Wall Street brokerages predict that Lennar Co. (NYSE:LEN) will report $5.67 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Lennar’s earnings, with estimates ranging from $5.55 billion to $5.85 billion. Lennar reported sales of $3.26 billion during the same quarter last year, which would suggest a positive year over year growth rate of 73.9%. The firm is expected to report its next quarterly earnings results on Tuesday, October 2nd.
According to Zacks, analysts expect that Lennar will report full year sales of $20.90 billion for the current fiscal year, with estimates ranging from $20.69 billion to $21.22 billion. For the next year, analysts expect that the company will post sales of $24.19 billion per share, with estimates ranging from $23.40 billion to $25.06 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Lennar.
Lennar (NYSE:LEN) last released its earnings results on Tuesday, June 26th. The construction company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $1.13. The firm had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.10 billion. Lennar had a return on equity of 12.82% and a net margin of 6.49%. Lennar’s revenue was up 67.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 earnings per share.
A number of research analysts recently issued reports on the company. Zacks Investment Research raised Lennar from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Tuesday, June 5th. Barclays restated an “overweight” rating and set a $65.00 price objective (down from $72.00) on shares of Lennar in a research report on Wednesday, June 27th. Maxim Group decreased their price objective on Lennar from $83.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, May 23rd. MKM Partners decreased their price objective on Lennar to $71.00 and set a “buy” rating for the company in a research report on Wednesday, May 23rd. Finally, ValuEngine lowered Lennar from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $71.69.
NYSE:LEN opened at $50.57 on Friday. The stock has a market cap of $17.59 billion, a P/E ratio of 13.27, a PEG ratio of 0.46 and a beta of 1.29. Lennar has a 52-week low of $48.71 and a 52-week high of $72.17. The company has a current ratio of 11.81, a quick ratio of 0.76 and a debt-to-equity ratio of 0.73.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 26th. Stockholders of record on Thursday, July 12th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, July 11th. This represents a $0.16 annualized dividend and a dividend yield of 0.32%. Lennar’s dividend payout ratio is 4.20%.
In other news, COO Jonathan M. Jaffe sold 20,000 shares of Lennar stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $52.12, for a total transaction of $1,042,400.00. Following the completion of the sale, the chief operating officer now directly owns 212,333 shares in the company, valued at approximately $11,066,795.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Jeffrey Joseph Mccall sold 50,887 shares of the firm’s stock in a transaction that occurred on Wednesday, May 23rd. The shares were sold at an average price of $50.70, for a total value of $2,579,970.90. Following the completion of the transaction, the senior vice president now directly owns 190,052 shares in the company, valued at $9,635,636.40. The disclosure for this sale can be found here. 8.50% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. Dupont Capital Management Corp increased its position in Lennar by 117.2% in the 1st quarter. Dupont Capital Management Corp now owns 2,791 shares of the construction company’s stock worth $165,000 after buying an additional 1,506 shares during the period. Massey Quick Simon & CO. LLC increased its position in Lennar by 103.1% in the 1st quarter. Massey Quick Simon & CO. LLC now owns 2,900 shares of the construction company’s stock worth $171,000 after buying an additional 1,472 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in Lennar by 475.0% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,990 shares of the construction company’s stock worth $157,000 after buying an additional 2,470 shares during the period. Ayalon Holdings Ltd. bought a new position in Lennar in the 2nd quarter worth approximately $158,000. Finally, Doyle Wealth Management bought a new position in Lennar in the 1st quarter worth approximately $209,000. 84.97% of the stock is currently owned by institutional investors and hedge funds.
Lennar Company Profile
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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