Bank of America Cuts Lennar (NYSE:LEN) Price Target to $140.00

Lennar (NYSE:LEN) had its price target trimmed by Bank of America from $150.00 to $140.00 in a report published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the construction company’s stock.

Several other research analysts have also weighed in on the company. The Goldman Sachs Group lowered their price objective on Lennar from $190.00 to $162.00 and set a “neutral” rating for the company in a research report on Monday, December 23rd. Royal Bank of Canada upgraded Lennar from an “underperform” rating to a “sector perform” rating and set a $130.00 price objective for the company in a research report on Friday, January 10th. Keefe, Bruyette & Woods lowered their price objective on Lennar from $210.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, December 20th. Citigroup decreased their price target on Lennar from $196.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Finally, Wedbush restated a “neutral” rating and set a $164.00 price target on shares of Lennar in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $168.38.

Lennar Stock Performance

NYSE LEN opened at $132.11 on Monday. Lennar has a twelve month low of $128.41 and a twelve month high of $193.80. The stock has a 50-day moving average of $148.35 and a 200 day moving average of $166.92. The company has a current ratio of 4.71, a quick ratio of 1.06 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $35.83 billion, a price-to-earnings ratio of 9.21, a PEG ratio of 1.32 and a beta of 1.66.

Lennar (NYSE:LEN) last posted its quarterly earnings results on Wednesday, December 18th. The construction company reported $4.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($0.12). The company had revenue of $9.95 billion during the quarter, compared to analysts’ expectations of $10.06 billion. Lennar had a net margin of 11.10% and a return on equity of 13.93%. Lennar’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter last year, the company earned $4.82 earnings per share. Sell-side analysts anticipate that Lennar will post 13.02 EPS for the current fiscal year.

Lennar Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Wednesday, January 29th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.51%. The ex-dividend date is Wednesday, January 29th. Lennar’s dividend payout ratio (DPR) is presently 13.95%.

Hedge Funds Weigh In On Lennar

Several large investors have recently bought and sold shares of LEN. Moors & Cabot Inc. grew its holdings in shares of Lennar by 2.2% during the third quarter. Moors & Cabot Inc. now owns 3,075 shares of the construction company’s stock worth $577,000 after purchasing an additional 66 shares during the last quarter. Centaurus Financial Inc. grew its holdings in shares of Lennar by 2.5% during the third quarter. Centaurus Financial Inc. now owns 2,937 shares of the construction company’s stock worth $551,000 after buying an additional 71 shares during the last quarter. Commerce Bank grew its holdings in shares of Lennar by 0.5% during the third quarter. Commerce Bank now owns 15,074 shares of the construction company’s stock worth $2,826,000 after buying an additional 74 shares during the last quarter. Jupiter Wealth Management LLC grew its holdings in shares of Lennar by 1.0% during the third quarter. Jupiter Wealth Management LLC now owns 7,667 shares of the construction company’s stock worth $1,437,000 after buying an additional 75 shares during the last quarter. Finally, Armstrong Advisory Group Inc. grew its holdings in shares of Lennar by 69.4% during the fourth quarter. Armstrong Advisory Group Inc. now owns 183 shares of the construction company’s stock worth $25,000 after buying an additional 75 shares during the last quarter. Hedge funds and other institutional investors 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.