Lennar (NYSE:LEN) Shares Gap Down to $117.70

Shares of Lennar Co. (NYSE:LEN) gapped down prior to trading on Friday . The stock had previously closed at $117.70, but opened at $110.16. Lennar shares last traded at $112.26, with a volume of 666,768 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on LEN shares. Keefe, Bruyette & Woods boosted their target price on shares of Lennar from $130.00 to $145.00 in a research note on Friday, June 16th. Evercore ISI upped their price target on shares of Lennar from $153.00 to $161.00 in a research report on Friday, June 16th. Bank of America boosted their price objective on shares of Lennar from $103.00 to $120.00 in a research note on Wednesday, June 14th. JMP Securities increased their target price on Lennar from $115.00 to $135.00 in a research report on Friday, June 16th. Finally, StockNews.com initiated coverage on Lennar in a research note on Thursday, August 17th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $127.56.

Lennar Price Performance

The company has a current ratio of 7.09, a quick ratio of 1.25 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $122.59 and its two-hundred day moving average price is $114.25. The company has a market cap of $32.73 billion, a P/E ratio of 7.67, a P/E/G ratio of 1.53 and a beta of 1.48.

Lennar (NYSE:LEN) last announced its earnings results on Thursday, September 14th. The construction company reported $3.91 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.39. The firm had revenue of $8.73 billion for the quarter, compared to the consensus estimate of $8.49 billion. Lennar had a return on equity of 18.27% and a net margin of 12.66%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.18 EPS. As a group, sell-side analysts expect that Lennar Co. will post 12.65 earnings per share for the current year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Friday, July 7th were paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend was Thursday, July 6th. Lennar’s payout ratio is currently 10.24%.

Insiders Place Their Bets

In related news, Director Amy Banse purchased 790 shares of the company’s stock in a transaction on Friday, July 21st. The shares were bought at an average price of $126.42 per share, with a total value of $99,871.80. Following the completion of the acquisition, the director now owns 7,293 shares of the company’s stock, valued at $921,981.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Diane J. Bessette sold 10,790 shares of Lennar stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $121.46, for a total value of $1,310,553.40. Following the transaction, the chief financial officer now directly owns 270,556 shares of the company’s stock, valued at $32,861,731.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse purchased 790 shares of Lennar stock in a transaction that occurred on Friday, July 21st. The stock was purchased at an average price of $126.42 per share, with a total value of $99,871.80. Following the transaction, the director now owns 7,293 shares in the company, valued at approximately $921,981.06. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 2,634 shares of company stock worth $321,855. 9.53% of the stock is owned by corporate insiders.

Institutional Trading of Lennar

A number of hedge funds have recently modified their holdings of the business. Close Asset Management Ltd acquired a new stake in Lennar during the 1st quarter worth about $37,000. Coppell Advisory Solutions LLC acquired a new stake in shares of Lennar during the second quarter worth approximately $46,000. MV Capital Management Inc. grew its position in Lennar by 47.0% during the first quarter. MV Capital Management Inc. now owns 397 shares of the construction company’s stock valued at $42,000 after purchasing an additional 127 shares in the last quarter. West Tower Group LLC purchased a new stake in Lennar in the 2nd quarter worth approximately $57,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Lennar during the 2nd quarter valued at $61,000. Hedge funds and other institutional investors own 79.87% of the company’s stock.

About Lennar

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, Financial Services, Multifamily, and Lennar Other 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; and development, construction, and management of multifamily rental properties.