Lennar Corporation (NYSE:LEN) gapped down prior to trading on Monday . The stock had previously closed at $59.86, but opened at $58.01. Lennar Corporation shares last traded at $55.68, with a volume of 13,275,429 shares trading hands.
A number of analysts have issued reports on the stock. BTIG Research boosted their price objective on shares of Lennar Corporation from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Argus restated a “buy” rating and issued a $60.00 price target (up from $57.00) on shares of Lennar Corporation in a research report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Lennar Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, July 12th. BidaskClub lowered shares of Lennar Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Finally, UBS AG initiated coverage on shares of Lennar Corporation in a research note on Wednesday, October 25th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $57.93.
The stock has a 50 day moving average price of $54.43 and a 200 day moving average price of $52.79. The company has a market capitalization of $13.21 billion, a P/E ratio of 16.18 and a beta of 1.22.
Lennar Corporation (NYSE:LEN) last issued its quarterly earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.05. Lennar Corporation had a return on equity of 12.37% and a net margin of 6.65%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the business earned $1.01 EPS. Lennar Corporation’s revenue was up 15.1% on a year-over-year basis. Analysts anticipate that Lennar Corporation will post $3.82 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Thursday, October 19th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, October 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.29%. Lennar Corporation’s dividend payout ratio is presently 4.61%.
In related news, CFO Bruce E. Gross sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $56.48, for a total transaction of $282,400.00. Following the transaction, the chief financial officer now owns 376,043 shares in the company, valued at approximately $21,238,908.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.18% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. increased its stake in Lennar Corporation by 8.9% in the 2nd quarter. D.A. Davidson & CO. now owns 1,895 shares of the construction company’s stock valued at $101,000 after purchasing an additional 155 shares in the last quarter. Commonwealth Bank of Australia grew its position in shares of Lennar Corporation by 32.4% in the second quarter. Commonwealth Bank of Australia now owns 2,168 shares of the construction company’s stock valued at $114,000 after purchasing an additional 530 shares during the period. Washington Trust Bank grew its position in shares of Lennar Corporation by 47.6% in the second quarter. Washington Trust Bank now owns 2,462 shares of the construction company’s stock valued at $131,000 after purchasing an additional 794 shares during the period. QS Investors LLC grew its position in shares of Lennar Corporation by 1.0% in the second quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock valued at $135,000 after purchasing an additional 25 shares during the period. Finally, MUFG Americas Holdings Corp grew its position in shares of Lennar Corporation by 7.3% in the second quarter. MUFG Americas Holdings Corp now owns 3,250 shares of the construction company’s stock valued at $173,000 after purchasing an additional 220 shares during the period. 80.26% of the stock is owned by hedge funds and other institutional investors.
Lennar Corporation Company Profile
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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