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 Zacks’ consensus estimate of $0.89 by $0.12. Lennar Corp. had a return on equity of 14.41% and a net margin of 8.52%. The business had revenue of $2.83 billion for the quarter. During the same quarter in the prior year, the business posted $0.96 earnings per share. The company’s revenue was up 13.7% compared to the same quarter last year.
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 firm has a market cap of $9.52 billion, a PE ratio of 11.60 and a beta of 1.37. The company has a 50-day moving average price of $46.28 and a 200-day moving average price of $46.46.
Institutional investors have recently made changes to their positions in the stock. Emerald Acquisition Ltd. purchased a new position in shares of Lennar Corp. during the second quarter valued at about $112,193,000. Third Avenue Management LLC purchased a new position in shares of Lennar Corp. during the first quarter valued at about $54,308,000. Marketfield Asset Management LLC purchased a new position in shares of Lennar Corp. during the second quarter valued at about $17,945,000. Lord Abbett & CO. LLC increased its position in shares of Lennar Corp. by 15.0% in the second quarter. Lord Abbett & CO. LLC now owns 2,835,787 shares of the company’s stock valued at $130,730,000 after buying an additional 368,924 shares in the last quarter. Finally, Eminence Capital LP increased its position in shares of Lennar Corp. by 10.9% in the second quarter. Eminence Capital LP now owns 3,365,856 shares of the company’s stock valued at $155,166,000 after buying an additional 331,226 shares in the last quarter. 86.39% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on LEN shares. MKM Partners reiterated a “neutral” rating and issued a $52.00 price target on shares of Lennar Corp. in a report on Wednesday, June 15th. FBR & Co reiterated an “outperform” rating and issued a $60.00 price target on shares of Lennar Corp. in a report on Wednesday, June 22nd. Raymond James Financial Inc. upgraded Lennar Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, June 27th. Credit Suisse Group AG reiterated a “hold” rating on shares of Lennar Corp. in a report on Tuesday, June 28th. Finally, Argus started coverage on Lennar Corp. in a research note on Tuesday, July 5th. They set a “buy” rating and a $59.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The company 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.
Receive News & Ratings for Lennar Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lennar Corp. and related companies with MarketBeat.com's FREE daily email newsletter.