Lennar Corp

NYSE:LENUnited States

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• DJ Lennar, Bitdeer, and More Stocks See Action From Investor Activists -- Barrons.com, from 26 minutes ago by Dow Jones

  26 minutes ago by Dow Jones
  Companies Mentioned: LEN, LEN.B, AGRO, JANX, BTDR, DVAX
  
  These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity's attaining more than 5% in any class of a company's securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Sept. 12 through Sept. 18, 2024. Source: VerityData
  

• DJ Lennar Is Ready for Home Buyers. Lower Mortgages Will Bring Them In. -- Barrons.com, from 2 hours ago by Dow Jones

  2 hours ago by Dow Jones
  Companies Mentioned: LEN, LEN.B
  Shaina Mishkin Better times are coming for home buyers, one of the nation's largest home builder said Friday. It isn't quite here yet. Home buyers will venture back into the market as mortgage rates fall, Lennar executives said on a Friday conference call to discuss its earnings. "Lower interest rates will enhance affordability, which will enable many more families to access and attain homeownership at the entry level, while growing families will be able to unlock value from existing homes, enabling them to move up to more bedrooms and more living space," Stuart Miller, the executive chairman and co-chief executive officer, said on the call. Mortgage rates have already fallen significantly, to a recent 6.1% from a high near 8% late last year, according to Freddie Mac data. Yet prospective buyers aren't back in droves: home purchase loan applications, a leading indicator of buyer demand measured by the Mortgage Bankers Association, have perked up in recent weeks, but remain slightly lower than year-ago levels. Mortgage rates that remained near 7% for much of the quarter "cast a pretty tough affordability cloud on what was happening in the market," Miller said on the call. And consumers has been slow to respond to lower rates. "Even as interest rates have come down, the consumer has been a little sticky in terms of [...] jumping back into the housing market," he said. Home affordability has been particularly stretched in recent months due in part to a combination of high housing costs and mortgage rates relative to incomes. For builders like Lennar, that means offering buyers incentives to woo them off the sidelines, at the expense of gross margins on home sales. "We've been irreverent about using our margin to make sure that we're maintaining the volume and projecting to where we think the long-term benefit is for the company," Miller added. Lennar isn't alone: 61% of builders who responded to a September National Association of Home Builders industry sentiment survey reported using sales incentives to attract buyers. That approach contributed to a miss on gross margin on home sales during the quarter: the company said on Thursday it was 22.5%, slightly below the 23% analysts expected. Its guidance for similar margins in the fourth quarter came in below the 24.4% Wall Street foresaw. The company had an earnings beat, however. It reported $4.26 a diluted share, or an adjusted $3.90, on $9.4 billion in revenue, beating FactSet consensus estimates that had called for earnings of $3.64 a share, or an adjusted $3.67, on about $9.1 billion in revenue. Lennar expects to receive new orders in a range from 19,000 to 19,300 and deliver 22,500 to 23,000 homes in its current quarter, the company said, roughly in line with FactSet consensus expectations. The builder's shares closed down 5.3% on Friday, down from a record closing high on Thursday. The stock is up 22.2% so far this year. "We believe Lennar is pushing down gross margins in the active communities to achieve the volume goals which is negatively affecting the company level gross margin," Wedbush analysts Jay McCanless and Brian Violino wrote in an earnings recap titled "Lower Rates Are Apparently Not a Cure All." Buyers may not have responded to lower mortgage rates yet -- but recent declines to nearly 6% could eventually lure more into the market. "With lower mortgage rates comes a good chance buyers face more competition than they normally would in the fall, when the market usually cools off, " Zillow senior economist Orphe Divounguy said Wednesday. "Lower rates should bring more buyers back into the market than sellers." Economists say mortgage rates probably won't drop much from recent levels through the end of the year, since they declined significantly in anticipation of the Federal Reserve's September rate cut. But rates at recent levels near 6% could stoke more demand for both refinances and home purchases in the coming months. Write to Shaina Mishkin at shaina.mishkin@dowjones.com This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires September 20, 2024 16:24 ET (20:24 GMT)

• DJ These Stocks Moved the Most Today: FedEx, Nike, Intel, Constellation Energy, Trump Media, Lennar, and More -- Barrons.com, from 2 hours ago by Dow Jones

  2 hours ago by Dow Jones
  Companies Mentioned: FDX, LEN, LEN.B, DJT, CEG
  
  Joe Woelfel, Angela Palumbo, and Connor Smith
  
  Stocks were mixed Friday, but the Dow Jones Industrial Average once again closed at a record high as traders continued to digest the Federal Reserve's half-point cut to interest rates.
  

• Sector Update: Consumer Stocks Mixed in Late Afternoon Trading, from 3 hours ago by MT Newswires

  3 hours ago by MT Newswires
  Companies Mentioned: FDX, LEN, NKE, DJT
  03:45 PM EDT, 09/20/2024 (MT Newswires) -- Consumer stocks were mixed late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.3%. In corporate news...

• Wedbush Raises Lennar Price Target $164 From $144, Neutral Rating Maintained, from 4 hours ago by MT Newswires

  4 hours ago by MT Newswires
  Companies Mentioned: LEN
  02:57 PM EDT, 09/20/2024 (MT Newswires) -- Lennar (LEN) has an average rating of outperform and price targets ranging from $144 to $240, according to analysts polled by Capital IQ. (MT Newswires covers equity, commodity and economic research from ma...