Lennar (NYSE:LEN) Releases Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Lennar (NYSE:LEN) announced its quarterly earnings data on Friday. The construction company reported $3.91 EPS for the quarter, topping the consensus estimate of $3.52 by $0.39, Briefing.com reports. The company had revenue of $8.73 billion during the quarter, compared to the consensus estimate of $8.49 billion. Lennar had a net margin of 12.66% and a return on equity of 18.27%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $5.18 EPS. Lennar updated its Q4 guidance to $4.40-4.75 EPS and its Q4 2023 guidance to $4.40-$4.75 EPS.

Lennar Stock Performance

NYSE LEN opened at $114.76 on Friday. The stock has a market capitalization of $32.98 billion, a PE ratio of 7.83, a P/E/G ratio of 1.53 and a beta of 1.48. The company has a debt-to-equity ratio of 0.15, a current ratio of 7.09 and a quick ratio of 1.25. The business has a 50 day simple moving average of $122.48 and a two-hundred day simple moving average of $114.50. Lennar has a 1-year low of $69.90 and a 1-year high of $133.24.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Friday, July 7th were issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend was Thursday, July 6th. Lennar’s dividend payout ratio is presently 10.24%.

Insider Transactions at Lennar

In related news, Director Amy Banse bought 859 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was purchased at an average price of $117.65 per share, for a total transaction of $101,061.35. Following the acquisition, the director now owns 8,972 shares in the company, valued at $1,055,555.80. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other Lennar news, Director Amy Banse purchased 859 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average cost of $117.65 per share, with a total value of $101,061.35. Following the purchase, the director now owns 8,972 shares of the company’s stock, valued at $1,055,555.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey Joseph Mccall sold 10,000 shares of Lennar stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $126.48, for a total value of $1,264,800.00. Following the sale, the executive vice president now directly owns 141,386 shares of the company’s stock, valued at $17,882,501.28. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 2,634 shares of company stock worth $321,855. 9.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Gateway Wealth Partners LLC acquired a new position in Lennar during the 4th quarter valued at about $306,000. Sequoia Financial Advisors LLC acquired a new position in shares of Lennar in the fourth quarter valued at about $296,000. Industrial Alliance Investment Management Inc. increased its holdings in shares of Lennar by 51.6% in the first quarter. Industrial Alliance Investment Management Inc. now owns 3,457 shares of the construction company’s stock valued at $281,000 after purchasing an additional 1,177 shares during the period. Cetera Advisors LLC acquired a new position in shares of Lennar in the fourth quarter valued at about $240,000. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of Lennar in the fourth quarter valued at about $238,000. 79.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods lifted their target price on Lennar from $130.00 to $145.00 in a research note on Friday, June 16th. Evercore ISI boosted their price objective on Lennar from $153.00 to $161.00 in a research note on Friday, June 16th. The Goldman Sachs Group boosted their price objective on Lennar from $141.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. Bank of America boosted their price objective on Lennar from $103.00 to $120.00 in a research note on Wednesday, June 14th. Finally, Barclays boosted their price objective on Lennar from $120.00 to $135.00 in a research note on Wednesday, May 24th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $127.56.

Lennar Company Profile

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; and development, construction, and management of multifamily rental properties.