Profile
Sector:
Consumer CyclicalIndustry:
Residential ConstructionCountry:
United StatesIPO:
17 March 1980Website:
http://www.lennar.comNext earnings report:
13 September 2024Last dividends:
23 April 2024Next dividends:
05 July 2024Price
after hours | Wed, 03 Jul 2024 20:55:29 GMTAnalysts recommendations
Institutional Ownership
Included in screeners
LEN Latest News
D.R. Horton and Lennar getting downgraded at Citi. The Investment Committee debates homebuilders.
Homebuilding stocks Lennar Corp (NYSE:LEN) and DR Horton Inc (NYSE:DHI) are lower today, after Citigroup downgraded both names to "neutral" from "buy," while also trimming their price targets to $164 from $174 and $156 from $181, respectively, due to their risk/reward ratios.
Shares of several home builders tumbled Tuesday after Citi downgraded Lennar (LEN) and D.R. Horton (DHI), citing concerns about a housing market it says may stay sluggish for the rest of the year.
Lennar NYSE: LEN shares fell 5% to a multi-month low after setting tepid guidance for Q2. However, the move is overblown in light of the guidance, full-year outlook, cash flow, and robust capital return.
Shares of Lennar (LEN) are trading lower in Tuesday's after-hours trading, despite the homebuilder delivering a beat in its second-quarter earnings. The company reported revenue of $8.77 billion, surpassing analyst estimates of $8.57 billion, while also exceeding expectations on the adjusted earnings per share front, with a figure of $3.38 per share surpassing the anticipated $3.24.
Although Lennar (LEN) exceeded its fiscal second quarter top and bottom-line expectations after-market hours on Monday, its stock fell -5% in today's trading session which may coincide with profit-taking amid weaker-than-expected EPS guidance.
Lennar Corporation is the second-largest home builder in the US and has seen significant growth recently. However, challenges such as elevated mortgage rates and rising resale inventory are impacting the housing market and home builders like Lennar. Despite solid fundamentals, caution is advised due to shifting market dynamics and potential risks, leading to a Hold rating for Lennar shares.
Lennar's (LEN) second-quarter fiscal 2024 results reflect higher deliveries and orders. Yet, gross margin remains under pressure due to lower home prices and higher land costs.
CNBC's Diana Olick reports on news from Lennar.
Shares of homebuilder Lennar Corp (NYSE:LEN) are down 2.2% at $153.10, despite the company beating fiscal second-quarter earnings and revenue estimates.
What type of business is Lennar?
Lennar Corporation is a development company whose main activity is the construction of individual housing (cottages, townhouses, cottage communities). The company was founded in 1954 and is headquartered in Miami, Florida. In 2017, the company became the largest home construction company in the United States after acquiring developer CalAtlantic Homes. The company operates in 21 states and has a number of subsidiary companies in various fields. The company has several main lines of business: - Design, construction, and sale of single-family homes; - Design, construction, and management of multi-family residential complexes; - Purchase and sale of land for construction; - Mortgage financing; - Title insurance; - Real estate services.
What sector is Lennar in?
Lennar is in the Consumer Cyclical sector
What industry is Lennar in?
Lennar is in the Residential Construction industry
What country is Lennar from?
Lennar is headquartered in United States
When did Lennar go public?
Lennar initial public offering (IPO) was on 17 March 1980
What is Lennar website?
https://www.lennar.com
Is Lennar in the S&P 500?
Yes, Lennar is included in the S&P 500 index
Is Lennar in the NASDAQ 100?
No, Lennar is not included in the NASDAQ 100 index
Is Lennar in the Dow Jones?
No, Lennar is not included in the Dow Jones index
When does Lennar report earnings?
The next expected earnings date for Lennar is 13 September 2024