JMP Securities Begins Coverage on Lennar (NYSE:LEN)

Equities research analysts at JMP Securities initiated coverage on shares of Lennar (NYSE:LEN) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage set a “market outperform” rating and a $83.00 price target on the construction company’s stock. JMP Securities’ target price indicates a potential upside of 25.21% from the stock’s current price.

Other analysts also recently issued reports about the company. Credit Suisse Group lifted their price target on Lennar from $62.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, June 17th. Royal Bank of Canada boosted their target price on Lennar from $61.00 to $68.00 and gave the company a “fair value” rating in a report on Wednesday, June 17th. TheStreet raised Lennar from a “c+” rating to a “b” rating in a report on Tuesday, May 26th. Citigroup boosted their target price on Lennar from $53.00 to $76.00 and gave the company a “buy” rating in a report on Monday, June 15th. Finally, Seaport Global Securities downgraded Lennar from a “buy” rating to a “neutral” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $65.48.

NYSE:LEN opened at $66.29 on Tuesday. The firm has a market cap of $20.38 billion, a PE ratio of 9.98, a price-to-earnings-growth ratio of 2.01 and a beta of 1.60. The company has a current ratio of 14.21, a quick ratio of 1.24 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average price of $61.39 and a 200 day moving average price of $56.20. Lennar has a 12-month low of $25.42 and a 12-month high of $71.38.

Lennar (NYSE:LEN) last announced its quarterly earnings results on Monday, June 15th. The construction company reported $1.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.36. The company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.20 billion. Lennar had a return on equity of 13.08% and a net margin of 9.30%. Lennar’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.30 EPS. Equities analysts forecast that Lennar will post 6.2 EPS for the current year.

In related news, President Jonathan M. Jaffe sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $61.41, for a total value of $2,456,400.00. Following the sale, the president now owns 335,521 shares in the company, valued at approximately $20,604,344.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Diane J. Bessette sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $65.61, for a total value of $656,100.00. Following the completion of the sale, the chief financial officer now owns 258,922 shares in the company, valued at approximately $16,987,872.42. The disclosure for this sale can be found here. Insiders have sold a total of 95,000 shares of company stock worth $6,017,550 in the last quarter. 8.60% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEN. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Lennar by 90.8% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 61,548 shares of the construction company’s stock worth $3,434,000 after acquiring an additional 29,287 shares during the period. Stifel Financial Corp lifted its stake in Lennar by 15.3% in the 4th quarter. Stifel Financial Corp now owns 49,349 shares of the construction company’s stock valued at $2,753,000 after buying an additional 6,563 shares in the last quarter. Toronto Dominion Bank lifted its stake in Lennar by 28.2% in the 4th quarter. Toronto Dominion Bank now owns 224,610 shares of the construction company’s stock valued at $12,529,000 after buying an additional 49,416 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Lennar by 10.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 102,858 shares of the construction company’s stock valued at $5,739,000 after buying an additional 9,893 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Lennar by 4.7% in the 4th quarter. Amalgamated Bank now owns 44,675 shares of the construction company’s stock valued at $2,492,000 after buying an additional 2,025 shares in the last quarter. Institutional investors and hedge funds own 82.24% of the company’s stock.

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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