Zacks Research Weighs in on Lennar Co.’s Q3 2023 Earnings (NYSE:LEN)

Posted by Defense World Staff on Aug 31st, 2023

Lennar Co. (NYSE:LEN – Free Report) – Investment analysts at Zacks Research dropped their Q3 2023 EPS estimates for Lennar in a report released on Tuesday, August 29th. Zacks Research analyst A. Gupta now expects that the construction company will earn $3.36 per share for the quarter, down from their prior estimate of $3.37. The consensus estimate for Lennar’s current full-year earnings is $12.65 per share.

Lennar (NYSE:LEN – Get Free Report) last issued its earnings results on Wednesday, June 14th. The construction company reported $2.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.62. Lennar had a net margin of 12.66% and a return on equity of 18.27%. The firm had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.28 billion.

Other equities analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Lennar in a research report on Wednesday, May 31st. They set a “sell” rating and a $105.00 price objective for the company. StockNews.com initiated coverage on shares of Lennar in a research report on Thursday, August 17th. They set a “hold” rating for the company. Seaport Res Ptn reiterated a “buy” rating on shares of Lennar in a research report on Wednesday, June 14th. Barclays increased their target price on shares of Lennar from $120.00 to $135.00 in a research note on Wednesday, May 24th. Finally, UBS Group increased their target price on shares of Lennar from $127.00 to $150.00 in a research note on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lennar currently has a consensus rating of “Hold” and a consensus target price of $127.20.

Get Our Latest Research Report on Lennar

Lennar Price Performance

LEN stock opened at $119.27 on Thursday. Lennar has a 52 week low of $69.90 and a 52 week high of $133.24. The company has a quick ratio of 1.25, a current ratio of 7.09 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $123.82 and a two-hundred day simple moving average of $112.93. The firm has a market capitalization of $34.28 billion, a P/E ratio of 8.14, a price-to-earnings-growth ratio of 1.50 and a beta of 1.47.

Lennar Announces Dividend

The firm also recently announced 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 1.26%. The ex-dividend date of this dividend was Thursday, July 6th. Lennar’s payout ratio is 10.24%.

Insiders Place Their Bets

In other Lennar news, Director Amy Banse bought 859 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were bought at an average cost of $117.65 per share, for a total transaction of $101,061.35. Following the acquisition, the director now directly owns 8,972 shares in the company, valued at $1,055,555.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Diane J. Bessette sold 10,790 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $121.46, for a total value of $1,310,553.40. Following the sale, the chief financial officer now directly owns 270,556 shares in the company, valued at approximately $32,861,731.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse purchased 859 shares of the 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 completion of the acquisition, the director now directly owns 8,972 shares in the company, valued at approximately $1,055,555.80. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,634 shares of company stock worth $321,855 in the last three months. Corporate insiders own 9.53% of the company’s stock.

Institutional Trading of Lennar

A number of institutional investors have recently bought and sold shares of the stock. Sanders Capital LLC boosted its stake in Lennar by 3.5% in the 1st quarter. Sanders Capital LLC now owns 3,067,185 shares of the construction company’s stock worth $322,392,000 after purchasing an additional 102,601 shares in the last quarter. Smead Capital Management Inc. boosted its stake in Lennar by 3.2% in the 1st quarter. Smead Capital Management Inc. now owns 3,057,384 shares of the construction company’s stock worth $321,362,000 after purchasing an additional 94,694 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Lennar by 111.4% in the 1st quarter. Pacer Advisors Inc. now owns 2,467,501 shares of the construction company’s stock worth $259,359,000 after purchasing an additional 1,300,163 shares in the last quarter. First Trust Advisors LP boosted its stake in Lennar by 551.1% in the 1st quarter. First Trust Advisors LP now owns 1,824,684 shares of the construction company’s stock worth $191,793,000 after purchasing an additional 1,544,432 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in Lennar by 10.9% during the 2nd quarter. Nordea Investment Management AB now owns 1,598,433 shares of the construction company’s stock worth $198,797,000 after buying an additional 156,691 shares during the last quarter. 79.87% of the stock is currently owned by institutional investors and hedge funds.

About Lennar

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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.