmont Corp now owns 790,830 shares of the construction company’s stock worth $40,483,000 after purchasing an additional 734,080 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Lennar Corporation by 25.0% in the second quarter. Principal Financial Group Inc. now owns 3,129,708 shares of the construction company’s stock worth $166,876,000 after purchasing an additional 625,329 shares during the last quarter. Finally, Smead Capital Management Inc. increased its holdings in shares of Lennar Corporation by 43.3% in the second quarter. Smead Capital Management Inc. now owns 1,866,187 shares of the construction company’s stock worth $99,505,000 after purchasing an additional 564,085 shares during the last quarter. 81.09% of the stock is currently owned by hedge funds and other institutional investors.
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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