Lennar Co. (NYSE:LEN) – Equities research analysts at Truist Securiti issued their FY2023 earnings per share (EPS) estimates for shares of Lennar in a report issued on Thursday, November 19th. Truist Securiti analyst R. Seth forecasts that the construction company will post earnings per share of $9.76 for the year. Truist Securiti also issued estimates for Lennar’s FY2024 earnings at $10.59 EPS.
Lennar (NYSE:LEN) last posted its quarterly earnings results on Monday, September 14th. The construction company reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.61. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.53 billion. Lennar had a return on equity of 13.35% and a net margin of 9.97%. Lennar’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the company earned $1.59 EPS.
Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price target on Lennar from $87.00 to $94.00 and gave the stock a “neutral” rating in a research note on Thursday, October 8th. Royal Bank of Canada upgraded Lennar from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $78.00 to $89.00 in a research note on Wednesday, September 16th. Bank of America boosted their price target on Lennar from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 16th. ValuEngine upgraded Lennar from a “strong sell” rating to a “sell” rating in a research note on Monday, August 3rd. Finally, Zacks Investment Research upgraded Lennar from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research note on Monday, September 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $80.72.
Shares of NYSE:LEN opened at $76.30 on Friday. Lennar has a 12-month low of $25.42 and a 12-month high of $86.80. The stock has a fifty day simple moving average of $78.55 and a two-hundred day simple moving average of $69.97. The company has a current ratio of 13.62, a quick ratio of 1.55 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $23.86 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 0.97 and a beta of 1.65.
A number of large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB lifted its position in shares of Lennar by 2,710.0% in the second quarter. Nordea Investment Management AB now owns 1,791,818 shares of the construction company’s stock valued at $108,154,000 after acquiring an additional 1,728,053 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of Lennar by 103,874.1% in the second quarter. Glenmede Trust Co. NA now owns 1,195,702 shares of the construction company’s stock valued at $73,677,000 after acquiring an additional 1,194,552 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Lennar by 4.1% in the third quarter. The Manufacturers Life Insurance Company now owns 9,648,574 shares of the construction company’s stock valued at $788,095,000 after acquiring an additional 382,465 shares in the last quarter. Tredje AP fonden purchased a new position in shares of Lennar in the third quarter valued at about $27,771,000. Finally, Man Group plc purchased a new stake in shares of Lennar in the second quarter worth about $16,585,000. 81.62% of the stock is owned by institutional investors and hedge funds.
In other Lennar news, Director Scott D. Stowell sold 128,603 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $76.35, for a total transaction of $9,818,839.05. Following the completion of the sale, the director now owns 59,322 shares of the company’s stock, valued at $4,529,234.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey Joseph Mccall sold 3,707 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $80.01, for a total value of $296,597.07. Following the sale, the executive vice president now directly owns 177,910 shares of the company’s stock, valued at approximately $14,234,579.10. The disclosure for this sale can be found here. Insiders have sold 164,964 shares of company stock valued at $12,824,118 in the last three months. 8.60% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.31%. The ex-dividend date was Thursday, October 15th. This is a positive change from Lennar’s previous quarterly dividend of $0.13. Lennar’s payout ratio is currently 17.42%.
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's 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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