Lennar Co. (NYSE:LEN)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $45.59, but opened at $49.22. Lennar shares last traded at $51.61, with a volume of 15662061 shares trading hands.
The construction company reported $1.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $1.13. Lennar had a net margin of 6.84% and a return on equity of 11.65%. The firm had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.10 billion. During the same period last year, the company posted $0.91 EPS. The company’s quarterly revenue was up 67.4% compared to the same quarter last year.
LEN has been the subject of several research analyst reports. Zacks Investment Research raised shares of Lennar from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Tuesday, June 5th. ValuEngine cut shares of Lennar from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 28th. Mizuho set a $80.00 target price on shares of Lennar and gave the stock a “buy” rating in a research report on Sunday, April 8th. Credit Suisse Group set a $81.00 target price on shares of Lennar and gave the stock a “buy” rating in a research report on Wednesday, April 4th. Finally, Argus raised their target price on shares of Lennar from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, March 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. Lennar currently has an average rating of “Buy” and a consensus target price of $70.69.
In other Lennar news, SVP Jeffrey Joseph Mccall sold 50,887 shares of the firm’s stock in a transaction dated Wednesday, May 23rd. The shares were sold at an average price of $50.70, for a total transaction of $2,579,970.90. Following the completion of the sale, the senior vice president now directly owns 190,052 shares in the company, valued at approximately $9,635,636.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey Sonnenfeld sold 2,095 shares of the firm’s stock in a transaction dated Friday, April 6th. The shares were sold at an average price of $62.98, for a total transaction of $131,943.10. Following the sale, the director now owns 32,072 shares of the company’s stock, valued at $2,019,894.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,870 shares of company stock valued at $5,455,795. 8.50% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in LEN. Dupont Capital Management Corp increased its stake in Lennar by 117.2% during the 1st quarter. Dupont Capital Management Corp now owns 2,791 shares of the construction company’s stock valued at $165,000 after purchasing an additional 1,506 shares in the last quarter. Massey Quick Simon & CO. LLC increased its stake in Lennar by 103.1% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 2,900 shares of the construction company’s stock valued at $171,000 after purchasing an additional 1,472 shares in the last quarter. Gotham Asset Management LLC bought a new stake in Lennar during the 4th quarter valued at about $207,000. Doyle Wealth Management bought a new stake in Lennar during the 1st quarter valued at about $209,000. Finally, Pitcairn Co. bought a new stake in Lennar during the 4th quarter valued at about $214,000. Institutional investors and hedge funds own 86.22% of the company’s stock.
The company has a market cap of $16.67 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.57 and a beta of 1.25. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.84 and a current ratio of 16.40.
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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