Lennar (LEN) Announces Quarterly Earnings Results
Lennar (NYSE:LEN) posted its earnings results on Wednesday. The construction company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.05, Bloomberg Earnings reports. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.46 billion. Lennar had a net margin of 8.24% and a return on equity of 14.02%. Lennar’s revenue was up 70.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.29 EPS.
Shares of LEN stock opened at $45.17 on Friday. The company has a current ratio of 12.62, a quick ratio of 0.72 and a debt-to-equity ratio of 0.67. Lennar has a one year low of $37.29 and a one year high of $72.17. The company has a market capitalization of $15.29 billion, a PE ratio of 7.11, a P/E/G ratio of 0.43 and a beta of 1.17.
LEN has been the topic of several recent analyst reports. Deutsche Bank upgraded shares of Lennar from a “hold” rating to a “buy” rating and decreased their target price for the company from $58.00 to $51.00 in a report on Monday, October 22nd. TheStreet lowered shares of Lennar from a “b-” rating to a “c+” rating in a report on Tuesday, October 23rd. JMP Securities set a $56.00 target price on shares of Lennar and gave the company a “buy” rating in a report on Friday, October 5th. Wedbush upgraded shares of Lennar from a “neutral” rating to an “outperform” rating and decreased their price objective for the stock from $56.00 to $50.00 in a report on Monday, October 29th. Finally, Royal Bank of Canada set a $63.00 price objective on shares of Lennar and gave the stock a “buy” rating in a report on Thursday, October 4th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $61.00.
A number of institutional investors have recently added to or reduced their stakes in the business. Cerebellum GP LLC lifted its holdings in Lennar by 65.6% during the 4th quarter. Cerebellum GP LLC now owns 6,294 shares of the construction company’s stock worth $246,000 after buying an additional 2,494 shares in the last quarter. CENTRAL TRUST Co lifted its holdings in Lennar by 59.9% during the 4th quarter. CENTRAL TRUST Co now owns 11,260 shares of the construction company’s stock worth $441,000 after buying an additional 4,220 shares in the last quarter. Belpointe Asset Management LLC lifted its holdings in Lennar by 14.5% during the 3rd quarter. Belpointe Asset Management LLC now owns 6,306 shares of the construction company’s stock worth $294,000 after buying an additional 797 shares in the last quarter. Marshall Wace North America L.P. lifted its holdings in Lennar by 831.5% during the 3rd quarter. Marshall Wace North America L.P. now owns 188,515 shares of the construction company’s stock worth $8,802,000 after buying an additional 168,277 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Lennar by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,160,634 shares of the construction company’s stock worth $1,445,931,000 after buying an additional 1,099,188 shares in the last quarter. Institutional investors own 84.53% of the company’s stock.
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Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its 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.
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