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LEN Lennar

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments.

Company profile

Ticker
LEN, LEN.B
Exchange
Website
CEO
Richard Beckwitt
Employees
Incorporated
Location
Fiscal year end
Former names
PACIFIC GREYSTONE CORP /DE/
SEC CIK
IRS number
954337490

LEN stock data

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Calendar

1 Apr 21
24 Jun 21
30 Nov 21
Quarter (USD)
Feb 21 Nov 20 Aug 20 May 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Nov 20 Nov 19 Nov 18 Nov 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Lennar earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.6B 2.6B 2.6B 2.6B 2.6B 2.6B
Cash burn (monthly) 112.51M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 437.06M n/a n/a n/a n/a n/a
Cash remaining 2.16B n/a n/a n/a n/a n/a
Runway (months of cash) 19.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jun 21 Jeffrey Joseph McCall Class A Common Stock Sell Dispose S No Yes 100.14 10,000 1M 150,875
28 May 21 Banse Amy Class A Common Stock Grant Aquire A No No 0 176 0 1,951
28 May 21 Steven L Gerard Class A Common Stock Grant Aquire A No No 0 176 0 47,393
28 May 21 McClure Teri P Class A Common Stock Grant Aquire A No No 0 176 0 21,731
7 Apr 21 Banse Amy Class A Common Stock Grant Aquire A No No 0 1,305 0 1,775

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

92.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 706 684 +3.2%
Opened positions 114 109 +4.6%
Closed positions 92 85 +8.2%
Increased positions 244 238 +2.5%
Reduced positions 255 246 +3.7%
13F shares
Current Prev Q Change
Total value 25.93B 19.85B +30.6%
Total shares 255.16M 259.64M -1.7%
Total puts 3.24M 4.24M -23.5%
Total calls 2.57M 4.37M -41.1%
Total put/call ratio 1.3 1.0 +29.9%
Largest owners
Shares Value Change
Vanguard 28.72M $2.91B +0.4%
FMR 24.65M $2.5B +5.7%
BLK Blackrock 23.18M $2.35B +6.8%
Aristotle Capital Management 14.14M $1.42B +7.5%
STT State Street 12.34M $1.25B -3.3%
Sanders Capital 11.34M $1.26B -0.3%
Wellington Management 10.83M $1.1B +57.6%
Manufacturers Life Insurance Company, The 9.29M $940.75M -2.4%
Greenhaven Associates 7.03M $711.16M -6.9%
Geode Capital Management 4.98M $502.65M +3.2%
Largest transactions
Shares Bought/sold Change
Wellington Management 10.83M +3.96M +57.6%
TROW T. Rowe Price 511.79K -3.14M -86.0%
Norges Bank 0 -2.92M EXIT
Maj Invest Holding A/S 2.8M +2.8M NEW
GBL Gamco Investors 0 -1.54M EXIT
BLK Blackrock 23.18M +1.47M +6.8%
Theleme Partners 0 -1.38M EXIT
JPM JPMorgan Chase & Co. 4.15M +1.34M +47.5%
FMR 24.65M +1.32M +5.7%
Aristotle Capital Management 14.14M +980.88K +7.5%

Financial report summary

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Risks
  • Demand for homes we build may be adversely affected by a variety of macroeconomic factors beyond our control.
  • Our results of operations and financial condition may be adversely affected by the COVID-19 pandemic and resulting governmental actions.
  • A downturn in the homebuilding market could adversely affect our operations.
  • Continuing cost increases could affect our operating margins.
  • An increase in mortgage interest rates could reduce potential buyers’ ability or desire to obtain financing with which to buy homes.
  • A decline in prices of new homes could require us to write down the carrying value of land we own and to write off option costs.
  • Homebuilding, mortgage lending and multifamily rentals are very competitive industries, and competitive conditions could adversely affect our business or financial results.
  • We may be subject to costs of warranty and liability claims in excess of the insurance coverage we can purchase.
  • Products supplied to us and work done by subcontractors can expose us to risks that could adversely affect our business.
  • Supply shortages and risks related to the demand for skilled labor and building materials could increase costs and delay deliveries.
  • A reduced number of home sales would extend the time it takes us to recover land purchase and property development costs.
  • Increased interest rates would increase the cost of the homes we build.
  • Increases in the rate of cancellations of home sale agreements could have an adverse effect on our business.
  • Our success to a substantial extent depends on our ability to acquire land that is suitable for residential homebuilding and meets our land investment criteria.
  • We could be hurt by refusals of owners of land to honor options or contracts to sell the land to us.
  • The loss of the services of members of our senior management or a significant number of our operating employees could negatively affect our business.
  • Natural disasters and severe weather conditions could delay deliveries and increase costs of new homes in affected areas, which could harm our sales and results of operations.
  • If our homebuyers are not able to obtain suitable financing, that would reduce demand for our homes and our home sales revenues.
  • Our Financial Services segment can be adversely affected by reduced demand for our homes.
  • If our ability to sell mortgages into the secondary market is impaired, that could significantly reduce our ability to sell homes unless we are willing to become a long-term investor in loans we originate.
  • We may be liable for certain limited representations and warranties we make in connection with sale of loans.
  • Failure to comply with the covenants and conditions imposed by our borrowing facilities could restrict future borrowing or cause our debt to become immediately due and payable.
  • We have a substantial level of indebtedness, which may have an adverse effect on our business or limit our ability to take advantage of business, strategic or financing opportunities.
  • Our access to capital and our ability to obtain additional financing could be affected by any downgrade of our credit ratings.
  • Our inability to obtain performance bonds or post letters of credit could adversely affect our operations.
  • Our Financial Services segment, including LMF Commercial, has warehouse facilities that mature in fiscal year 2021, and if we could not renew or replace these facilities, we probably would have to reduce our mortgage lending and origination activities.
  • We conduct some of our operations through joint ventures with independent third parties and we can be adversely impacted by our joint venture partners' failures to fulfill their obligations or decisions to act contrary to our wishes.
  • Changes in U.S. trade policies and retaliatory responses from other countries may substantially increase the costs or limit supplies of building materials and products used in our homes.
  • We may be adversely impacted by legal and regulatory changes.
  • Governmental regulations regarding land use and environmental matters could increase the cost and limit the availability of our development and homebuilding projects and adversely affect our business or financial results.
  • We can be injured by improper acts of persons over whom we do not have control.
  • We could be held responsible for obligations of, and labor law violations by, our subcontractors and other contract parties.
  • We have substantial investments in real estate related businesses in which we are a minority investor.
  • Our results of operations could be adversely affected if legal claims against us are not resolved in our favor.
  • Information technology failures and data security breaches could harm our business.
  • International activities subject us to risks inherent in international operations.
  • We experience variability in our operating results on a quarterly basis.
  • We could suffer significant losses with regard to our investments in technology companies.
  • Changes in global or regional environmental conditions and governmental actions in response to such changes may adversely affect us by increasing the costs of or restricting our planned or future growth activities.
  • We have a stockholder who can exercise significant influence over matters that are brought to a vote of our stockholders.
  • The trading price of our Class B common stock has been substantially lower than that of our Class A common stock.
Management Discussion
  • Our net earnings attributable to Lennar were $2.5 billion, or $7.85 per diluted share ($7.88 per basic share) in 2020 and $1.8 billion, or $5.74 per diluted share ($5.76 per basic share) in 2019.
  • Revenues from home sales increased 1% in the year ended November 30, 2020 to $20.8 billion from $20.6 billion in the year ended November 30, 2019. Revenues were higher primarily due to a 3% increase in the number of home deliveries, excluding unconsolidated entities, partially offset by a 1% decrease in the average sales price of homes delivered. New home deliveries, excluding unconsolidated entities, increased to 52,813 homes in the year ended November 30, 2020 from 51,412 homes in the year ended November 30, 2019, as a result of an increase in home deliveries in the Texas and West segments. The average sales price of homes delivered, excluding unconsolidated entities, decreased to $395,000 in the year ended November 30, 2020 from $400,000 in the year ended November 30, 2019. The decrease in average sales price primarily resulted from continuing to shift to lower-priced communities and regional product mix.
  • Gross margins on home sales were $4.7 billion, or 22.8%, in the year ended November 30, 2020, compared to $4.2 billion, or 20.6%, in the year ended November 30, 2019. The gross margin percentage on home sales increased primarily due to our continued focus on reducing construction costs combined with favorable market conditions. Loss on land sales in the year ended November 30, 2020 was $49.1 million, primarily due to a write-off of costs in the second quarter as a result of us not moving forward with a naval base development in Concord, California, northeast of San Francisco and a change in strategy with three land assets that resulted in impairments in the fourth quarter.
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