Lennar (NYSE:LEN) Price Target Raised to $63.00 at Royal Bank of Canada

Lennar (NYSE:LEN) had its price target raised by Royal Bank of Canada from $59.00 to $63.00 in a report published on Thursday morning, BenzingaRatingsTable reports. Royal Bank of Canada currently has an outperform rating on the construction company’s stock.

A number of other research analysts have also commented on the company. ValuEngine lowered Lennar from a hold rating to a sell rating in a report on Tuesday, July 2nd. JMP Securities raised their price target on Lennar from $58.00 to $65.00 and gave the company a market outperform rating in a report on Thursday. Seaport Global Securities started coverage on Lennar in a report on Friday, August 23rd. They set a buy rating and a $71.00 price target on the stock. BTIG Research set a $65.00 price target on Lennar and gave the company a buy rating in a report on Wednesday, June 26th. Finally, SunTrust Banks started coverage on Lennar in a report on Monday, August 12th. They set a hold rating and a $47.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $60.05.

Shares of LEN traded up $0.98 during trading hours on Thursday, reaching $59.49. 4,532,787 shares of the company’s stock traded hands, compared to its average volume of 3,480,956. The firm has a market capitalization of $17.95 billion, a price-to-earnings ratio of 9.37, a P/E/G ratio of 1.22 and a beta of 1.10. The company has a debt-to-equity ratio of 0.62, a current ratio of 13.93 and a quick ratio of 0.79. Lennar has a twelve month low of $37.29 and a twelve month high of $59.72. The business’s fifty day simple moving average is $52.86 and its two-hundred day simple moving average is $50.89.

Lennar (NYSE:LEN) last issued its quarterly earnings results on Wednesday, October 2nd. The construction company reported $1.59 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.27. The company had revenue of $5.86 billion for the quarter, compared to analyst estimates of $5.48 billion. Lennar had a return on equity of 12.03% and a net margin of 8.86%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $1.61 earnings per share. On average, equities research analysts expect that Lennar will post 5.32 EPS for the current year.

In related news, President Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $56.00, for a total transaction of $1,120,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.43% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. CSat Investment Advisory L.P. boosted its stake in Lennar by 183.5% during the second quarter. CSat Investment Advisory L.P. now owns 1,256 shares of the construction company’s stock valued at $61,000 after buying an additional 813 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Lennar by 244.4% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,550 shares of the construction company’s stock valued at $75,000 after purchasing an additional 1,100 shares during the period. MUFG Americas Holdings Corp boosted its position in shares of Lennar by 79.2% in the 2nd quarter. MUFG Americas Holdings Corp now owns 2,177 shares of the construction company’s stock valued at $105,000 after purchasing an additional 962 shares during the period. Hilton Capital Management LLC acquired a new position in shares of Lennar in the 1st quarter valued at $109,000. Finally, Fulton Bank N.A. acquired a new position in shares of Lennar in the 3rd quarter valued at $206,000. 83.78% of the stock is 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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