Lennar (NYSE:LEN) Given New $65.00 Price Target at JMP Securities

Lennar (NYSE:LEN) had its price objective lifted by JMP Securities from $58.00 to $65.00 in a report released on Thursday, The Fly reports. They currently have a market outperform rating on the construction company’s stock.

A number of other analysts have also commented on the stock. ValuEngine lowered shares of Lennar from a hold rating to a sell rating in a research report on Tuesday, July 2nd. BTIG Research set a $65.00 price objective on shares of Lennar and gave the stock a buy rating in a research report on Wednesday, June 26th. Raymond James raised shares of Lennar from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a research report on Wednesday, September 25th. Bank of America cut their price objective on shares of Lennar from $57.00 to $55.00 and set a buy rating on the stock in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Lennar from $57.00 to $54.00 and set an overweight rating on the stock in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have assigned a buy rating to the stock. Lennar currently has a consensus rating of Buy and an average price target of $60.05.

Shares of LEN stock traded up $0.98 during trading on Thursday, reaching $59.49. The company’s stock had a trading volume of 4,552,321 shares, compared to its average volume of 2,954,901. The business has a fifty day moving average price of $52.66 and a 200-day moving average price of $50.84. The company has a quick ratio of 0.79, a current ratio of 13.93 and a debt-to-equity ratio of 0.62. The company has a market cap of $17.95 billion, a price-to-earnings ratio of 9.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10. Lennar has a one year low of $37.29 and a one year high of $59.25.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Wednesday, October 2nd. The construction company reported $1.59 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.27. The business had revenue of $5.86 billion for the quarter, compared to analyst estimates of $5.48 billion. Lennar had a net margin of 8.86% and a return on equity of 12.03%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.61 earnings per share. Research analysts anticipate that Lennar will post 5.32 EPS for the current year.

In other Lennar news, President Jonathan M. Jaffe sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $56.00, for a total transaction of $1,120,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 8.43% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Paloma Partners Management Co raised its position in Lennar by 61.4% during the second quarter. Paloma Partners Management Co now owns 78,524 shares of the construction company’s stock worth $3,805,000 after acquiring an additional 29,862 shares in the last quarter. State of Wisconsin Investment Board raised its position in shares of Lennar by 64.6% in the first quarter. State of Wisconsin Investment Board now owns 273,325 shares of the construction company’s stock valued at $13,418,000 after purchasing an additional 107,299 shares during the period. Elkfork Partners LLC raised its position in shares of Lennar by 2.7% in the second quarter. Elkfork Partners LLC now owns 28,700 shares of the construction company’s stock valued at $1,391,000 after purchasing an additional 756 shares during the period. Verition Fund Management LLC bought a new position in shares of Lennar in the second quarter valued at about $2,850,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Lennar in the second quarter valued at about $2,218,000. 83.78% of the stock is currently owned by hedge funds and other institutional investors.

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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