Barclays Raises Lennar (NYSE:LEN) Price Target to $84.00
Lennar (NYSE:LEN) had its price target lifted by Barclays from $70.00 to $84.00 in a research report released on Monday morning, The Fly reports. Barclays currently has an overweight rating on the construction company’s stock.
A number of other brokerages have also recently commented on LEN. ValuEngine upgraded shares of Lennar from a strong sell rating to a sell rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised their target price on Lennar from $64.00 to $68.50 and gave the stock a neutral rating in a research report on Wednesday, June 17th. Wells Fargo & Company boosted their price target on Lennar from $36.00 to $67.00 and gave the company an overweight rating in a research note on Friday, June 12th. Bank of America increased their price objective on Lennar from $67.00 to $74.00 and gave the stock a neutral rating in a research note on Wednesday, June 17th. Finally, Royal Bank of Canada boosted their target price on shares of Lennar from $61.00 to $68.00 and gave the company a fair value rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. Lennar presently has an average rating of Buy and a consensus target price of $75.31.
Shares of NYSE LEN opened at $78.89 on Monday. The firm has a market capitalization of $24.63 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.59 and a beta of 1.64. Lennar has a one year low of $25.42 and a one year high of $80.00. The business has a fifty day simple moving average of $75.23 and a 200 day simple moving average of $59.29. The company has a current ratio of 14.21, a quick ratio of 1.24 and a debt-to-equity ratio of 0.45.
In related news, CFO Diane J. Bessette sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $61.01, for a total value of $305,050.00. Following the completion of the sale, the chief financial officer now owns 277,775 shares of the company’s stock, valued at $16,947,052.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark Sustana sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $76.87, for a total transaction of $3,074,800.00. Following the completion of the transaction, the vice president now owns 67,167 shares of the company’s stock, valued at approximately $5,163,127.29. The disclosure for this sale can be found here. In the last three months, insiders have sold 145,000 shares of company stock worth $9,792,450. Insiders own 8.60% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of LEN. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Lennar by 48.8% during the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 48,216 shares of the construction company’s stock valued at $2,971,000 after purchasing an additional 15,816 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Lennar by 26.5% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 333,624 shares of the construction company’s stock worth $20,559,000 after acquiring an additional 69,961 shares in the last quarter. Ninety One UK Ltd acquired a new position in Lennar during the second quarter valued at approximately $14,853,000. AdvisorNet Financial Inc grew its stake in Lennar by 231.3% in the second quarter. AdvisorNet Financial Inc now owns 1,186 shares of the construction company’s stock valued at $73,000 after purchasing an additional 828 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Lennar during the 2nd quarter worth approximately $2,028,000. 81.62% of the stock is currently owned by institutional investors and hedge funds.
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, Lennar Financial Services, Lennar Multifamily, and Rialto 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.
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