Citigroup Has Lowered Expectations for Lennar (NYSE:LEN) Stock Price

Lennar (NYSE:LEN) had its price objective lowered by Citigroup from $104.00 to $88.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the construction company’s stock. Citigroup’s target price would suggest a potential upside of 1.93% from the stock’s previous close.

LEN has been the subject of a number of other reports. Keefe, Bruyette & Woods decreased their target price on shares of Lennar from $86.00 to $85.00 and set an “underperform” rating for the company in a research note on Wednesday, June 17th. UBS Group cut their price objective on Lennar from $107.00 to $94.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. JPMorgan Chase & Co. reduced their price objective on Lennar from $80.00 to $77.00 and set an “underweight” rating for the company in a research report on Tuesday, June 16th. Evercore increased their target price on Lennar from $82.00 to $87.00 and gave the company an “underperform” rating in a report on Monday, June 15th. Finally, Argus set a $108.00 price target on Lennar in a research note on Thursday, July 9th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and ten have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $92.80.

Lennar Price Performance

LEN opened at $86.33 on Wednesday. The company’s 50-day simple moving average is $88.33 and its two-hundred day simple moving average is $97.96. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 4.91. The stock has a market capitalization of $20.80 billion, a P/E ratio of 13.51, a P/E/G ratio of 2.83 and a beta of 1.38. Lennar has a 52-week low of $81.18 and a 52-week high of $144.24.

Lennar (NYSE:LEN) last released its quarterly earnings data on Thursday, June 11th. The construction company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.07. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The firm had revenue of $7.94 billion during the quarter, compared to analysts’ expectations of $8.08 billion. During the same period in the previous year, the company earned $1.81 earnings per share. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, analysts predict that Lennar will post 5.52 EPS for the current year.

Hedge Funds Weigh In On Lennar

A number of hedge funds have recently made changes to their positions in the business. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Lennar during the third quarter worth about $25,000. Phillip James Consulting Co. purchased a new position in Lennar in the 1st quarter worth approximately $30,000. High Point Wealth Management LLC bought a new position in Lennar in the 4th quarter worth approximately $31,000. DV Equities LLC purchased a new stake in Lennar during the 4th quarter valued at approximately $31,000. Finally, Global Assets Advisory LLC bought a new stake in shares of Lennar during the first quarter valued at approximately $39,000. Institutional investors own 81.10% of the company’s stock.

About Lennar

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.