The Latest Breaking News from Lennar Corp

Some of the nation’s largest homebuilders are lowering prices, providing discounts and pulling out of land deals as higher mortgage rates on top of already sky-high home prices continue to take a toll on buyer affordability.

Lennar Corp (NYSE:LEN) reported second-quarter FY22 sales growth of 30% year-on-year to $8.36 billion, beating the consensus of $8.11 billion. Homebuilding revenues rose 33% Y/Y. Home deliveries for the quarter increased 14% Y/Y to 16,549. New orders increased 4% to 17,792 homes. Backlog rose 16% to 28,624 homes. Homebuilding costs and expenses increased…

Lennar Corp’s (NYSE:LEN) wholly-owned subsidiary LMC and Canada Pension Plan Investment Board (CPP Investments) have formed a new joint venture (JV) to develop multifamily residential communities. CPP Investments and LMC have allocated $979 million in equity to the joint venture. CPP Investments will own a 96% stake, and LMC will own the remaining 4%. The…

KeyBanc analyst Kenneth Zener downgraded Lennar Corp  (NYSE:LEN) to Underweight from Sector Weight with an $86 price target, implying a 13% downside. The analyst thinks builders' operational success cannot offset cyclical tailwinds ebbing in time. Lennar's "low" P/E multiples partly discount "peak" margins, with book value at 1.7-times now in line with historic levels, Zener…