Lennar (NYSE:LEN) Stock Price Target Lowered at Morgan Stanley

Lennar (NYSE:LEN) had its price target dropped by Morgan Stanley from $65.00 to $58.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the construction company’s stock. Morgan Stanley‘s target price indicates a potential downside of 33.09% from the stock’s current price.

A number of other equities analysts have also commented on the company. Barclays cut their price target on Lennar from $79.00 to $70.00 and set an “underweight” rating for the company in a report on Friday, September 18th. Keefe, Bruyette & Woods dropped their price objective on Lennar from $85.00 to $75.00 and set an “underperform” rating on the stock in a report on Tuesday, September 22nd. Royal Bank Of Canada cut their target price on Lennar from $85.00 to $69.00 and set an “underperform” rating for the company in a research note on Friday, September 18th. Melius Research assumed coverage on Lennar in a report on Tuesday, October 6th. They set a “sell” rating and a $72.00 target price for the company. Finally, Truist Financial decreased their price target on Lennar from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and eleven have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Strong Sell” and an average target price of $78.87.

Lennar Stock Performance

Lennar stock traded down $4.34 during midday trading on Tuesday, reaching $86.68. The stock had a trading volume of 1,588,082 shares, compared to its average volume of 3,272,755. The firm has a market capitalization of $20.62 billion, a PE ratio of 16.37, a P/E/G ratio of 3.13 and a beta of 1.36. Lennar has a 12 month low of $71.78 and a 12 month high of $133.76. The company has a quick ratio of 0.69, a current ratio of 4.94 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average price is $81.17 and its 200 day moving average price is $91.43.

Lennar (NYSE:LEN) last issued its earnings results on Wednesday, September 16th. The construction company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.06). The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $8.32 billion. Lennar had a return on equity of 6.15% and a net margin of 4.09%. Lennar’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.00 EPS. As a group, research analysts predict that Lennar will post 4.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc purchased 1,708,095 shares of Lennar stock in a transaction that occurred on Friday, October 2nd. The shares were acquired at an average cost of $79.44 per share, for a total transaction of $135,691,066.80. Following the transaction, the insider directly owned 28,438,045 shares in the company, valued at $2,259,118,294.80. The trade was a 6.39% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 7,502,276 shares of company stock worth $595,303,287. Corporate insiders own 10.05% of the company’s stock.

Institutional Trading of Lennar

A number of institutional investors have recently made changes to their positions in LEN. Polaris Financial Partners bought a new position in shares of Lennar in the third quarter worth approximately $27,000. Phillip James Consulting Co. bought a new stake in Lennar during the 1st quarter valued at $30,000. Quest 10 Wealth Builders Inc. boosted its position in Lennar by 100.0% during the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 368 shares of the construction company’s stock valued at $30,000 after buying an additional 184 shares during the period. Global Assets Advisory LLC purchased a new stake in Lennar during the 1st quarter valued at $39,000. Finally, GK Wealth Management LLC bought a new stake in Lennar in the 3rd quarter worth $42,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Lennar

Lennar Corporation (NYSE:LEN) is a homebuilding and real estate company that develops, constructs, and sells primarily single-family homes. The company offers homes across a range of price points and designs, including residences for first-time, move-up, luxury, and active-adult buyers. Its operations also include land acquisition and development, allowing Lennar to prepare communities and lots for residential construction.

In addition to homebuilding, Lennar develops multifamily rental properties and provides related financial services.