KeyCorp Comments on Lennar Co.’s Q4 2017 Earnings (LEN)
Lennar Co. (NYSE:LEN) – Investment analysts at KeyCorp reduced their Q4 2017 earnings per share estimates for shares of Lennar in a report released on Tuesday. KeyCorp analyst K. Zener now expects that the construction company will post earnings per share of $1.47 for the quarter, down from their prior estimate of $1.80. KeyCorp currently has a “Hold” rating on the stock.
Several other research firms also recently weighed in on LEN. BTIG Research lifted their target price on shares of Lennar from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Wedbush reissued a “neutral” rating and issued a $46.00 target price on shares of Lennar in a research report on Thursday, June 15th. Argus reissued a “buy” rating and issued a $60.00 target price (up from $57.00) on shares of Lennar in a research report on Tuesday, July 25th. Zacks Investment Research raised shares of Lennar from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Wednesday, July 12th. Finally, BidaskClub downgraded shares of Lennar from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Lennar has a consensus rating of “Buy” and a consensus price target of $57.63.
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Lennar (NYSE:LEN) last announced its quarterly earnings data on Tuesday, October 3rd. The construction company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.05. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.25 billion. Lennar had a net margin of 7.47% and a return on equity of 13.30%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 earnings per share.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanders Capital LLC lifted its stake in Lennar by 1.3% in the first quarter. Sanders Capital LLC now owns 8,724,399 shares of the construction company’s stock valued at $456,887,000 after acquiring an additional 110,379 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Lennar by 5.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,516,323 shares of the construction company’s stock valued at $400,771,000 after acquiring an additional 386,110 shares during the last quarter. Aristotle Capital Management LLC lifted its stake in Lennar by 1.3% in the first quarter. Aristotle Capital Management LLC now owns 5,767,575 shares of the construction company’s stock valued at $295,242,000 after acquiring an additional 73,814 shares during the last quarter. Greenhaven Associates Inc. lifted its stake in Lennar by 0.9% in the second quarter. Greenhaven Associates Inc. now owns 5,420,516 shares of the construction company’s stock valued at $289,022,000 after acquiring an additional 46,200 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Lennar by 25.0% in the second quarter. Principal Financial Group Inc. now owns 3,129,708 shares of the construction company’s stock valued at $166,876,000 after acquiring an additional 625,329 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.
In other Lennar news, CFO Bruce E. Gross sold 5,000 shares of Lennar stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $56.48, for a total value of $282,400.00. Following the completion of the sale, the chief financial officer now directly owns 376,043 shares in the company, valued at $21,238,908.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.18% of the stock is owned by insiders.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Thursday, October 19th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, October 18th. Lennar’s dividend payout ratio (DPR) is presently 4.61%.
Lennar Company Profile
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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