Lennar (LEN) Upgraded to “Buy” by Mizuho
Mizuho upgraded shares of Lennar (NYSE:LEN) from a neutral rating to a buy rating in a report released on Thursday morning, Marketbeat Ratings reports.
Several other brokerages have also issued reports on LEN. Royal Bank of Canada set a $82.00 price target on Lennar and gave the company a buy rating in a report on Friday, January 12th. Zacks Investment Research lowered Lennar from a buy rating to a hold rating in a report on Monday, January 15th. UBS Group reiterated a buy rating on shares of Lennar in a report on Wednesday. Keefe, Bruyette & Woods reiterated a buy rating and set a $78.00 price target on shares of Lennar in a report on Thursday, January 11th. Finally, Credit Suisse Group reiterated a neutral rating and set a $65.00 price target (up from $57.00) on shares of Lennar in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $63.93.
Shares of Lennar (LEN) traded up $1.28 during midday trading on Thursday, reaching $71.82. The company’s stock had a trading volume of 3,638,089 shares, compared to its average volume of 3,589,748. Lennar has a 12-month low of $42.75 and a 12-month high of $72.07. The firm has a market cap of $16,896.37, a price-to-earnings ratio of 21.00, a PEG ratio of 1.05 and a beta of 1.35. The company has a debt-to-equity ratio of 0.72, a current ratio of 7.76 and a quick ratio of 0.59.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, January 26th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Thursday, January 25th. Lennar’s payout ratio is 4.68%.
In related news, CFO Bruce E. Gross sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now directly owns 371,043 shares of the company’s stock, valued at approximately $22,262,580. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Mark Sustana sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $69.55, for a total value of $8,693,750.00. Following the completion of the transaction, the general counsel now directly owns 65,720 shares in the company, valued at $4,570,826. The disclosure for this sale can be found here. Insiders sold a total of 171,000 shares of company stock worth $11,744,050 over the last three months. 12.18% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. QS Investors LLC raised its stake in shares of Lennar by 1.0% in the 2nd quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock valued at $135,000 after acquiring an additional 25 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Lennar by 0.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the construction company’s stock valued at $444,000 after acquiring an additional 36 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Lennar by 8.9% in the 2nd quarter. D.A. Davidson & CO. now owns 1,895 shares of the construction company’s stock valued at $101,000 after acquiring an additional 155 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Lennar by 3.7% in the 2nd quarter. Macquarie Group Ltd. now owns 5,590 shares of the construction company’s stock valued at $298,000 after acquiring an additional 200 shares in the last quarter. Finally, AXA raised its stake in shares of Lennar by 4.3% in the 2nd quarter. AXA now owns 7,300 shares of the construction company’s stock valued at $390,000 after acquiring an additional 300 shares in the last quarter. 81.25% of the stock is currently owned by institutional investors and hedge funds.
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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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