Evercore ISI Begins Coverage on Lennar Corp. (LEN)
Several other equities research analysts have also weighed in on the company. Wells Fargo & Co. initiated coverage on Lennar Corp. in a research report on Wednesday, September 28th. They set a market perform rating on the stock. Buckingham Research raised Lennar Corp. from a neutral rating to a buy rating and set a $53.00 target price on the stock in a research report on Monday, October 17th. Zacks Investment Research lowered Lennar Corp. from a buy rating to a hold rating in a research report on Monday, August 29th. Wedbush initiated coverage on Lennar Corp. in a research report on Monday, September 19th. They set a neutral rating and a $46.00 price target on the stock. Finally, Keefe, Bruyette & Woods cut their price target on Lennar Corp. from $57.00 to $55.00 and set an outperform rating on the stock in a research report on Wednesday, September 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $53.39.
Lennar Corp. (NYSE:LEN) traded up 2.07% during midday trading on Monday, reaching $42.95. The company’s stock had a trading volume of 788,949 shares. The stock has a market cap of $9.78 billion, a P/E ratio of 11.30 and a beta of 1.28. Lennar Corp. has a 12-month low of $37.14 and a 12-month high of $52.49. The stock’s 50 day moving average is $41.62 and its 200 day moving average is $44.97.
Lennar Corp. (NYSE:LEN) last issued its earnings results on Tuesday, September 20th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.12. Lennar Corp. had a return on equity of 13.98% and a net margin of 8.37%. The business had revenue of $2.83 billion for the quarter. During the same period last year, the business posted $0.96 EPS. Lennar Corp.’s revenue was up 13.7% on a year-over-year basis. Analysts anticipate that Lennar Corp. will post $3.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 20th. Investors of record on Wednesday, October 5th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Monday, October 3rd. Lennar Corp.’s dividend payout ratio is currently 4.21%.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $42.01, for a total value of $840,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.18% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Sanders Capital LLC boosted its stake in shares of 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. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Lennar Corp. by 0.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 583,705 shares of the company’s stock valued at $26,909,000 after buying an additional 3,253 shares during the last quarter. IBM Retirement Fund boosted its stake in shares of 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 boosted its stake in shares of 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. Finally, Oakmont Corp boosted its stake in shares of 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. Hedge funds and other institutional investors own 83.49% 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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