Citigroup Cuts Lennar (NYSE:LEN) Price Target to $88.00

Lennar (NYSE:LEN) had its price target decreased by Citigroup from $104.00 to $88.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Citigroup currently has a neutral rating on the construction company’s stock.

A number of other analysts also recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on Lennar from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 16th. Barclays reduced their target price on Lennar from $80.00 to $79.00 and set an “underweight” rating for the company in a report on Monday, June 15th. Argus set a $108.00 target price on shares of Lennar in a research report on Thursday, July 9th. Keefe, Bruyette & Woods cut their price target on shares of Lennar from $86.00 to $85.00 and set an “underperform” rating for the company in a report on Wednesday, June 17th. Finally, Truist Financial reduced their price objective on shares of Lennar from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $92.80.

Lennar Trading Down 3.0%

Shares of Lennar stock opened at $83.83 on Wednesday. The firm has a market cap of $20.20 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 2.87 and a beta of 1.38. Lennar has a 52-week low of $81.18 and a 52-week high of $144.24. The company’s 50-day simple moving average is $88.24 and its 200-day simple moving average is $97.86. The company has a quick ratio of 0.91, a current ratio of 4.91 and a debt-to-equity ratio of 0.19.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Thursday, June 11th. The construction company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.07. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The firm had revenue of $7.94 billion during the quarter, compared to the consensus estimate of $8.08 billion. During the same quarter last year, the firm earned $1.81 earnings per share. The firm’s revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Lennar will post 5.52 earnings per share for the current year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Friday, July 10th will be given a $0.50 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Lennar’s dividend payout ratio (DPR) is currently 31.30%.

Hedge Funds Weigh In On Lennar

Hedge funds have recently added to or reduced their stakes in the business. Butensky & Cohen Financial Security Inc. raised its position in Lennar by 12.1% during the second quarter. Butensky & Cohen Financial Security Inc. now owns 43,977 shares of the construction company’s stock worth $3,979,000 after acquiring an additional 4,750 shares during the last quarter. Hudson Value Partners LLC acquired a new stake in shares of Lennar in the second quarter valued at approximately $249,000. Tema ETFs LLC increased its stake in shares of Lennar by 9.4% during the 2nd quarter. Tema ETFs LLC now owns 10,096 shares of the construction company’s stock worth $914,000 after purchasing an additional 870 shares in the last quarter. Everpar Advisors LLC raised its position in shares of Lennar by 16.5% during the 2nd quarter. Everpar Advisors LLC now owns 2,917 shares of the construction company’s stock worth $264,000 after purchasing an additional 413 shares during the last quarter. Finally, Chemistry Wealth Management LLC lifted its stake in Lennar by 23.3% in the 2nd quarter. Chemistry Wealth Management LLC now owns 7,128 shares of the construction company’s stock valued at $645,000 after buying an additional 1,345 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

About Lennar

Lennar Corporation (NYSE: LEN) is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.

In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.