Lennar (NYSE:LEN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The brokerage presently has a $59.00 price target on the construction company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.38% from the company’s previous close.
According to Zacks, “Lennar surpassed expectations on both counts in second-quarter fiscal 2018, the first full quarter with CalAtlantic. Its top and bottom lines grew considerably, primarily on higher orders along with improved gross margins, and SG&A expenses. Revenues grew 67% as the Homebuilding (up 75.5%), Financial Services and Multifamily segments performed significantly well. Lennar witnessed robust market improvement, aided by 57% increase in deliveries and 62% rise in new home orders (up 79% in dollars). Improvement in gross margin was also noticeable owing to higher average sales price of homes delivered and increased volume. Meanwhile, Lennar’s shares have outperformed its industry in the past six months. Earnings estimates for 2018 have remained stable in the past 30 days.”
LEN has been the subject of a number of other reports. Bank of America upped their price target on shares of Lennar from $90.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday. Deutsche Bank reduced their price target on shares of Lennar from $68.00 to $65.00 and set a “hold” rating for the company in a research note on Tuesday, April 10th. ValuEngine lowered shares of Lennar from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. Credit Suisse Group reduced their price target on shares of Lennar from $81.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, April 5th. Finally, Maxim Group reduced their price target on shares of Lennar from $83.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, May 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Lennar presently has a consensus rating of “Buy” and a consensus target price of $71.69.
Lennar stock opened at $52.50 on Thursday. The company has a quick ratio of 0.84, a current ratio of 16.40 and a debt-to-equity ratio of 0.79. The stock has a market cap of $16.95 billion, a price-to-earnings ratio of 10.32, a PEG ratio of 0.53 and a beta of 1.25. Lennar has a 52-week low of $48.71 and a 52-week high of $72.17.
Lennar (NYSE:LEN) last issued its quarterly earnings results on Tuesday, June 26th. The construction company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $1.13. The company had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.10 billion. Lennar had a net margin of 6.49% and a return on equity of 14.18%. The business’s revenue for the quarter was up 67.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. equities analysts forecast that Lennar will post 5.09 EPS for the current fiscal year.
In related news, Director Jeffrey Sonnenfeld sold 2,095 shares of the business’s stock in a transaction that occurred on Friday, April 6th. The shares were sold at an average price of $62.98, for a total value of $131,943.10. Following the sale, the director now directly owns 32,072 shares in the company, valued at approximately $2,019,894.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jeffrey Joseph Mccall sold 50,887 shares of the business’s stock in a transaction that occurred on Wednesday, May 23rd. The shares were sold at an average price of $50.70, for a total transaction of $2,579,970.90. Following the sale, the senior vice president now owns 190,052 shares in the company, valued at approximately $9,635,636.40. The disclosure for this sale can be found here. Insiders sold a total of 103,870 shares of company stock worth $5,455,795 over the last quarter. Insiders own 8.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in LEN. Long Pond Capital LP raised its holdings in shares of Lennar by 5,105.2% during the first quarter. Long Pond Capital LP now owns 1,750,939 shares of the construction company’s stock valued at $103,200,000 after acquiring an additional 1,717,301 shares during the period. Glenhill Advisors LLC acquired a new stake in shares of Lennar during the fourth quarter valued at approximately $66,782,000. Clearbridge Investments LLC acquired a new stake in shares of Lennar during the fourth quarter valued at approximately $38,955,000. Interval Partners LP acquired a new stake in shares of Lennar during the first quarter valued at approximately $30,059,000. Finally, CI Investments Inc. acquired a new stake in shares of Lennar during the first quarter valued at approximately $26,795,000. Institutional investors and hedge funds own 86.22% of the company’s stock.
Lennar Company Profile
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.
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