- Previous Close
186.90 - Open
187.30 - Bid 179.80 x 1100
- Ask 182.48 x 1100
- Day's Range
179.64 - 187.70 - 52 Week Range
102.90 - 193.80 - Volume
2,066,648 - Avg. Volume
2,038,434 - Market Cap (intraday)
48.975B - Beta (5Y Monthly) 1.61
- PE Ratio (TTM)
12.11 - EPS (TTM)
15.05 - Earnings Date Dec 12, 2024 - Dec 16, 2024
- Forward Dividend & Yield 2.00 (1.10%)
- Ex-Dividend Date Oct 9, 2024
- 1y Target Est
201.13
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. It also offers residential mortgage financing, title, insurance, and closing services for home buyers and others, as well as originates and sells securitization commercial mortgage loans. In addition, the company is involved in the fund investment activity. It primarily serves first-time, move-up, active adult, and luxury homebuyers. Lennar Corporation was founded in 1954 and is based in Miami, Florida.
www.lennar.com12,284
Full Time Employees
November 30
Fiscal Year Ends
Sector
Industry
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Trailing total returns as of 10/4/2024, which may include dividends or other distributions. Benchmark is
.YTD Return
1-Year Return
3-Year Return
5-Year Return
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Statistics: LEN
View MoreValuation Measures
Market Cap
48.98B
Enterprise Value
48.49B
Trailing P/E
12.11
Forward P/E
11.05
PEG Ratio (5yr expected)
1.29
Price/Sales (ttm)
1.37
Price/Book (mrq)
1.80
Enterprise Value/Revenue
1.33
Enterprise Value/EBITDA
8.84
Financial Highlights
Profitability and Income Statement
Profit Margin
11.51%
Return on Assets (ttm)
8.78%
Return on Equity (ttm)
15.88%
Revenue (ttm)
36.46B
Net Income Avi to Common (ttm)
4.15B
Diluted EPS (ttm)
15.05
Balance Sheet and Cash Flow
Total Cash (mrq)
7.08B
Total Debt/Equity (mrq)
14.67%
Levered Free Cash Flow (ttm)
4.65B
Research Analysis: LEN
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Research Reports: LEN
View MoreJobs Jump
The Bureau of Labor Statistics (BLS) reported that the U.S. economy generated 254,000 new jobs in September, well above our forecast of 135,000 and the consensus of 140,000. August's result was revised higher by 17,000 to 159,000. July was revised up by 55,000 to 144,000. September's increase in payrolls and revisions higher to past results took the three-month average up to 186,000, just below the 12-month average of 203,000. With inflation descending towards 2%, the Fed felt comfortable reducing the federal funds rate by 50 basis points last month to support the economy and bolster the job market. But there is little evidence of weakness in this morning's report. The September unemployment rate declined to 4.1%, a tenth below our estimate and consensus. Average hourly earnings increased 13 cents month to month and are 4.0% higher year over year (compared to 3.9% in August). The average workweek ticked down to 34.2 hours. Job gains continued to trend higher in food services and drinking places, healthcare, government, social assistance, and construction. Employment showed little or no change in mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services; and other services. After the report, stock futures rose and the yield on the 10-year Treasury climbed. Futures contracts suggested a 90% probability that in November the Fed will reduce the funds target by 25 basis points and a 10% chance that it will cut the funds rate by 50 basis points, compared with probabilities of 72% and 28%, respectively, before the report. The probability that the funds target will be lower by 75 basis points or more from current levels after the December meeting was 26%, down from 54% before the release.
Raising target price to $215 from $210
Lennar Corp. based in Miami, is one of the two largest builders of homes based on 73,087 closings, across approximately 23 states, in FY23. Rival D.R. Horton actually delivered 82,917. Lennar's $34.2 billion in revenue ranks close to Horton's $35.5 billion helped by an average sales price that is about $60,000 higher. The company's East region is its biggest, accounting for 31% of deliveries. Lennar builds step-up (68% of closings), entry level (28%) and retirement (4%) homes, with an average selling price of $446,000. The company also provides mortgage financing. Lennar's Multifamily business develops and manages apartment complexes through joint ventures. Homebuilding represented $32.7 billion of the company's $34.2 billion in FY23 revenue. It is also the biggest contributor to pretax earnings. The company's fiscal year ends on November 30.
RatingPrice TargetThe major indices are lower to flat at midday. Geopolitical tensions persist.
The major indices are lower to flat at midday. Geopolitical tensions persist. Oil prices have kicked up another 4%. There's also much focus on tomorrow's September Jobs report. We see Nonfarm Payrolls edging lower to 135,000 new jobs versus 142,000 for August. We forecast the Unemployment Rate to come in unchanged at 4.2%.
Lennar Earnings: Home Deliveries Exceed Our Expectations; Gross Margin Headwinds Persist
Lennar is one of the largest public homebuilders in the United States. The company’s homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily and single-family for rent construction and has invested in numerous housing-related technology startups.
RatingPrice Target