Lennar Corp. (LEN) Posts Earnings Results, Beats Estimates By $0.12 EPS
Lennar Corp. (NYSE:LEN) announced its quarterly earnings results on Tuesday. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.12. Lennar Corp. had a net margin of 8.52% and a return on equity of 14.41%. The firm earned $2.83 billion during the quarter. During the same period in the prior year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was up 13.7% on a year-over-year basis.
Shares of Lennar Corp. (NYSE:LEN) opened at 43.45 on Thursday. Lennar Corp. has a 12 month low of $37.14 and a 12 month high of $52.50. The stock has a 50 day moving average of $46.28 and a 200-day moving average of $46.46. The company has a market cap of $9.52 billion, a price-to-earnings ratio of 11.60 and a beta of 1.37.
Large investors have recently added to or reduced their stakes in the company. Sanders Capital LLC boosted its stake in Lennar Corp. by 0.5% in the second quarter. Sanders Capital LLC now owns 8,435,452 shares of the company’s stock worth $396,802,000 after buying an additional 38,157 shares in the last quarter. Aristotle Capital Management LLC boosted its stake in Lennar Corp. by 3.2% in the second quarter. Aristotle Capital Management LLC now owns 5,595,802 shares of the company’s stock worth $257,966,000 after buying an additional 171,406 shares in the last quarter. Eminence Capital LP boosted its stake in Lennar Corp. by 10.9% in the second quarter. Eminence Capital LP now owns 3,365,856 shares of the company’s stock worth $155,166,000 after buying an additional 331,226 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Lennar Corp. by 3.7% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,986,303 shares of the company’s stock worth $137,669,000 after buying an additional 106,100 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Lennar Corp. by 15.0% in the second quarter. Lord Abbett & CO. LLC now owns 2,835,787 shares of the company’s stock worth $130,730,000 after buying an additional 368,924 shares in the last quarter. 86.39% of the stock is currently owned by hedge funds and other institutional investors.
LEN has been the subject of several analyst reports. Argus initiated coverage on shares of Lennar Corp. in a report on Tuesday, July 5th. They set a “buy” rating and a $59.00 price target for the company. Zacks Investment Research downgraded shares of Lennar Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 29th. Wedbush began coverage on shares of Lennar Corp. in a report on Monday. They set a “neutral” rating and a $46.00 price target for the company. FBR & Co restated an “outperform” rating and issued a $60.00 price objective on shares of Lennar Corp. in a research report on Wednesday, June 22nd. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Lennar Corp. from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $54.08.
About Lennar Corp.
Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily.
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