Zacks: Brokerages Expect Lennar Corporation (LEN) Will Announce Quarterly Sales of $3.62 Billion
Wall Street brokerages forecast that Lennar Corporation (NYSE:LEN) will announce sales of $3.62 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Lennar Corporation’s earnings, with estimates ranging from $3.61 billion to $3.64 billion. Lennar Corporation posted sales of $3.38 billion in the same quarter last year, which suggests a positive year over year growth rate of 7.1%. The business is expected to report its next earnings results on Monday, December 18th.
On average, analysts expect that Lennar Corporation will report full-year sales of $3.62 billion for the current financial year, with estimates ranging from $12.17 billion to $12.50 billion. For the next financial year, analysts expect that the firm will post sales of $14.29 billion per share, with estimates ranging from $14.05 billion to $14.52 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Lennar Corporation.
Lennar Corporation (NYSE:LEN) last posted its earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.05. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Lennar Corporation had a net margin of 6.65% and a return on equity of 12.37%. Lennar Corporation’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the company posted $1.01 earnings per share.
In other news, CFO Bruce E. Gross sold 5,000 shares of the business’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $56.48, for a total value of $282,400.00. Following the completion of the sale, the chief financial officer now owns 376,043 shares in the company, valued at approximately $21,238,908.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 12.18% of the company’s stock.
Several institutional investors have recently modified their holdings of LEN. D.A. Davidson & CO. grew its position in shares of Lennar Corporation by 8.9% in the 2nd quarter. D.A. Davidson & CO. now owns 1,895 shares of the construction company’s stock worth $101,000 after buying an additional 155 shares during the last quarter. Commonwealth Bank of Australia grew its position in shares of Lennar Corporation by 32.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,168 shares of the construction company’s stock worth $114,000 after buying an additional 530 shares during the last quarter. Washington Trust Bank grew its position in shares of Lennar Corporation by 47.6% in the 2nd quarter. Washington Trust Bank now owns 2,462 shares of the construction company’s stock worth $131,000 after buying an additional 794 shares during the last quarter. QS Investors LLC grew its position in shares of Lennar Corporation by 1.0% in the 2nd quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock worth $135,000 after buying an additional 25 shares during the last quarter. Finally, MUFG Americas Holdings Corp grew its position in shares of Lennar Corporation by 7.3% in the 2nd quarter. MUFG Americas Holdings Corp now owns 3,250 shares of the construction company’s stock worth $173,000 after buying an additional 220 shares during the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.
Lennar Corporation (LEN) opened at $58.22 on Tuesday. The firm has a market cap of $13,812.11, a price-to-earnings ratio of 15.05, a P/E/G ratio of 1.42 and a beta of 1.31. Lennar Corporation has a 52 week low of $41.20 and a 52 week high of $59.32. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.59 and a current ratio of 7.76.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 2nd. Stockholders of record on Thursday, October 19th were issued a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, October 18th. This represents a $0.16 annualized dividend and a dividend yield of 0.27%. Lennar Corporation’s dividend payout ratio is currently 4.61%.
About Lennar Corporation
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Lennar Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lennar Corporation and related companies with MarketBeat.com's FREE daily email newsletter.