Bank of America Lowers Lennar (NYSE:LEN) Price Target to $105.00

Lennar (NYSE:LEN) had its target price cut by Bank of America from $110.00 to $105.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the construction company’s stock.

A number of other research analysts also recently commented on LEN. Zelman & Associates downgraded shares of Lennar from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Wedbush reaffirmed a “neutral” rating and set a $158.00 price target on shares of Lennar in a research note on Monday, March 17th. Wall Street Zen raised Lennar from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. Royal Bank Of Canada cut their price objective on shares of Lennar from $122.00 to $98.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group lowered their price target on Lennar from $141.00 to $120.00 and set a “neutral” rating on the stock in a report on Tuesday, March 25th. Sixteen analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Lennar has an average rating of “Hold” and an average price target of $132.50.

Lennar Trading Up 2.9%

Lennar stock opened at $106.36 on Wednesday. The firm has a 50 day simple moving average of $107.78 and a 200-day simple moving average of $121.62. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.68. The stock has a market capitalization of $28.06 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 2.82 and a beta of 1.33. Lennar has a 12-month low of $98.42 and a 12-month high of $187.61.

Lennar (NYSE:LEN) last issued its earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.04). The business had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.21 billion. Lennar had a return on equity of 12.73% and a net margin of 9.20%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.45 earnings per share. As a group, equities research analysts expect that Lennar will post 12.48 EPS for the current fiscal year.

Lennar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be paid a $0.50 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.00 annualized dividend and a dividend yield of 1.88%. Lennar’s payout ratio is 16.54%.

Institutional Investors Weigh In On Lennar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Howard Capital Management Inc. grew its stake in shares of Lennar by 0.3% in the fourth quarter. Howard Capital Management Inc. now owns 28,836 shares of the construction company’s stock worth $3,932,000 after acquiring an additional 81 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Lennar by 1.2% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,719 shares of the construction company’s stock worth $886,000 after acquiring an additional 89 shares during the last quarter. NorthRock Partners LLC lifted its position in Lennar by 1.4% in the first quarter. NorthRock Partners LLC now owns 6,509 shares of the construction company’s stock worth $747,000 after purchasing an additional 93 shares during the period. Valeo Financial Advisors LLC lifted its position in Lennar by 1.1% in the first quarter. Valeo Financial Advisors LLC now owns 8,841 shares of the construction company’s stock worth $1,015,000 after purchasing an additional 95 shares during the period. Finally, Lake Street Advisors Group LLC lifted its position in Lennar by 3.1% in the fourth quarter. Lake Street Advisors Group LLC now owns 3,201 shares of the construction company’s stock worth $436,000 after purchasing an additional 96 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Lennar

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, Financial Services, Multifamily, and Lennar Other 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; and development, construction, and management of multifamily rental properties.