Lennar (NYSE:LEN) Given New $84.00 Price Target at Bank of America

Lennar (NYSE:LEN) had its price target dropped by research analysts at Bank of America from $88.00 to $84.00 in a report released on Thursday,MarketScreener reports. Bank of America‘s target price suggests a potential downside of 7.81% from the stock’s current price.

LEN has been the subject of several other reports. UBS Group decreased their price objective on shares of Lennar from $122.00 to $107.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. BTIG Research set a $73.00 target price on shares of Lennar in a report on Monday. Weiss Ratings cut shares of Lennar from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 16th. Keefe, Bruyette & Woods downgraded Lennar from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $97.00 to $86.00 in a report on Tuesday. Finally, Citigroup reduced their price objective on Lennar from $113.00 to $104.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and nine have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $97.27.

Lennar Trading Up 1.4%

NYSE:LEN traded up $1.26 on Thursday, hitting $91.11. 118,666 shares of the stock were exchanged, compared to its average volume of 2,912,847. The stock has a fifty day moving average of $89.12 and a 200-day moving average of $103.65. The stock has a market cap of $22.50 billion, a PE ratio of 13.09, a PEG ratio of 2.05 and a beta of 1.39. The company has a current ratio of 4.77, a quick ratio of 0.97 and a debt-to-equity ratio of 0.18. Lennar has a fifty-two week low of $81.18 and a fifty-two week high of $144.24.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, March 12th. The construction company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.07). Lennar had a net margin of 5.39% and a return on equity of 7.80%. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the prior year, the firm earned $2.14 earnings per share. The business’s revenue for the quarter was down 13.3% on a year-over-year basis. As a group, equities analysts expect that Lennar will post 5.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lennar

Several institutional investors and hedge funds have recently made changes to their positions in LEN. Cibc World Market Inc. raised its stake in shares of Lennar by 993.0% in the 3rd quarter. Cibc World Market Inc. now owns 129,487 shares of the construction company’s stock valued at $16,321,000 after purchasing an additional 117,640 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Lennar by 5.9% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 466,027 shares of the construction company’s stock valued at $58,738,000 after buying an additional 26,117 shares during the last quarter. Boothbay Fund Management LLC raised its stake in Lennar by 201.1% during the third quarter. Boothbay Fund Management LLC now owns 24,004 shares of the construction company’s stock valued at $3,025,000 after buying an additional 16,031 shares in the last quarter. Tounjian Advisory Partners LLC bought a new position in Lennar during the 4th quarter worth approximately $2,599,000. Finally, Coronation Fund Managers Ltd. acquired a new position in shares of Lennar in the 3rd quarter worth approximately $14,160,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Company Profile

Lennar Corporation (NYSE: LEN) is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.

In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.