Lennar Corporation (NYSE:LEN) Stock Has Consensus Target Price of $79.00 According to Brokerages

Shares of Lennar Corporation (NYSE:LEN) have been given an average recommendation of “Strong Sell” by the nineteen brokerages that are currently covering the firm, MarketBeat.com reports. Eleven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $79.00.

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Lennar from $85.00 to $75.00 and set an “underperform” rating on the stock in a research note on Tuesday, September 22nd. Barclays dropped their price target on shares of Lennar from $79.00 to $70.00 and set an “underweight” rating for the company in a research report on Friday, September 18th. Bank of America decreased their price objective on shares of Lennar from $77.00 to $70.00 and set an “underperform” rating on the stock in a research report on Monday, September 14th. Melius Research began coverage on shares of Lennar in a research report on Tuesday, October 6th. They issued a “sell” rating and a $72.00 price objective on the stock. Finally, Morgan Stanley began coverage on shares of Lennar in a research note on Thursday, October 1st. They set an “underweight” rating and a $65.00 price objective for the company.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc acquired 1,708,095 shares of Lennar stock in a transaction on Friday, October 2nd. The shares were acquired at an average cost of $79.44 per share, with a total value of $135,691,066.80. Following the transaction, the insider owned 28,438,045 shares in the company, valued at $2,259,118,294.80. This trade represents a 6.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired a total of 7,502,276 shares of company stock valued at $595,303,287 in the last quarter. Insiders own 10.05% of the company’s stock.

Institutional Investors Weigh In On Lennar

Several institutional investors and hedge funds have recently modified their holdings of LEN. Polaris Financial Partners purchased a new position in shares of Lennar during the third quarter valued at about $27,000. Phillip James Consulting Co. bought a new position in shares of Lennar during the first quarter valued at approximately $30,000. Global Assets Advisory LLC purchased a new position in shares of Lennar during the first quarter valued at approximately $39,000. GK Wealth Management LLC purchased a new position in shares of Lennar during the third quarter valued at approximately $42,000. Finally, Anchor Investment Management LLC boosted its position in shares of Lennar by 1,276.4% in the 2nd quarter. Anchor Investment Management LLC now owns 757 shares of the construction company’s stock worth $69,000 after purchasing an additional 702 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Lennar Price Performance

LEN opened at $83.97 on Friday. The stock has a 50-day moving average price of $81.23 and a 200-day moving average price of $92.27. Lennar has a 12-month low of $71.78 and a 12-month high of $133.76. The company has a current ratio of 4.94, a quick ratio of 0.69 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $19.98 billion, a P/E ratio of 15.58, a PEG ratio of 3.19 and a beta of 1.36.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Wednesday, September 16th. The construction company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). The firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $8.32 billion. Lennar had a net margin of 4.09% and a return on equity of 6.15%. The business’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.00 earnings per share. Equities analysts predict that Lennar will post 4.88 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 22nd. Stockholders of record on Wednesday, October 7th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, October 7th. Lennar’s dividend payout ratio (DPR) is currently 37.81%.

About Lennar

Lennar Corporation (NYSE:LEN) is a homebuilding and real estate company that develops, constructs, and sells primarily single-family homes. The company offers homes across a range of price points and designs, including residences for first-time, move-up, luxury, and active-adult buyers. Its operations also include land acquisition and development, allowing Lennar to prepare communities and lots for residential construction.

In addition to homebuilding, Lennar develops multifamily rental properties and provides related financial services.