Brokers Issue Forecasts for Lennar Co.’s Q2 2024 Earnings (NYSE:LEN)
Lennar Co. (NYSE:LEN – Free Report) – Zacks Research reduced their Q2 2024 earnings per share estimates for Lennar in a note issued to investors on Wednesday, April 3rd. Zacks Research analyst A. Gupta now anticipates that the construction company will post earnings per share of $3.18 for the quarter, down from their prior estimate of $3.27. The consensus estimate for Lennar’s current full-year earnings is $14.24 per share. Zacks Research also issued estimates for Lennar’s Q4 2024 earnings at $4.82 EPS, FY2024 earnings at $14.27 EPS, Q1 2025 earnings at $2.69 EPS, Q2 2025 earnings at $3.58 EPS, Q3 2025 earnings at $4.04 EPS, Q4 2025 earnings at $4.90 EPS and FY2025 earnings at $15.21 EPS.
Lennar (NYSE:LEN – Get Free Report) last announced its quarterly earnings data on Thursday, March 14th. The construction company reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.36. The firm had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $7.39 billion. Lennar had a return on equity of 15.90% and a net margin of 11.59%. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the firm earned $2.12 earnings per share.
Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised their target price on Lennar from $175.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. StockNews.com raised Lennar from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Wedbush reaffirmed an “underperform” rating and set a $144.00 price objective on shares of Lennar in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lifted their price objective on Lennar from $110.00 to $122.00 and gave the company a “sell” rating in a research report on Thursday, March 14th. Finally, Wells Fargo & Company lifted their target price on shares of Lennar from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, March 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $163.88.
View Our Latest Stock Analysis on Lennar
Lennar Stock Up 1.6 %
NYSE LEN opened at $166.22 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.47 and a quick ratio of 1.27. The stock has a market capitalization of $46.68 billion, a PE ratio of 11.62, a PEG ratio of 2.21 and a beta of 1.53. Lennar has a 1 year low of $100.95 and a 1 year high of $172.59. The business’s 50-day moving average is $158.23 and its 200 day moving average is $138.94.
Lennar Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 7th. Shareholders of record on Wednesday, January 24th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, January 23rd. This is a positive change from Lennar’s previous quarterly dividend of $0.38. This represents a $2.00 dividend on an annualized basis and a yield of 1.20%. Lennar’s payout ratio is currently 14.02%.
Institutional Investors Weigh In On Lennar
Hedge funds have recently modified their holdings of the business. Coastline Trust Co boosted its holdings in Lennar by 80.8% in the 4th quarter. Coastline Trust Co now owns 24,515 shares of the construction company’s stock worth $3,654,000 after buying an additional 10,957 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Lennar by 6,297.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 662,277 shares of the construction company’s stock worth $98,706,000 after buying an additional 651,924 shares during the period. PGGM Investments boosted its holdings in Lennar by 16.3% in the 3rd quarter. PGGM Investments now owns 88,872 shares of the construction company’s stock worth $9,974,000 after buying an additional 12,469 shares during the period. Patton Fund Management Inc. bought a new position in shares of Lennar during the 4th quarter valued at about $5,367,000. Finally, Ieq Capital LLC boosted its holdings in shares of Lennar by 7.0% during the 3rd quarter. Ieq Capital LLC now owns 1,808 shares of the construction company’s stock valued at $203,000 after purchasing an additional 118 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.
About Lennar
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.
Further Reading
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