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Stock Investors Sell Off Shares of Lennar, Down 4.1%

Published on Mon, 06/10/2013 - 10:21
By Peter Chu

Lennar (NYSE:LEN), a company whose shares are moving quickly, is trading 4.1% lower to $37.00. The S&P is currently trading fractionally higher to 1,645 and the Dow Jones Industrial Average is trading fractionally higher to 15,261.

Lennar (NYSE:LEN) has potential upside of 18.3% based on a current price of $37.00 and analysts' consensus price target of $43.77. The stock should run into initial resistance at its 200-day moving average (MA) of $38.81 and subsequent resistance at its 50-day MA of $40.78.

Lennar Corporation constructs and sells single-family attached and detached homes, and to a lesser extent multi-level buildings as well as as buys and sells residential land. The Company also provides mortgage financing, title insurance, closing services and other ancillary services (including personal lines insurance, high-speed Internet and cable television).

In the past 52 weeks, shares of Lennar have traded between a low of $24.38 and a high of $44.40 and are now at $37.00, which is 52% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 0.9%.

By Peter Chu
pchu@fnno.com