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

Key Points

• Citigroup cut Lennar’s price target from $104 to $88 while maintaining a neutral rating, implying only modest upside from the current share price.
• Other analysts have also turned cautious on the homebuilder, with several recent downgrades and the broader consensus now sitting at “Reduce” with an average target of $92.80.
• Lennar’s latest quarter showed earnings beat expectations at $1.31 per share, but revenue missed estimates and fell 5.2% year over year, even as the stock rose 1.7% to $85.17 on the day.

Lennar (NYSE:LEN - Get Free Report) had its target price reduced by stock analysts at Citigroup from $104.00 to $88.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. Citigroup's price objective suggests a potential upside of 3.32% from the stock's current price.

Several other equities analysts have also recently issued reports on LEN. Weiss Ratings reissued a "sell (d+)" rating on shares of Lennar in a research note on Thursday, June 11th. Keefe, Bruyette & Woods dropped their price target on Lennar from $86.00 to $85.00 and set an "underperform" rating for the company in a research note on Wednesday, June 17th. Zacks Research downgraded shares of Lennar from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 16th. BTIG Research set a $67.00 price objective on shares of Lennar in a report on Monday, June 15th. Finally, Barclays dropped their target price on shares of Lennar from $80.00 to $79.00 and set an "underweight" rating for the company in a research report on Monday, June 15th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $92.80.

Lennar Trading Up 1.7%

Shares of LEN traded up $1.46 during mid-day trading on Wednesday, reaching $85.17. The company's stock had a trading volume of 896,909 shares, compared to its average volume of 2,926,163. The stock has a market cap of $20.52 billion, a PE ratio of 13.33, a P/E/G ratio of 2.75 and a beta of 1.38. The company has a current ratio of 4.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. Lennar has a 52 week low of $81.18 and a 52 week high of $144.24. The company's fifty day moving average price is $88.46 and its two-hundred day moving average price is $98.22.

Lennar (NYSE:LEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 11th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $8.08 billion. During the same period last year, the firm earned $1.81 earnings per share. The company's revenue for the quarter was down 5.2% compared to the same quarter last year. On average, analysts predict that Lennar will post 5.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lennar

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEN. Butensky & Cohen Financial Security Inc. increased 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 valued at $3,979,000 after acquiring an additional 4,750 shares during the last quarter. Hudson Value Partners LLC bought a new stake in shares of Lennar during the 2nd quarter valued at about $249,000. Tema ETFs LLC increased its position 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 valued at $914,000 after purchasing an additional 870 shares during the last quarter. Everpar Advisors LLC lifted its stake in shares of Lennar by 16.5% in 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 period. Finally, Chemistry Wealth Management LLC boosted its holdings in shares of Lennar by 23.3% in the second quarter. Chemistry Wealth Management LLC now owns 7,128 shares of the construction company's stock worth $645,000 after buying an additional 1,345 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Company Profile

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.

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