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Lennar Corporation

6/20/2013, 3:08 AM ET

Quote & Headlines Market Currents StockTalk

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| Dividends
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| On the move

Tuesday, June 18, 10:31 AM Lennar (LEN -1.7%) expands its homebuilding operations into the Nashville, Tennessee market by acquiring control of approximately 40 homesites in the Tollgate Village community. The company says been evaluating the Nashville market for some time and "believes this is a perfect time to enter." The expansion into the Tennessee market is similar to LEN's other recent strategic moves into the Atlanta, Seattle, Portland and Central Texas regions, and now gives the company operations in 19 states and 46 markets across the nation. Comment! [Consumer]
Wednesday, June 12, 9:00 AM Lennar (LEN +1.6%) increases the amount of financing available under a revolving credit facility to $950M and extends it until June 2017. The amount includes an accordion feature of $33M. The facility provides Lennar with additional liquidity while reducing the its overall borrowing costs. (PR) Comment!
Monday, June 10, 9:22 PM Lennar (LEN -3.37%) suffered today after a J.P. Morgan downgrade. Morgan analysts lowered the stock to neutral from overweight and lowered the price target from $48 to $46.50, projecting "some modest near term downside risk." Collateral damage to housing stocks included Gafisa (GFA -6.21%),Toll Bros. (TOL -2.95%), Hovnanian (HOV -2.77%), PulteGroup (PHM -1.99%), KB Home (KBH -1.78%). Comment!
Friday, May 17, 1:48 PM Real Goods Solar (RSOL +105.9%) skyrockets after SA contributor Andy Zelenak makes a bull case, citing the potential of the company's partnership with homebuilder Lennar (LEN) and its PowerOn solar modules. Zelenak notes the Lennar deal allows home buyers to install panels "with no money down at a guaranteed 20% lower-than-grid cost," and that PowerOn modules sell for just $2.33/watt, well below the national average of $4/watt. He also considers RSOL's valuation reasonable relative to those of high-flyers such as SolarCity. 2 Comments [Tech, On the Move, Quick Ideas]
Wednesday, May 8, 3:16 PM The bull story on the homebuilders (XHB) still has years to play out, says Steve Eisman, speaking at Ira Sohn under the topic, "Housing: U.S. vs. Canada." He's especially bullish on the land-rich homebuilders - LEN, PHM, SPF - as there's not enough inventory to support demand and land prices will be heading higher, but the purest land play might be Forestar Group (FOR +5.5%), worth $30/share in his opinion. Comment! [Quick Ideas]
Wednesday, April 24, 12:19 PM Meritage Homes (MTH +5.2%) moves higher today on a solid Q1 earnings beat this morning. The number of closed homes for the quarter jumped 17% as closing surged 39% and orders jumped 35%. What's really driving the stock right now is its forecast for FY13. The homebuilder's EPS forecast, based on a 40% increase in closings revenue the rest of the year, puts the midpoint of its profit estimate more than 15% above consensus views - which were already double that from 2012. It now expects to earn between $2.20 - 2.45, versus Street estimates of $2.04. Comment! [Earnings, On the Move]
Monday, April 22, 12:11 PM Homebuilders slip today on weaker than anticipated earnings out of NVR and a miss on Existing Home Sales numbers for March: [(XHB -0.6%, [HOV]] -1.6%, MTH -0.6%, RYL -1.3%, TOL -1.4%, TPH -0.4%, DHI -0.2%, KBH -0.2%, LEN -1.2%, SPF -1%. Home improvement superstore operators also feel the pinch: (HD -0.4% and (LOW -1.2%. 2 Comments [On the Move, U.S. Economy]
Tuesday, April 16, 11:29 AM Homebuilder stocks aren't taking much encouragement off the bigger number in Housing Starts today, as the underlying data doesn't appear to be strong enough to offset yesterday's drubbing: BZH -0.7%, TMHC -0.2%, HOV -0.2%, DHI +0.9%, KBH +0.5%, PHM +1.6%, LEN +0.9%, TOL +1%. Building materials suppliers on the other hand don't care what kind of homes are being built, and are having a much better day on the news: LII +2.3%, WSO +2%, SHW +3.3%, LPX +3.6%). Comment!
Monday, April 15, 11:44 AM Homebuilders are taking a hit today on the back of weaker-than-expected housing data: XHB -2.7%, KBH -4.7%, TOL -4.5%, DHI -4.3%, PHM -4.1%, HOV -3.7%, LEN -3.2%, BZH -3.3%. Comment! [On the Move]
Wednesday, April 10, 4:42 PM Lennar Corporation (LEN) declares $0.04/share quarterly dividend, in line with previous. Forward yield 0.40%. For shareholders of record Apr. 24. Payable May 08. Ex-div date Apr. 22. (PR) Comment! [Dividends]
Tuesday, April 9, 8:30 PM Homebuilding stocks have been on a tear now for over a year now, with leaders like KB Home (KBH), PulteGroup (PHM), Lennar (LEN), and Toll Brothers (TOL) all racking up solid gains. With such a big move already underway in the sector, today's $200M IPO announcement by William Lyon Homes (WLH), along with the $602M Taylor Morrison (TMHC) IPO due out later this week, may be viewed by some contrarians as a sign of a top in the market. 18 Comments [U.S. Economy]
Wednesday, March 20, 9:09 AM More on Lennar (LEN) FQ1: Net income profit jumps nearly three-fold to $57.5M, with rock-bottom interest rates, "attractive home prices" and increasing rents boosting sales. Delivers 3,186 homes with an average price of $269K vs 2,482 homes at $246K a year earlier. Backlog $1.5B, new orders +34% to 4,055 homes. Gross margin falls to 22.1% from 23.5% in FQ4 but is still the biggest margin among Lennar's major peers. Shares +1.2%. Comment! [Earnings, Consumer]
Wednesday, March 20, 6:02 AM Lennar (LEN): FQ1 EPS of $0.26 beats by $0.10. Revenue of $989.9M (+37% Y/Y) beats by $91.91M. (PR) Comment! [Earnings, Breaking News]
Wednesday, March 20, 12:05 AM Notable earnings before Wednesday’s open: FDX, GIS, LEN Comment! [Earnings]
Tuesday, March 19, 5:30 PM Notable earnings before Wednesday’s open: FDX, GIS, LEN Comment! [Earnings]
Saturday, March 16, 10:00 AM Lennar (LEN) CEO Stuart Miller is bullish on the housing market. "We are clearly in the midst of a recovery," he says. "Prices are moving up not because costs are moving up so much, but because demand is getting so strong." Just look at Nevada, one of the nation's hardest hit by the housing collapse. Despite a 334% surge in new foreclosures, builders are ramping up production. Housing starts in Las Vegas are up nearly 100% from a year ago. Miller says he wouldn't be surprised to housing starts get to 1.7M, even 2M nationwide at some point when the recovery really kicks in. 7 Comments [U.S. Economy]

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