Lennar Corp. (NYSE:LEN) had its price target cut by Royal Bank Of Canada from $64.00 to $55.00 in a research note issued to investors on Wednesday. They currently have an outperform rating on the stock.
A number of other equities research analysts have also recently weighed in on the company. Argus initiated coverage on Lennar Corp. in a research note on Tuesday, July 5th. They issued a buy rating and a $59.00 price target on the stock. Zacks Investment Research cut Lennar Corp. from a buy rating to a hold rating in a research note on Monday, August 29th. Wedbush initiated coverage on Lennar Corp. in a research note on Monday, September 19th. They issued a neutral rating and a $46.00 price target on the stock. Citigroup Inc. dropped their price target on Lennar Corp. from $50.00 to $48.00 and set a neutral rating on the stock in a research note on Wednesday, September 21st. Finally, FBR & Co restated an outperform rating and issued a $60.00 price target on shares of Lennar Corp. in a research note on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $54.03.
Shares of Lennar Corp. (NYSE:LEN) opened at 42.95 on Wednesday. The stock has a 50 day moving average of $46.03 and a 200 day moving average of $46.43. The firm has a market cap of $9.41 billion, a P/E ratio of 11.30 and a beta of 1.37. Lennar Corp. has a 52 week low of $37.14 and a 52 week high of $52.50.
Lennar Corp. (NYSE:LEN) last announced its quarterly earnings data on Tuesday, September 20th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.12. Lennar Corp. had a return on equity of 14.41% and a net margin of 8.52%. The company had revenue of $2.83 billion for the quarter. During the same quarter in the prior year, the company earned $0.96 EPS. The company’s revenue for the quarter 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 fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date is Monday, October 3rd. Lennar Corp.’s payout ratio is 4.21%.
Hedge funds have recently made changes to their positions in the stock. Exxonmobil Investment Management Inc. TX raised 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 worth $2,189,000 after buying an additional 3,622 shares during the last quarter. IBM Retirement Fund increased its position 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 worth $885,000 after buying an additional 1,169 shares during the period. Oakmont Corp increased its position in shares of Lennar Corp. by 18.1% in the second quarter. Oakmont Corp now owns 610,270 shares of the company’s stock worth $28,133,000 after buying an additional 93,570 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Lennar Corp. by 166.5% in the first quarter. Canada Pension Plan Investment Board now owns 10,393 shares of the company’s stock worth $503,000 after buying an additional 6,493 shares during the period. Finally, Wesbanco Bank Inc. increased its position in shares of Lennar Corp. by 77.9% in the second quarter. Wesbanco Bank Inc. now owns 143,977 shares of the company’s stock worth $6,638,000 after buying an additional 63,025 shares during the period. 86.39% of the stock is currently owned by hedge funds and other institutional investors.
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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