Traders Sell Shares of Lennar (LEN) on Strength After Earnings Miss
Traders sold shares of Lennar Co. (NYSE:LEN) on strength during trading on Thursday after the company announced weaker than expected quarterly earnings. $63.96 million flowed into the stock on the tick-up and $105.85 million flowed out of the stock on the tick-down, for a money net flow of $41.89 million out of the stock. Of all stocks tracked, Lennar had the 20th highest net out-flow for the day. Lennar traded up $1.31 for the day and closed at $69.57The construction company reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.50 by ($0.21). Lennar had a return on equity of 12.37% and a net margin of 6.65%. The company had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the firm earned $1.34 EPS. Lennar’s quarterly revenue was up 12.1% on a year-over-year basis.
A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $78.00 price target on shares of Lennar in a research note on Thursday. Wedbush set a $60.00 price objective on shares of Lennar and gave the company a “hold” rating in a research note on Thursday, January 4th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $65.00 price objective (up previously from $57.00) on shares of Lennar in a research note on Thursday. Royal Bank of Canada reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Lennar in a research note on Monday, September 25th. Finally, Zacks Investment Research raised shares of Lennar from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $61.33.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $64.02, for a total transaction of $1,280,400.00. Following the completion of the sale, the chief operating officer now directly owns 99,000 shares in the company, valued at approximately $6,337,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Bruce E. Gross sold 5,000 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now owns 371,043 shares of the company’s stock, valued at $22,262,580. The disclosure for this sale can be found here. Corporate insiders own 12.18% of the company’s stock.
The company has a quick ratio of 0.59, a current ratio of 7.76 and a debt-to-equity ratio of 0.72. The firm has a market cap of $16,160.00, a price-to-earnings ratio of 20.05, a P/E/G ratio of 1.35 and a beta of 1.35.
TRADEMARK VIOLATION WARNING: This story was published by Watch List News and is owned by of Watch List News. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://www.watchlistnews.com/traders-sell-shares-of-lennar-len-on-strength-after-earnings-miss/1803310.html.
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.
Receive News & Ratings for Lennar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lennar and related companies with MarketBeat.com's FREE daily email newsletter.