Lennar (NYSE:LEN) Shares Gap Up - Here's Why

Shares of Lennar Corporation (NYSE:LEN - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $109.43, but opened at $114.12. Lennar shares last traded at $117.44, with a volume of 486,627 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on LEN. JMP Securities lowered their price objective on shares of Lennar from $150.00 to $130.00 and set a "market outperform" rating for the company in a research report on Friday, June 20th. Royal Bank Of Canada reduced their target price on shares of Lennar from $122.00 to $98.00 and set a "sector perform" rating on the stock in a report on Wednesday, June 18th. The Goldman Sachs Group reduced their target price on shares of Lennar from $141.00 to $120.00 and set a "neutral" rating on the stock in a report on Tuesday, March 25th. Wall Street Zen lowered shares of Lennar from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Finally, Bank of America reduced their target price on shares of Lennar from $110.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $128.85.

Lennar Stock Performance

The firm has a market capitalization of $30.47 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 4.65 and a beta of 1.33. The company's 50 day moving average is $109.52 and its 200-day moving average is $116.19. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12.

Lennar (NYSE:LEN - Get Free Report) last released its quarterly earnings data on Monday, June 16th. The construction company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.04). Lennar had a return on equity of 12.73% and a net margin of 9.20%. The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.21 billion. During the same quarter in the previous year, the company posted $3.45 EPS. The business's quarterly revenue was down 4.4% on a year-over-year basis. As a group, equities analysts anticipate that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Thursday, July 3rd. Lennar's dividend payout ratio is currently 16.54%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Hurley Capital LLC bought a new stake in shares of Lennar during the 4th quarter valued at $26,000. Ameriflex Group Inc. purchased a new stake in Lennar in the 4th quarter worth approximately $30,000. Opal Wealth Advisors LLC purchased a new stake in Lennar during the 1st quarter valued at approximately $30,000. NBC Securities Inc. bought a new position in shares of Lennar during the 1st quarter valued at approximately $33,000. Finally, Franchise Capital Ltd bought a new position in shares of Lennar during the 1st quarter valued at approximately $38,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.

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