Lennar Co. (NYSE:LEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage presently has a $58.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 10.10% from the company’s current price.
According to Zacks, “After the outstanding fiscal 2015 results, Lennar posted strong numbers in 2016 as well. The company beat the Zacks Consensus Estimate for both earnings and sales in all the four quarters. The company is one of the best positioned homebuilders to capitalize on the housing recovery, driven by diverse revenue mix, steady top-line performance, above-average order growth and improving SG&A leverage. Moreover, its ancillary platforms – Rialto, Multi-Family, FivePoint and Financial Services – are evolving and should improve further. Also, Lennar’s shares have outperformed the broader market in the last three months. However, labor shortages, gross margin compression due to rising land and labor costs and rising interest rate can keep the housing momentum in check going forward.”
A number of other equities analysts have also recently issued reports on the stock. Barclays PLC started coverage on shares of Lennar in a research report on Thursday, January 5th. They set an “overweight” rating and a $50.00 price objective for the company. Citigroup Inc started coverage on shares of Lennar in a research report on Tuesday, February 14th. They set a “neutral” rating and a $52.00 price objective for the company. MKM Partners reiterated a “neutral” rating on shares of Lennar in a research report on Friday, December 23rd. BTIG Research started coverage on shares of Lennar in a research report on Tuesday, February 7th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Evercore ISI reiterated a “buy” rating and set a $55.00 price objective on shares of Lennar in a research report on Tuesday, December 13th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $53.81.
Lennar (NYSE:LEN) opened at 52.68 on Friday. The stock’s 50 day moving average is $48.13 and its 200-day moving average is $44.55. Lennar has a 12 month low of $39.68 and a 12 month high of $53.79. The company has a market capitalization of $12.35 billion, a PE ratio of 13.39 and a beta of 1.27.
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Large investors have recently bought and sold shares of the stock. Kentucky Retirement Systems purchased a new stake in Lennar during the second quarter worth approximately $719,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Lennar during the second quarter worth approximately $341,000. Macquarie Group Ltd. raised its stake in Lennar by 6.5% in the second quarter. Macquarie Group Ltd. now owns 118,138 shares of the company’s stock worth $5,446,000 after buying an additional 7,205 shares in the last quarter. Exxonmobil Investment Management Inc. TX raised its stake in Lennar by 1.0% in the third quarter. Exxonmobil Investment Management Inc. TX now owns 47,966 shares of the company’s stock worth $2,031,000 after buying an additional 491 shares in the last quarter. Finally, Sadoff Investment Management LLC raised its stake in Lennar by 0.5% in the third quarter. Sadoff Investment Management LLC now owns 478,956 shares of the company’s stock worth $20,279,000 after buying an additional 2,539 shares in the last quarter. 79.04% of the stock is currently owned by institutional investors.
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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