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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
Subsidiaries
208 Meadowview Farms, Ltd. • 301 South Glendora Avenue Apartments Investors, LLC • 308 Furman, Ltd. • 360 Developers, LLC • 5151 East, LLC • Akron 42, LLC • Alliance Financial Services, Inc. • Ann Arundel Farms, Ltd. • Aquaterra Utilities, Inc. • Arbor Mill Veteran Project 2018, LLC ...
IRS number
954337490

LEN stock data

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Calendar

2 Jul 21
28 Sep 21
30 Nov 21
Quarter (USD)
May 21 Feb 21 Nov 20 Aug 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.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Sep 21 Jeffrey Joseph McCall Class A Common Stock Sell Dispose S No Yes 109.45 300 32.84K 134,901
1 Sep 21 Jeffrey Joseph McCall Class A Common Stock Sell Dispose S No Yes 108.49 3,900 423.11K 135,201
1 Sep 21 Jeffrey Joseph McCall Class A Common Stock Sell Dispose S No Yes 107.93 5,800 625.99K 139,101
31 Aug 21 Banse Amy Class A Common Stock Grant Acquire A No No 0 163 0 2,114
31 Aug 21 Steven L Gerard Class A Common Stock Grant Acquire A No No 0 163 0 47,556
31 Aug 21 McClure Teri P Class A Common Stock Grant Acquire A No No 0 163 0 21,894

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

95.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 738 711 +3.8%
Opened positions 91 116 -21.6%
Closed positions 64 90 -28.9%
Increased positions 287 245 +17.1%
Reduced positions 241 255 -5.5%
13F shares
Current Prev Q Change
Total value 25.67B 26.47B -3.0%
Total shares 262.46M 264.59M -0.8%
Total puts 4.02M 3.24M +24.0%
Total calls 3.22M 2.57M +25.4%
Total put/call ratio 1.2 1.3 -1.1%
Largest owners
Shares Value Change
Vanguard 28.93M $2.87B +0.8%
BLK Blackrock 22.53M $2.24B -2.8%
FMR 21.05M $2.09B -14.6%
Aristotle Capital Management 14.31M $1.42B +1.2%
STT State Street 12.55M $1.25B +1.8%
Sanders Capital 11.7M $1.16B +3.2%
Manufacturers Life Insurance Company, The 9.68M $961.23M +4.1%
MFC Manulife Financial 9.26M $516.56M 0.0%
Wellington Management 8.51M $845.91M -21.4%
Greenhaven Associates 7.02M $697.68M -0.0%
Largest transactions
Shares Bought/sold Change
FMR 21.05M -3.6M -14.6%
Wellington Management 8.51M -2.31M -21.4%
Barrow Hanley Mewhinney & Strauss 2.87M -1.85M -39.2%
GQG Partners 1.51M +1.51M NEW
BK Bank Of New York Mellon 2.83M -1.19M -29.7%
Maj Invest Holding A/S 3.88M +1.08M +38.5%
BNP Paribas Arbitrage 1.1M +950.31K +624.1%
Citadel Advisors 1.22M +934.26K +322.0%
Balyasny Asset Management 916.52K +916.52K NEW
BLK Blackrock 22.53M -648.7K -2.8%

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
  • Revenues from home sales increased 21% in the second quarter of 2021 to $6.0 billion from $4.9 billion in the second quarter of 2020. Revenues were higher primarily due to a 14% increase in the number of home deliveries, excluding unconsolidated entities, and a 6% increase in the average sales price. New home deliveries, excluding unconsolidated entities, increased to 14,462 homes in the second quarter of 2021 from 12,653 homes in the second quarter of 2020. The average sales price of homes delivered was $414,000 in the second quarter of 2021, compared to $389,000 in the second quarter of 2020.
  • Gross margin on home sales were $1.6 billion, or 26.1%, in the second quarter of 2021, compared to $1.1 billion, or 21.6%, in the second quarter of 2020. The gross margin percentage on home sales increased primarily as a result of pricing power as the increase in revenue per square foot outpaced the increase in cost per square foot. Additionally, we continued to focus on controlling construction costs. Gross margin on land sales in the second quarter of 2021 was $5.8 million compared to a loss of $23.5 million in the second quarter of 2020. The loss in the second quarter of 2020 was primarily due to a write-off of costs as a result of us not moving forward with a naval base development in Concord, California, northeast of San Francisco.
  • Selling, general and administrative expenses were $455.2 million in the second quarter of 2021, compared to $407.2 million in the second quarter of 2020. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 7.6% in the second quarter of 2021, from 8.3% in the second quarter of 2020. This was the lowest percentage for a second quarter in our history primarily due to a decrease in broker commissions and benefits of our technology efforts.
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