Lennar (NYSE:LEN) Price Target Raised to $63.00 at Wedbush

Lennar (NYSE:LEN) had its price objective raised by Wedbush from $54.00 to $63.00 in a report published on Friday, The Fly reports. Wedbush currently has an outperform rating on the construction company’s stock.

A number of other equities analysts have also recently issued reports on LEN. Citigroup started coverage on shares of Lennar in a research note on Wednesday, April 15th. They issued a buy rating and a $53.00 price objective on the stock. Goldman Sachs Group cut shares of Lennar from a buy rating to a neutral rating and reduced their price objective for the company from $48.00 to $47.00 in a research note on Thursday, April 2nd. JPMorgan Chase & Co. raised their price objective on shares of Lennar from $38.00 to $57.00 and gave the company a neutral rating in a research note on Tuesday, May 12th. Cfra raised their price objective on shares of Lennar from $40.00 to $56.00 and gave the company a hold rating in a research note on Monday, May 11th. Finally, Wells Fargo & Co reduced their price objective on shares of Lennar from $65.00 to $36.00 and set an overweight rating on the stock in a research note on Friday, March 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $56.11.

Shares of Lennar stock traded up $1.09 during midday trading on Friday, reaching $60.09. The company had a trading volume of 2,287,662 shares, compared to its average volume of 3,428,165. The company has a current ratio of 12.65, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $18.42 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 3.44 and a beta of 1.51. The stock has a fifty day simple moving average of $45.85 and a 200 day simple moving average of $55.51. Lennar has a 1-year low of $25.42 and a 1-year high of $71.38.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Thursday, March 19th. The construction company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.43. Lennar had a net margin of 8.77% and a return on equity of 12.76%. The firm had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same period last year, the firm earned $0.74 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. Sell-side analysts expect that Lennar will post 5.55 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st were given a $0.125 dividend. The ex-dividend date of this dividend was Monday, April 20th. This represents a $0.50 annualized dividend and a yield of 0.83%. Lennar’s dividend payout ratio is currently 8.71%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its position in Lennar by 22.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 12,618,097 shares of the construction company’s stock valued at $482,012,000 after acquiring an additional 2,285,388 shares in the last quarter. Phoenix Holdings Ltd. lifted its position in Lennar by 26.4% in the 1st quarter. Phoenix Holdings Ltd. now owns 481,153 shares of the construction company’s stock valued at $17,952,000 after acquiring an additional 100,500 shares in the last quarter. Scopus Asset Management L.P. bought a new stake in Lennar in the 1st quarter valued at $3,438,000. Soros Fund Management LLC bought a new stake in Lennar in the 1st quarter valued at $5,435,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Lennar in the 1st quarter valued at $237,000. 85.16% of the stock is currently owned by institutional investors and hedge funds.

Lennar Company Profile

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Multifamily, and Rialto segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.

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