Buckingham Research Upgrades Lennar Corp. (LEN) to Buy
Lennar Corp. (NYSE:LEN) was upgraded by investment analysts at Buckingham Research from a “neutral” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $53.00 price objective on the stock. Buckingham Research’s target price indicates a potential upside of 26.46% from the stock’s current price.
Other research analysts have also recently issued research reports about the stock. RBC Capital Markets reissued a “buy” rating and set a $55.00 target price (down previously from $64.00) on shares of Lennar Corp. in a report on Wednesday, September 21st. Zacks Investment Research raised shares of Lennar Corp. from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Wednesday, August 24th. Argus initiated coverage on shares of Lennar Corp. in a report on Tuesday, July 5th. They set a “buy” rating and a $59.00 target price for the company. Bank of America Corp. set a $52.00 target price on shares of Lennar Corp. and gave the stock a “buy” rating in a report on Tuesday, September 20th. Finally, Credit Suisse Group AG reissued a “hold” rating on shares of Lennar Corp. in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Lennar Corp. has a consensus rating of “Buy” and a consensus target price of $53.61.
Shares of Lennar Corp. (NYSE:LEN) opened at 41.91 on Monday. The firm’s 50-day moving average is $43.74 and its 200-day moving average is $45.85. Lennar Corp. has a 52 week low of $37.14 and a 52 week high of $52.50. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of 11.03 and a beta of 1.41.
Lennar Corp. (NYSE:LEN) last issued its earnings results on Tuesday, September 20th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.12. Lennar Corp. had a net margin of 8.37% and a return on equity of 13.98%. The firm earned $2.83 billion during the quarter. During the same period last year, the business earned $0.96 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Analysts forecast that Lennar Corp. will post $3.82 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be issued a dividend of $0.04 per share. The ex-dividend date is Monday, October 3rd. This represents a $0.16 annualized dividend and a yield of 0.38%. Lennar Corp.’s payout ratio is presently 4.21%.
In other Lennar Corp. news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $42.01, for a total transaction of $840,200.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 12.18% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Sanders Capital LLC increased its stake in Lennar Corp. by 0.5% in the second quarter. Sanders Capital LLC now owns 8,435,452 shares of the company’s stock valued at $396,802,000 after buying an additional 38,157 shares during the last quarter. IBM Retirement Fund increased its stake in Lennar Corp. by 6.5% in the second quarter. IBM Retirement Fund now owns 19,204 shares of the company’s stock valued at $885,000 after buying an additional 1,169 shares during the last quarter. Exxonmobil Investment Management Inc. TX increased its stake in Lennar Corp. by 8.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 47,475 shares of the company’s stock valued at $2,189,000 after buying an additional 3,622 shares during the last quarter. Oakmont Corp increased its stake in Lennar Corp. by 18.1% in the second quarter. Oakmont Corp now owns 610,270 shares of the company’s stock valued at $28,133,000 after buying an additional 93,570 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Lennar Corp. by 166.5% in the first quarter. Canada Pension Plan Investment Board now owns 10,393 shares of the company’s stock valued at $503,000 after buying an additional 6,493 shares during the last quarter. Hedge funds and other institutional investors own 86.38% of the company’s stock.
About Lennar Corp.
Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily.
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