Lennar (NYSE:LEN) Price Target Lowered to $70.00 at Bank of America

Lennar (NYSE:LEN) had its target price reduced by research analysts at Bank of America from $77.00 to $70.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “underperform” rating on the construction company’s stock. Bank of America‘s price target indicates a potential downside of 12.36% from the company’s current price.

A number of other equities analysts have also recently commented on LEN. Evercore boosted their price target on shares of Lennar from $82.00 to $87.00 and gave the stock an “underperform” rating in a research note on Monday, June 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Lennar in a report on Tuesday, September 8th. UBS Group cut their target price on shares of Lennar from $107.00 to $94.00 and set a “neutral” rating for the company in a research report on Tuesday, June 16th. The Goldman Sachs Group restated a “neutral” rating on shares of Lennar in a research note on Friday, June 5th. Finally, Benchmark raised Lennar to a “hold” rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and ten have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $91.33.

Lennar Stock Up 0.3%

NYSE:LEN traded up $0.27 during trading hours on Monday, reaching $79.87. The company had a trading volume of 1,979,577 shares, compared to its average volume of 2,844,256. Lennar has a twelve month low of $76.63 and a twelve month high of $139.44. The business’s 50-day simple moving average is $84.79 and its two-hundred day simple moving average is $89.49. The company has a quick ratio of 0.91, a current ratio of 4.91 and a debt-to-equity ratio of 0.19. The firm has a market cap of $19.24 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 2.67 and a beta of 1.39.

Lennar (NYSE:LEN) last announced its earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.07. Lennar had a return on equity of 7.08% and a net margin of 4.93%.The firm had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $8.08 billion. During the same quarter in the previous year, the business earned $1.81 EPS. The company’s revenue was down 5.2% compared to the same quarter last year. On average, equities analysts expect that Lennar will post 5.46 earnings per share for the current year.

Hedge Funds Weigh In On Lennar

Several hedge funds have recently bought and sold shares of LEN. Sequoia Financial Advisors LLC lifted its position in Lennar by 5.3% in the second quarter. Sequoia Financial Advisors LLC now owns 14,609 shares of the construction company’s stock valued at $1,322,000 after acquiring an additional 735 shares during the last quarter. Van Hulzen Asset Management LLC purchased a new stake in shares of Lennar during the 2nd quarter valued at about $317,000. Cidel Asset Management Inc. raised its stake in Lennar by 15.6% during the second quarter. Cidel Asset Management Inc. now owns 4,873 shares of the construction company’s stock valued at $441,000 after buying an additional 657 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of Lennar in the 2nd quarter worth approximately $232,000. Finally, Arizona State Retirement System increased its position in Lennar by 5.2% in the 2nd quarter. Arizona State Retirement System now owns 58,627 shares of the construction company’s stock valued at $5,305,000 after acquiring an additional 2,908 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Lennar

Lennar Corporation is one of the largest homebuilders in the United States. Founded in 1954 and headquartered in Miami, Florida, the company designs, constructs, and sells single-family homes and communities for a range of buyers, including first-time, move-up, and active-adult purchasers.

Lennar operates across many of the country’s major housing markets, including communities in the West, Southwest, Southeast, Mid-Atlantic, and other metropolitan areas. Its homebuilding operations offer a variety of floor plans and home designs, while the company also develops residential communities and provides related services such as mortgage financing, title, and closing services through its financial-services businesses.

In addition to traditional homebuilding, Lennar has expanded into multifamily development and other residential real-estate activities.