ReportWire

Tag: lennar

  • Hennion & Walsh Asset Management Inc. Buys 6,712 Shares of Lennar Co. (NYSE:LEN)

    Hennion & Walsh Asset Management Inc. Buys 6,712 Shares of Lennar Co. (NYSE:LEN)

    [ad_1]


    Hennion & Walsh Asset Management Inc. boosted its stake in shares of Lennar Co. (NYSE:LEN – Free Report) by 53.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,216 shares of the construction company’s stock after acquiring an additional 6,712 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Lennar were worth $3,603,000 as of its most recent SEC filing.

    Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oakworth Capital Inc. acquired a new position in shares of Lennar in the 3rd quarter worth approximately $27,000. Wolff Wiese Magana LLC boosted its stake in Lennar by 933.3% in the third quarter. Wolff Wiese Magana LLC now owns 155 shares of the construction company’s stock worth $29,000 after purchasing an additional 140 shares in the last quarter. J.Safra Asset Management Corp bought a new stake in shares of Lennar during the first quarter worth $30,000. Asset Dedication LLC increased its stake in shares of Lennar by 4,225.0% in the third quarter. Asset Dedication LLC now owns 173 shares of the construction company’s stock valued at $32,000 after buying an additional 169 shares in the last quarter. Finally, New Covenant Trust Company N.A. acquired a new position in Lennar during the 1st quarter worth about $32,000. 81.10% of the stock is owned by institutional investors.

    Lennar Price Performance

    Lennar stock opened at $175.94 on Friday. Lennar Co. has a one year low of $102.90 and a one year high of $193.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.90 and a quick ratio of 0.98. The stock’s 50 day moving average is $181.94 and its 200 day moving average is $167.02. The firm has a market cap of $48.31 billion, a P/E ratio of 11.96, a P/E/G ratio of 1.68 and a beta of 1.61.

    Lennar (NYSE:LEN – Get Free Report) last issued its earnings results on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, beating analysts’ consensus estimates of $3.62 by $0.28. Lennar had a return on equity of 15.47% and a net margin of 11.51%. The business had revenue of $9.42 billion during the quarter, compared to analyst estimates of $9.14 billion. During the same period in the previous year, the company posted $3.91 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, research analysts expect that Lennar Co. will post 14.28 EPS for the current year.

    Lennar Dividend Announcement

    The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Wednesday, October 9th. Lennar’s dividend payout ratio (DPR) is 13.60%.

    Analysts Set New Price Targets

    A number of brokerages have weighed in on LEN. Evercore ISI dropped their target price on shares of Lennar from $240.00 to $236.00 and set an “outperform” rating for the company in a research note on Monday, September 23rd. Barclays boosted their target price on Lennar from $177.00 to $210.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Zelman & Associates upgraded Lennar from a “neutral” rating to an “outperform” rating in a report on Monday, September 23rd. Keefe, Bruyette & Woods upped their target price on shares of Lennar from $183.00 to $230.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Bank Of America (Bofa) lifted their price target on shares of Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $181.11.

    Check Out Our Latest Research Report on LEN

    Lennar Profile

    (Free Report)

    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.

    Recommended Stories

    Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Co. (NYSE:LEN – Free Report).

    Institutional Ownership by Quarter for Lennar (NYSE:LEN)



    Receive News & Ratings for Lennar Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Lennar and related companies with MarketBeat.com’s FREE daily email newsletter.

    [ad_2]

    ABMN Staff

    Source link

  • U.S. housing starts surge as builders rev up single-family home construction in May, while a housing shortage drags on 

    U.S. housing starts surge as builders rev up single-family home construction in May, while a housing shortage drags on 

    [ad_1]

    The numbers: Construction on new American homes jumped 21.7% in May, as homebuilders ramp up building single-family homes to meet strong demand from buyers.

    Housing starts rose to a 1.63 million annual pace last month from 1.34 million in April, the government said Tuesday. That’s how many houses would be built over an entire year if construction took place at the same rate in every month as it did in May.

    Economists were expecting a slight decline of about 0.8%. The numbers are seasonally adjusted.

    This is the second month in a row that starts are up. The pace of construction was the highest since last April, when starts hit a 1.8 million pace.

    The surge in construction this spring was led by the Midwest.

    Both single and multi-family construction rose in May. Keen interest from would-be home buyers is creating strong demand for new homes. These buyers continue to face a lack of options in the resale market. 

    Building permits, a sign of future construction, rose 5.2% to a 1.49 million rate.

    Key details: As the weather warms up, construction pace has picked up considerably.

    The construction pace of single-family homes rose 18.5% in May while apartment building rose 28.1%.

    Home builders were most active in the Midwest, where housing starts rose by 67% from the previous month. The Midwest also led the nation in terms of single-family construction.

    Permits for single-family homes rose 5.2% in May while permits in buildings with at five units or more rose 7.8%.

    Housing starts are up on an annual basis for the first time in nearly a year. The annual rate of total housing starts rose 5.7% from last May.

    Big picture: New construction is a bright spot in an otherwise despondent housing market. For the buyers who brave 6% mortgage rates, there are few options in the resale market, which continues to funnel demand for new homes. 

    In fact, demand is so strong that homebuilders are pulling back on sales incentives, such as price cuts, the National Association of Home Builders reported on Monday. 

    Builders also reported that they were feeling upbeat about the housing market for the first time in nearly a year.

    What are they saying? “To say that we did not see this one coming would not even come close to capturing the degree to which the May residential construction data caught us off guard,” Richard Moody, senior vice president and chief economist at Regions Financial Corporation, wrote in a note.

    “This is without question an exaggeration of the underlying reality and a reminder that the housing starts data are among the most volatile and random of the government’s major economic indicators,” Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, wrote in a note.

    “Having said that,” he added, “the housing sector broadly appears to be healing remarkably fast after enduring a historic shock in affordability last year, when 30-year mortgage rates more than doubled.”

    Market reaction: U.S. stocks
    DJIA,
    -0.59%

    SPX,
    -0.39%
    were down in early trading on Tuesday. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.721%
    rose above 3.7%.

    [ad_2]

    Source link