Lennar profit rises 26 pct on higher home sales

Stuart Miller the CEO at Lennar said that new home as well as rental markets continued to have a significant demand, which positions the company well for a number of years to come.

Orders in Houston, which accounts for about 10 per cent of Lennar’s homebuilding revenue, fell 12 per cent. Moreover, Lennar’s ancillary platforms – Rialto, Multi-Family, FivePoint and Financial Services – are evolving and should improve further in the coming quarters.

Gross margin on home sales shrank to 24.1 percent from 25.2 percent. JPMorgan Chase & Co. restated a “buy” rating on shares of Lennar in a report on Friday, July 10th.

Lennar’s shares closed at $51.75 on Friday on the New York Stock Exchange. Sterne Agee CRT reiterated a “neutral” rating and issued a $47.00 price target on shares of Lennar in a research report on Wednesday, June 24th. Finally, Compass Point reissued a “hold” rating on shares of Lennar in a research report on Thursday, June 25th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock.

Lennar (NYSE:LEN) opened at 51.59 on Tuesday. There are now 199,962,989 shares in issue with the average daily volume traded being 2,976,343.

The company has a market capitalization of $10.59 billion and a price-to-earnings ratio of 16.42. Lennar has a one year low of $37.50 and a one year high of $56.04.

Investors purchased shares of Lennar (NYSE:LEN) on weakness during trading hours on Monday, MarketBeat reports. In comparison, past year the company earned revenue of $2.01B and had a net profit of $177.8M. American Homes 4 Rent (AMH) reported that its Board of Trustees has authorized a share repurchase program under which the Firm may repurchase up to $300 million of its outstanding Class A ordinary shares. The business’s revenue for the quarter was up 23.7% on a year-over-year basis. The consensus estimates from MarketWatch for the current quarter call for EPS of $0.81 and full-year EPS of $3.25.

Lennar Corporation NYSE:LEN is a real estate company. The Rialto segment is investment management, a commercial real-estate investment and finance company. The Lennar Multifamily segment focuses on developing a portfolio of multifamily rental properties in select United States markets. It operates under brand name Lennar.